3 Conditions for Business Success
Business is tough and success comes to just a few who understand the Conditions for business success. Most people have challenges succeeding in business. It’s real when you look at the statistics: 95% of Businesses fail within the first 3-5 years.
However, what we’ll learn in the next few minutes will help change our direction to succeed. There are 3 Conditions for business success. This is what brings success for all the major brands and what will do the same for you:
1 Customer Satisfaction
2 Product Superiority
3 Operational Excellence
These are the ingredients for business success . Just the same way, when you combine certain ingredients to make soup, when you combine these 3, what you get is success.
Customer Satisfaction
The importance of customer satisfaction cannot be over-emphasized. It is of utmost importance to business success. The big question is ‘Are you satisfying the needs of your customers?’
There’s only 3 responses a customer can possibly say to your product or service: Yes, No or Wow. Your product must make your customers say WoW or you’re really not satisfying their needs.
It’s important to note that word of mouth is the best form of advertising. Most businesses think of sales by any means and not customer testimonials. It will only be a matter of time till your business fades away.
Customer satisfaction is the most important out of the 3 conditions. It’s like the seasoning in soup. To succeed in business, don’t focus on the sale. Focus on the testimonial: That’s customer satisfaction.
Product Superiority
Do you have the best product in the market? If not, why not? Customers want the best product always. They instantly recognises the brand that offers the product/service for their needs.
Business Success depends on product superiority, whether actual and perceived. If your business isn’t investing in developing your product to be the best in the market, it’s like drinking sniper with juice and expecting no harm.
It’s suicidal not to develop your product. Customer needs and wants change as time and trends do. There’s new technology and latest trends coming out daily
If your company isn’t in the forefront of bringing innovation in your industry then you are not getting prepared to survive in business. Which company do you know that produces the best product that doesn’t have customers
The company that produces the best products always wins. The best product isn’t the most necessarily the most expensive product. The best product is that which satisfies the customers need better than the competition.
Operational Excellence
Operational excellence demands harmony and balance with how your business operates. Do you deliver on time? Is your business operations efficient? Do have well designed processes and systems in place to ensure productivity and efficiency?
Do you have the right talent to deliver customer satisfaction? Do you have the right people, staff and suppliers that can understand the ever changing needs of customers and consistently outperform the competition? Do you pay the best salaries that can attract top talent?
These questions helps us understand how operational excellence contributes to business success.
Conclusion
Top brands, like Apple iPhone, don’t joke with customer satisfaction, product superiority and operational excellence. These conditions reflect in the brand’s character right from day one and are consistent even till this very day
We can’t do the same thing and expect different results. That’s madness to be exact. Neither can we solve our business problems with the same thinking that created the problem
Yes, we need to unlearn some business ideas and learn from ideas from those who have achieved tremendous business success
The sure fire way to succeed in business is to satisfy the customer, devote resources to developing the best product and finally, ensure you have the right talent to drive excellence in your company operations
