Of all the things that occur in your business, which ones make the most difference? For example, if you truly want to make a difference in your revenue and client base, what are the success factors you need to prioritize? From years of experience, I’ve tried a lot of different strategies. I’ve succeeded, but I’ve also failed countless times. Today, I’m going to walk you through the success factors you need to consider, so you don’t have to make the same mistakes I did.
The Success Factors You Need in Your Business
Creating a successful business means asking yourself a lot of questions. If your top value is revenue, for example, which parts of your business make the most difference toward revenue? Is it lead generation? Is it having a good sales process? Or is it knowing how to close and eventually sell the business?
Those critical factors that lead to success in your business — or really in anything — are those practices where you put more time, attention and effort. Afterward, these factors that you invested in result in big returns across the board.
For example, adding legal services might not transform your business, but adding lead generation systems (i.e. systematic marketing!) could really transform it. Adding a referral generation system could also positively impact your business at an incredibly low cost. These examples demonstrate that when you invest your energy, you get big returns.
The Factors to Consider
There are some fairly broad success factors that really make a business hum to the tune you want to hear. Those factors include:
- Lead Generation
- The sales process
- Client, customer, or patient services that make for returning clients, customers, or patients
- Knowing the cost of each customer you acquire
- Delivering on your promises
- Recruiting, or your ability to staff up and deliver on what it is that you’re trying to do
- Production or manufacturing
- Product development
- Marketing communications and media (How you manage the media, public relations, articles, etc.)
Compare each of these factors to the things that tend to frustrate you in your business, or those factors that you consider to be most important to you. If revenue is your top value, lead generation is going to take on greater importance. However, if client services is the most vital component, then recruiting will be more important to you than lead generation. There is no fixed, one-stop shopping solution.
Determine Your Criteria
Your selection of criteria could be vastly different from everybody else’s, so you select your criteria first. Then you go through the list and you consider, “What are the pieces that are most important to achieving what I want with my business?” Naturally, the list above isn’t all inclusive. There are many other options to think about, depending on your business.
Once you figure out your criteria and then start looking at how to systemize whatever process you’re focusing on, that’s permanent. The hardest part of that is already done. You might look at your critical success factors every half-year or so — you don’t want to just do this once and get complacent in thinking that adjustments won’t be necessary along the way. However, doing it in the first place is a key step in creating those systems that not only grease the wheels of your business for smoother function, but also those reasons why we started doing all this to begin with. This process guarantees more profit, more time, and eventually more freedom from the business, so you can do whatever you really want to do.
What do you think? What are the success factors that have been critical to your business, or where do you find yourself focusing your time? Let us know in the comments below.
For Your Freedom,