4 Success factors of business

by Drew Stevens

Or how to make a million using business fundamentals ...

Many of my clients are either small to medium business owners (5 to 150 million in annual revenue). My focus in working with them is in the areas of profits and productivity. These hard working ladies and gentlemen have may aspirations- one of these is while creating profits for the company is making a high level six and seven figure income. The question then remains, how?

In my many years of sales and entrepreneurship, I have become knowledgeable in the four vial areas of success. These include sales, marketing, financial and personal processes.

My belief is that in order to run a profitable, successful and lucrative business all four processes must share equal time and attention. Business owners must focus on these four aspects to create success and most importantly must have others in the company understand the importance of these as all become completely entrenched in sharing the mission, vision and pragmatism of the company.

To begin, a sale is perhaps the most crucial element of any firm. Without sales nothing happens, the lights do not illuminate, phones do not chime and computers do not buzz with necessary content to create business inventory. An owner must concentrate all outbound efforts on creating the necessary communication to produce the necessary revenue to operate a profitable firm.

The second critical element is marketing. There tends to be confusion between sales and marketing. With sales owners are aligning products and services with the wants and needs of the prospective buyer. Marketing is the essence of the message and how you communicate your services to indicate to potential buyers that your product exists.

The third critical element is financial. Give anyone money and they can easily spend. Business owners can either be too frugal or spendthrift. Successful people understand the importance of balancing this. Great business owners understand money must be invested in sales and in marketing so that the public is aware of your offerings. Business owners must spend money on advertising and promotions or on lunches and presentations so that potential clients understand how your product or service meets the need. Yet while money is invested in these vital elements money coming in from sales must also be invested and most importantly saved for future use. Business like much in life is cyclical and business owners understand the importance of riding the volatility curves of business cycles, economic turbulence and buying trends.

Our last process element is as important as the other three. The personal process is about you. The personal element means creating balance in your life. You must gain time for family, time for your creator, time for education and civic duties or however you want to spend time on you. The hardest part of ownership is breaking away from the conundrum of business and providing necessary “downtime” for you to rejuvenate and recharge, doing so enables you to remain passionate, remain persistent and remain powerful in staying the course for success. Achievement is not only about how much money you bring to your wallet but the passion and commitment you make to you.

While many owners are seeking a magic bullet or a secret to success it will surprise you to learn that it does not exist. Balance, commitment and consistency are the true keys. Committing to equilibrium in sales, marketing, and financial and personal gain you are guaranteed success in your business and perhaps the millions that keep you awake at night!