Running a business can be complex and there are so many factors influencing operations but in my opinion there are three key areas which determine success or failure of any business:
1.Business systems and procedures: If your business does not have systems and procedures then you probably do not have a business. Business should be able to function even when the business owner is not present as systems and procedures would allow the business owner to work through other people. The best businesses today are franchises such as McDonald or V.I.P. as they have proven systems and written procedures which can guarantee success.
2.Customers/Market: Customers are everything to any business.Your business can be a small deli on the corner or a multinational company but on the end of the day it all comes to the ability of the business to satisfy customers’ needs and wants.
3.Value to the marketplace: Generally, most of the customers would rather like to have an average product complemented with a great customer service than top of the quality product complemented with a lousy customer service. The key is to make your customers feel important and your business will flourish. In today’s dynamic environment you should have professional help such as a CPA accountant to setup your business structure and to be able make informed decisions.
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