As a kid, I worked with various members of my family. I always joked that we all had so many different types of businesses, we could be our own networking group! I learned a lot about having a business, and one of the most important things I learned was about the Four Pillars of Success. Now, at that time, that’s not what my family called it, they basically said you’ll be a failure if you don’t do these things, but you get the idea! I took that, along with other nuggets of wisdom, and have applied them to all aspects of my own company and to that of my clients. I say, 100% of business fail because of one thing: mismanagement. I believe that wholeheartedly. I thought I would share with you what i believe to be the most important aspects to having a successful business:
1. OFFICE MANAGEMENT
Employees perform optimally when they have a clear sense of mission, feel like part of a team, continue to learn, are welcome to share ideas, and are applauded for their successes. The office management defines the mission, leading and guiding the staff in achieving its specified purpose. This same management should supply the tools that encourage the employees to use all of their individual talents and abilities to creatively pursue new avenues of growth and success within the business. Leadership in these areas will help the business retain talented individuals and increase loyalty. With these staff traits, management will simplify their jobs by being able to concentrate on maintaining efficiency and the smooth flow of the work day, implementing change in a constructive way, and inspiring others to do their best work.
2. MARKETING MANAGEMENT
Your business depends upon marketing. It is what brings your product or service to your potential customers, and begins to provide revenue. Advertising, promotions, public relations, and sales are all a part of marketing strategy. Marketing paves the path for sales growth and brand recognition. The importance of marketing management in business cannot be overstressed. It helps the business understand and satisfy the customer’s needs, boost sales, and improve the product(s). Adam Smith has remarked that “nothing happens in our country until somebody sells something”. Know your customer and market to him.
In addition to building the client base through marketing, you increase your company’s reputation. Marketing activities can build your base, providing a solid reputation. The image of a company is very important. Strong marketing gets you there.
3. CLIENT MANAGEMENT
In today’s business environment, client loyalty cannot be taken for granted. Dedicated client managers understand that building lasting relationships is just as important as making the initial sale. Some easy steps that will help build brand loyalty, increase client retention and promote sales growth for you and your company are to positively view client management as crucial to the business’ success, and to under promise and over deliver. Build a happy client relationship by providing realistic expectations and then deliver on them. Short term sales are great but long term relationships can provide many benefits such as company referrals, and repeat sales. Your reputation for reliability should assure the client reaches out to you before going out to market.
4. FINANCIAL MANAGEMENT
Financial management is one of the most important responsibilities of owners and business managers. Good financial management allows the improvement and growth of the business. A large portion of business failures can be attributed to lack of initial startup capital and subsequent financial stability.
Every pillar must be solidly built to support your business, and set it up for success. VersaTel will help grow and build your business by strengthening these pillars with you!