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The other 10%

The other 10%

The 10 things successful businesses do.

It is understood that 90% of all startup businesses fail within the first 5 years, what then are the other 10% doing right?  In my study of successful businesses I have identified 10 things successful businesses do.

10 habits of successful business

1. Constantly communicate

These businesses are constantly communicating with the customer and potential customers. They will use questionnaires or assessments to gather information. This helps them remain relevant and focused. Are you communicating with you customers on a regular basis?

2. Future focused

Successful businesses alway plan ahead and have long, medium and short term goals. They are constantly monitoring future trends watching the competition, customer growth and demand. With this information they are able to adapt and change more effectively. Do you have a 5, 10, 15 or a 20 year plan for your business?

3. Focus on results

When playing the game of business you have to have a scoreboard, you have to be able to measure your results, you have to know whether you are making money or not. Do you know what your business scoreboard looks like?

4. Constantly innovating

Successful business is constantly innovating and working on new and complementary products and services. Are you still selling the exact same products and services you started with?

5. They can read the numbers

You don’t have to be an accountant, but you do have to be able to read the numbers. As a business owner you have to have a birds eye view on your business books. You need to know where your money is at all times. This will help you identify potential problems and opportunities and plan better. Do you know where your money is?

6. Develop and implement systems

Successful businesses have systems that help thing run lean and efficient making them more productive and profitable. Most franchises succeed because they have developed and are using systems and processes. Can you be more effective and productive by implementing systems?

7. Sove problems

Successful businesses are not scared of problems intact they welcome problems. Remember that people will pay a lot of money to have there problems solved. Look around you, if you see problems get exited. Most businesses exist because they solve problems for a cost.

8. Positive growth

Successful businesses focus on positive growth. Constantly growing the skills and abilities of leadership and staff. This must result in a growing customer base.

9. Constantly impruving

Successful businesses are constantly looking for ways to do things better.

10. Creating raving fans

We all know that word of mouth is the best way to advertise your business. Successful businesses deliver customer service that not only created loyal customers but also creates raving fans that will promote the business and bring more customers

If you can create these 10 habits in your business you will become one of the 10% that succeed.

For more on this listen to my latest podcast.

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Carl Schultz

Africa's no 1 Breakthrough Coach focusing on personal development, growing your business and developing leaders.