What Makes a Business Successful?

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A successful business has a product that people want, offers unique services, continuously develops new products and delivers services with minimal problems. Hire good people to work for a successful business with advice from a business management consultant in this free video on business.

Part of the Video Series: Business & Leadership
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Video Transcript

So I'm here to talk to you now about what makes a business successful. That's a tough question. Number one point is the business has something that people either want, need, or both, and that isn't an easy question to answer because products and services get copied and developed over and over again. So find something that someone really, really wants or needs. Point number two, it should have some element of uniqueness. In other words, it should be hard or preferably impossible to copy in some way. And perhaps sometimes that's about not a single feature but it may be about a combination of things. Perhaps the product itself and the service that goes with it, or some combination of things which a lot of people find impossible to copy exactly. Thirdly, just having those things is never enough. A good company has to continuously develop and improve its products and services to stay ahead. So, many successful businesses go out of business because they don't actually renew what it is they're offering over time. You need to be constantly, sort of sticking your thermometer out there with your customers and finding, and the competitors and finding out what's going on, and seeing if you can beat yourself. Fourthly, once you've got great products and you're continuously improving them you should deliver them seamlessly with minimal fuss. On the internet these days we've mentioned the one click and you're done but clients and customers are very busy so you have to actually deliver your service in a way that almost doesn't interfere with their daily routine. After you have all these things it's really, really important to deliver these services almost seamlessly so that in a sense you're hardly noticed apart from the fact that people know you're around. Now we've talked before on the internet about how you should have one click service. One click and you're done, and the same generally applies to supplying a service. That you should be there and doing the work but actually not sort of interfering with the persons routine. After all that's probably why they hired you to work with them in the first place. Finally, you can't do any of this unless you've got really good people working for you. And that means hiring the right people, supporting and encouraging them, helping them when things don't go quite as well as they should do, and generally keeping them at peak performance. So if you want to make a business successful it starts with the people and moves on to the product, and moves on to continuously renewing all of that to keep yourself ahead of the game.

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