What Is The Key To A Successful Business?

Is there a key to running a successful business? If there is, we know a few people who would like to have a little use of it. Some businesses are just doing so terribly. Even if it might not look like it from the outside, on the inside they’re crumbling apart at the seams. Think of big companies such as Blockbusters, Monarch, and Carilion. Companies that had massive deals with companies all over the world, and from the surface, all seems to be running fine. But what has been the end to all of them? Money and poor management. So to enlighten you a little, we think there are a few keys to running a successful business. You will obviously have put in a lot of time and effort into what you do, so the advice below should stop your ship from sinking like some of the giants have. Read on to find out more.

The Financial Key 

The financial key seems to be the biggest one when it comes to running a business. A lot of people enter into the world of business thinking it might be a little bit of a struggle in the beginning, but after a while it is all money money money. This is the biggest misconception about running a business there is. The more money you make, the more money you’re most likely going to be spending. Don’t get us wrong, there are some companies out there that have streamlined their processes that much that they’re spending the bare minimum on expenses. But just take the recent fall of the construction giant Carilion as a stark reminder of how hard business is. They were in millions of pounds worth of debt in multiple different areas. But whilst being in debt, they were still singing contracts that meant millions we being brought in. So how did they fail? 

Well, it was poor money management in the beginning. Always make sure you are making smart decisions, and avoid borrowing money at all costs. It will only come round to bite you eventually. When you do feel as though you’re going through a really good stage with money, try investing it into other businesses. It is a good way to keep your money protected as such, and give it the chance to grow. 

The Employee Key 

The employee key is nearly as important to your business as the financial one. Your employees should be worth everything to you, but if you honestly sit there and think, do you treat them as well as they could be treated? We bet you’re sitting there thinking you could probably do a little better. We get that everyday business life is stressful, and if one of them does something wrong, it can be annoying. But you need to mind the tone that you’re talking to them in. They’re so sensitive to criticism, and just the slightest hint of a harsh tone can completely ruin their day. It’ll also lead them to be so unmotivated, and if it is a regular occurrence, they’ll probably leave. 

What you need to be doing is managing them in such a way that they have respect for you, and your company. You don’t want to be pushing them too hard, but at the same time you don’t want to be cutting them so much slack so they don’t take you seriously. You also want to take their safety seriously. This is again, something a lot of companies fail at. If they are working on a site, or in a factory, you need to make sure they are wearing the proper technology or equipment such as a hi vis, a hardhat, and safety goggles if needed. If one of your employees gets injured because you haven’t put the proper safety measures in place, you are liable for a fine and a court case that will leave you in a tricky situation. Finally, try and interact with them on a more personal level. Whilst it is fine to be seen as their boss, they also need to see you in a friend in some ways. They need that person that they can come to for support. 

The Marketing Key 

This is a trick people either seem to ignore, or don’t even bother attempting. Marketing should be the key to any successful business. If you do it right, it will give you all the exposure you need to get where you want to be. But do people do it right first time? They most definitely don’t. If you do marketing wrong, there’s a whole load of things that can go wrong for you. Just take the recent carnage of the H&M advert that showed a boy wearing a top saying the coolest monkey in the jungle. The internet went wild calling it racist. Was that H&M’s intentions? It most definitely wasn’t. You need to make sure you’re covering yourself from every angle. You don’t want to give anyone any reason to start judging your company. Try and keep your adverts or marketing campaigns and simple and to the point as they need to be. If you are trying TV marketing, you want to be careful of using tactics such as the Go Compare advert. The song is so annoying, but it gets stuck in peoples heads. But at the same time, it is so annoying people can’t stand to listen to the advert! Think about what your customers are going to want, and give it them! 

The Management Style Key 

Finally, you need to make sure you’re managing your company as it should be run. Just like with anything in life, you only get out what you put in. If you are slacking a bit commitment wise, you are only going to see the repercussions in your sales. However, you don’t want to overwork yourself at the same time. There are some people that make their business their whole life, and leave no time for a bit of play outside of work. If your main focus is always work work work, you are bound to make mistakes somewhere. Give your mind time to relax and switch off come the evening time. When it comes to managing your employees, we have already discussed the approach you should take. Try and be firm, but fair, and don’t be too overbearing.

I hope you enjoyed this article about the key to running a successful business.

Interested in more articles about business management?

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