Saturday, April 14, 2007
Top Ten Reasons for Business Succeed
According to Jan B. King, former President & CEO of Merritt Publishing, following are the top Ten reasons why some businesses succeeded while others failed to achieve their business outcomes:
- The skills of the top managers. Over half of business failures are directly related to managerial incompetence.
- The will of top managers to make the business succeed. Failures happen. Don't give up.
- Products that are a cut above and service that doesn't stifle buying. The buying experience must be easy and fun.
- The ability to create a "buzz" around the product. Do homework on your customers’ choices before investing your marketing $.
- Deal-making skills & your customers' perception of the value for your products.
- The ability to develop new products & retain and build a customer base.
- Deal-making skills with vendors to keep costs low. Looking for cost reductions is a key to profits.
- The maturity to treat employees, suppliers and partners respectfully. Trust results in productivity increases difficult to quantify.
- Superior promotion creating a connection with customers. Studies have shown it can take seeing your product or name 7 times before a customer buys.
- Products - steady business during both good economic times and downturns.
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