Every business success or failure happens for a reason. Business success could be attributed to hard work, patience, teamwork, intelligence, consistency, and some luck or blessings. On the other hand, business failure could be attributed to indolence, impatience, greed, foolishness, incompatibility, and some misfortune or inevitable disasters. Like any other disciplines, running a business also has rules to follow. Following these rules could lead us to success while ignoring or breaking these rules could lead us to failure. Whether you’re a full-time business person, entrepreneur, marketer, manager or anyone who’s entrusted to do some business, here are 12 rules of a successful business you have to seriously take in to consideration.
1. Develop yourself. If you can’t develop yourself then how can you develop your team, customers, and your whole business?
2. Find a business where your heart is. Start a business that you love and you can fight for life.
3. Make a plan and stick to it. Make a path and walk that path until you reach your business goals.
4. Know your competition. Analyze your business competitors, as well as your worst competitor – you.
5. Manage the risk. Learn how to calculate business risks, reduce them, and increase your probability of success.
6. Be unique and innovative. Stand out from the crowd and win your business competition by becoming creative, unique, and the best.
7. Build your team. Hire employees that are not only skilled and talented, but people who are trainable and manageable.
8. Lead by actual example. Be an active, honest and selfless leader by fulfilling your words, respecting organization rules, and doing it without self-interest.
9. Market with magnet. Always mix your marketing campaign with a high-quality product, reasonable price, convenient access, and well-targeted promotion.
10. Know the language of business. Learn accounting and learn how to read and understand your financial records and statements.
11. Manage your personal finance. Don’t mess your business finance with your personal finance. Learn how to segregate your business and personal expenses.
12. Wow your customers. Strive to have loyal customers by providing them products and services beyond their expectations.
Victorino Q. Abrugar is a marketing strategist and business consultant from Tacloban City, Philippines. Vic has been in the online marketing industry for more than 7 years, practicing problogging, web development, content marketing, SEO, social media marketing, and consulting.
These tips are good especially for start-ups; these are the basic things that are usually forgotten.