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Sunday, January 27, 2019

9 LAWS OF SUCCESSFUL BUSINESS

9 LAWS OF SUCCESSFUL BUSINESS Entrepreneurship





In accordance with world business practice, more than half of the total number of businessmen lose out in the first three years of their activities. Many start-up entrepreneurs may be frightened by such disappointing statistics. However, not everything is so bad. Indeed, at the same time, there is a huge number of businessmen who started from scratch and achieved simply colossal success. What is the secret of successful entrepreneurs?

Experts in the field of business say that, it turns out, everything is quite simple. To achieve success in any business, the most important thing is compliance with its basic laws. So what are the laws of a successful business?

1. THE MAIN GOAL OF THE BUSINESS IS MAKING A PROFIT.
Any company is created in order to make a profit. It is business profitability that is the main criterion for its success. Even if a well-organized operating enterprise does not make a profit, then it cannot be called a business. Rather, it's just a hobby of its owner.

2. MARKETING - THE BASIS FOR DEVELOPMENT
Any, even the best and unique product of its kind needs to be promoted. While the consumer does not know about the product, he simply will not be able to buy it. Business can not exist without customers. The main task of an entrepreneur is to work with clients.

3. IMPROVING THE SALES SYSTEM
For a steady, steady growth in revenue, a clear and well-thought-out sales growth strategy is needed, as well as a specific action plan to increase the average amount of the check.

4. FULL ACCOUNTING AND CONTROL
For the successful development of your own business you need to know about it completely. Neither the marketing system nor the strategy to increase sales can be effective if they are based on inaccurate and unreliable information.

5. FORMATION OF OWN CLIENT BASE
It is very important to maintain your own database of regular customers. It is well known that regular customers are the source of maximum profit. Communication with customers, collecting their contacts, holding various actions and providing various bonuses to regular customers are quite effective tools for creating and maintaining a customer base.

6. COMPETENT PERSONNEL MANAGEMENT
An effective personnel management system is one of the key elements of any successful business. It should be very carefully approached the issue of choosing employees. From their work depends largely on the result of the company. A competent staff motivation system is truly the engine of any business.

7. THE ENTREPRENEUR MUST BE OUTSIDE THE COMFORT ZONE.
Many entrepreneurs are pleased with the stability and predictability of their business. But we must remember that stability in business is a road to nowhere. To achieve success, being in the comfort zone is impossible. An effective strategy for success is constant work on yourself and the development of your business.

8. USE SUCCESSFUL MODELING TECHNIQUES
In economics, there are a large number of successful and proven business models. The entrepreneur should not be afraid of making changes that can take an established business to a new level of development.

9. SOLVING STRATEGIC TASKS
All responsibility for the success of the company lies with the owner of the company. But if he is unable to create an effective team of performers and will independently solve ordinary, everyday issues, then he will simply not have time for key and important decisions.

In order for a business to develop effectively, an entrepreneur must constantly keep his finger on the pulse and make strategic decisions in a timely manner.

Compliance with these laws is by virtue of any novice businessman who wants to achieve some success in their field. However, it should be noted that the whole complex of laws is the key to success. Therefore, they must all comply at the same time.

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