There are six fundamental business goals and objectives necessary for success. The first thing to keep in mind is that any online business or mainstream business needs six fundamentals to be ultimately successful:
- A product or service that provides a solution to a problem or a physical or emotional benefit (obviously important);
- Demand: If there is no demand, you are fighting a losing battle;
- Traffic: a constant stream of prospects who eventually become customers;
- Real estate – a location to conduct business (Internet URL, storefront, street corner, etc.);
- An element of uniqueness or personality (if you sell the exact same thing in the same way as everyone else, it will be very difficult to be successful for a long time).
- An intellectual team of two or more people with a common goal for the business. This does not necessarily mean that you have to have employees or a partner company. Joint venture partners or affiliate partners, where there is a mutual benefit for growth that your business can generate enormous success.
The first two fundamentals, the product and the demand, are obvious because no one will even take out their wallet or purse if it doesn’t bring them a benefit (barring theft or charity). Similarly, you would have to engage in heavy-handed (robbery) or government tactics to create a demand where there is none.
Again, the following two factors are an obvious need that speaks for themselves.
However, business factors 5 and 6 are the most overlooked fundamentals of any business.
Even large corporations go bankrupt because they don’t understand the last two factors on the list that don’t seem so important. However, I will give a couple of examples of why the last two basic principles of success can exceed the most prominent business needs.
Most startups fail, not because they are missing out on a product that is in demand or a good location where potential customers exist. Businesses often fail when the owner does not have the necessary support network or equipment to handle growth and they become overwhelmed with all the small details of running a business and give up because the cost to their health, marriage, or happiness outweighs the cost. reward. .
Another major cause of business failure occurs when a business owner mistakenly tries to copy the business model of a larger company that is failing in that niche. Large companies will often buy small potential competitors to avoid future competition and then spend huge sums of money to prop up the business for the sake of the appearance of the larger company, when the market does not justify the investment. Then when others think there is a big profit based on false outside impression, they want to jump on the band wagon for profit alone without doing their own market research.
It is very important to create your own unique identity in whatever business you are in. It’s also important to remember that your success depends on your ability to serve your customers, not the other way around.
Many years ago when I had a part-time job and used to buy beer after work to relax, there was a liquor store one block from where I worked. It was a large store that had many investors. They spent a lot of money on advertising and employees and always had some type of sale to attract more traffic. They also had the best conceivable location at the main intersection of the two roads running through the city. His closest competitor was a small place on the outskirts of town.
From the first time I went to the store, the manager seemed somewhat arrogant. It turned out it was more than that. One day they ran out of the type of beer I liked and I asked them if there was any in the back. His response was incredible. He said, “If it’s not in the fridge, we don’t have it. Not that we stock up on that kind of (expletive) beer.
I was insulted, because the beer I was ordering was a cheap brand and it made me sound like my needs or wants were less important than someone who was spending more money. That is not a good idea if you want to keep a customer. Needless to say, I didn’t go back for a while. The next time I went back, he made sure to eliminate any future wishes I might have to go back. When I asked him for a sack for the beer, he replied, “What’s wrong with the 12-pack handle?”
I’ve never been back to that business and the friendly little store on the outskirts of town has a full parking lot at times. I wonder why. The only other time I came across a business that seemed to be trying to eliminate future business was from a manager of a chicken franchise restaurant that had a 1/2 price deal on specific dinners right in the front of the store. I ordered one of those dinners and they charged me full price. I asked him to correct the billing and he said he couldn’t because he had entered it in the register as dinner and that it was my fault for not ordering the ‘special’ so I could press the correct button. Now you can’t change it or it will ruin your books. They refused to give me my change and I filed a complaint with their corporate office. I have no idea if it’s still there because I won’t be back.
I don’t understand what the goals of these two managers were, however, I’m pretty sure they are out of step with the investors in those companies. That kind of scenario is just as undesirable for a business owner or investor as an uncooperative spouse who does not consider the business but requires access to bank accounts. It is a recipe for failure.
It is better to have a competitor as part of your intellectual team, when possible, to work as a team to generate business for both companies and share the rewards. That scenario is always more profitable than internal competition knocking each other down. Competitive Internet businesses commonly take turns promoting each other’s products as joint venture partners, benefiting both businesses far more than they would benefit themselves.
It is also extremely important, if you are just starting out, to find a mentor who is established in the business field you want to enter. Their experience and knowledge can literally save you years of trial and error, and if you can build a mutually beneficial business, the sky is the limit to your success.
To an outside observer, it seems obvious that the success of a company would depend on its ability to stand out from the crowd and be unique in serving its customers. However, in today’s franchise society, where large corporations have thousands of exact duplicate small businesses owned by different franchisees, small business owners and investors often mistakenly view these large entities as an example to follow, when in fact Many of these franchise giants are collapsing under their own weight.
One of the biggest problems that large corporations face today is that they have diversified so much within themselves, since they were buying from competitors, to own various market shares, they no longer have the intellectual team that originally led them to. this point of Success in the business.
If they have diversified a lot from the original goal as they got older, they begin to compete with themselves within the company. As a result, to show profitability in one branch of the business, a middle executive must compete with an executive in another branch of the business to prosper and continue to attract investors to lend to his branch of the business. This type of competition can be detrimental if the bureaucracy and diversification are too great.
In today’s market, large corporations are burdened with debt, have huge bureaucracies, and only seem to be in business for profit and the investor. The time is right and the ripe fruit is there if you want to build a business with the customer in mind.
By Brian Fowler