Filed Under:Your Practice, Practice Management

10 principles of business success

All great businesses start small. They become great based on certain vital principles that can be studied and mastered by business owners and entrepreneurs. Here are the 10 principles of business greatness:

1. Become a great leader. All business success begins with a great leader who has the vision and courage to imagine a new product, service or enterprise and then to pull together the people and resources to make it a reality.

6. Generate great numbers. Select the key numbers that best measure the success of each part of your business — number of sales, size of sales, frequency of sales, profitability of sales, costs of sales, growth of sales — and focus continually on improving those numbers.

7. Staff your company with great managers. The best companies have the best managers. Learn how to interview, select, assign, manage and monitor the key people who make the day-to-day decisions that will determine the fate of your business.

8. Perfect a great sales process. Learn how to consistently convert prospects into customers. Select from and manage excellent salespeople at every level who can convince skeptical prospects to buy your product/service.

9. Create a great customer experience. Develop a customer service strategy that is so effective that people buy from you and tell their friends about you. Differentiate yourself from your competitors by taking better care of your customers than your competitor does.

10. Live a great life. Keep your life in balance by taking time for your family, physical fitness and personal activities. Set clear goals for each part of your life and then work on these goals. Nurture the person in charge of your success: you.

If your goal is to build a successful business, you can start with these 10 principles. One small change in any of these areas can completely transform your prospects for the future.

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Nichole Morford

Nichole Morford
Managing Editor

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