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Reasons for Business Success

The reason for small business success is not quite as mysterious as it might seem. Most businesses have achieved success for only a very few common reasons.

Filling a void with a unique product or service within an existing marketplace for example, that takes the place of something that is outdated or creates a new efficiency. Examples of niche service markets can often be seen in specialty stores where personal expert advice can help people make choices regarding products as opposed to a large store environment where they are left to label reading and their own judgement as to what a specific product can do for them. Better service delivery is often a success point for a start up business. That may seem obvious to many but many businesses rely simply on a low price and offer very little service at all.

Better Value is obviously subjective. To say that you can start a business in an existing competitive market and offer a better value usually means one of two things: you are either planning to undercut the price of competition or create better value by creating a better product at a similar price. In the service industries, increased value simply might come from better effort, more focus, etc.

Creative marketing ideas often help a new business to come out on top if a catchy and creative advertising plan that initiates buyer interest is achieved. Even though the product might not be any better than the competition, sales can be affected greatly.

Two additional methods of achieving success in business often relate to management. Obviously being skilled at managing the financial resources of a business empowers a business owner with better control of costs and cash flow. Excellence in people management brings significant advantages as well. When you think back to those occasions where you've left a business impressed by the great people or good service, consider what may have gotten them there. It could simply be the result of the individuals but most likely it is the result of the importance and focus the company placed on training and making sure that their people are managed to a higher level of efficiency.

The last example of a reason for success is the building of relationships and referrals. Better people management skills and better delivery of service by the staff creates a better outcome in terms of customer satisfaction. Building a business on referrals and one that relies on repeat business is certainly one of the most solid ways to build on the success of a business. For 50-key areas that take a start-up from concept to success visit www.startingabusinesscoach.com

 

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