To the blog for small and medium sized business (SME) owners.

Thursday, May 31, 2007

How To Succeed in Business

In order to gain success in today's rapidly changing business environment, the business owner must continually rethink, plan and implement strategies that will give a competitive edge and meet the needs and expectations of customers.

Whilst small improvement changes in product or service are always desirable, it will be the result of radical actions that will benefit the business most in the long term.

A quote from David Lloyd George "Don't be afraid to take a big step if one is required. You cannot cross a chasm in two small jumps."

Some of the factors to be considered when setting a new business strategy include:

- Develop an entrepreneurial spirit
- Evaluate and implement appropriate change
- Move the business in a challenging and rewarding direction
- Introduce new products or services into new and existing markets
- Reduce the product/service introduction time
- Revisit systems and processes to ensure they are targetting 'world class' status
- Benchmark - Learn from others
- Focus on quality throughout the organisation
- Improve the internal and external communication channels
- Train staff as necessary
- Plan to Manage the Change

1 comment:

Blog Oxide said...

Good point! Further a continuous analysis and evaluation can hlp not only succeeding but also growing business.