Keys to Business Success or Failure
Like people, it can also be said that no two businesses are exactly alike. There are certain characteristics that all successful business owners share with each other. To ensure that any business is a success - regardless of size - it is important to take a hard look at these characteristics carefully.
Take a look at the chart provided below. The left side describes those traits which makes businesses succeed and thrive while the right side provides those traits which cripple a business to the point of failure. Anyone planning to start or is already running a business should evaluate each trait carefully. Is your business enterprise healthy? Does your business need a tune up? Is it too late to get help if you think your business is drowning in failure?
Lastly, don't forget that it is very important to learn ways and strategies to improve any areas of a business where an owner may need help. If you are operating a small business, for instance, contacting your local Chamber of Commerce or the U.S. Small Business Administration are great ways to get tips and expert advice at little or no cost.
Why Businesses Succeed: 10 Main Traits | Why Businesses Fail: 10 Main Traits |
They have a good business plan They have an excellent business location They have a clear focus and purpose about their business while offering unique products or services people want They understand their customers' needs They make sure prices are determined correctly They seek and follow expert advice They don't try to do it alone They keep current by understanding the industry and competition They do regular bookkeeping and monitor all expenses closely They are excellent in self-promotion and marketing while always looking for new customers | Owners and staff have poor management skills and use ineffective marketing techniques to promote their business They use unreliable suppliers and thus have problems with keeping adequate inventory They do not have a business plan They are inflexible and don't listen to the suggestions of their customers They are in a poor business location They don't keep current about their industry and the business competition They don't know the cost of doing business They don't set prices appropriately They have poor cash flow management They ask for help only when it's too late |