The Ten Commandments For Business Success
As a business growth specialist I am often asked what is the guaranteed magic formula to business success. The short answer is, there is no such formula. The only guarantee is, there are no guarantees. If there were every business would be successful, and the owner of the business success model would feature high up in the world’s top 100 richest individuals.
That said, there are however proven business success formulas for certain industry sector businesses.
Another option is to open up a new conceptual business after carefully identifying certain ingredients which can increase the chance of success while minimising the possibility of failure.
The following is what I call my 10 Commandments For Business Success. I implement these commandments whenever I visit a new or prospective business client who is looking to open up a new business or an established business looking to diversify into new revenue generating income streams from associated businesses.
These commandments are my own interpretation of what works and produces the very best chance of exponential business growth in a relatively short time frame while keeping an eye firmly on long term sustainability.
10 Commandments For Business Success
10 Ideal Business ‘Must Have Ingredients’ – the elements that any business should have to make it viable and workable.
Business Commandment 1: HUGE DEMAND
For any business to be successful, it must have a product that someone wants and needs.
Business Commandment 2: A PROVEN LEADER
It is essential for any company wishing to succeed to employ a dynamic visionary business leader. Someone who understands the dynamics of team work. Someone who is content to remain out of the limelight and focus on enabling other directors to increase their business performance.
Business Commandment 3: LOW MAINTENANCE
Who needs to spend all day on the phone servicing some product?
Business Commandment 4: NO STOCK
Do you really want to fill up your garage, or bedroom with a bunch of products that no one will buy?
Business Commandment 5: LOW NUMBER OF EMPLOYEES
Avoid the cost, the hiring headaches, the training. Keep the ratio pertinent to turnover.
Business Commandment 6: RESIDUAL INCOME
Do the work once and get paid over and over again. Your customers will remain with you month after month. Design a system where they’ll pay you each month, usually by Direct Debit or Standing Order.
Business Commandment 7: RESPECTABILITY
Design a ‘win-win’ business that you can be proud of. Make sure your customers make more money. You both win with a profitable business which generates business respect.
Business Commandment 8: LOW-COST
Fail to plan – plan to fail. Map out your roadmap to long term success while keeping a firm grasp on your monthly overheads.
Business Commandment 9: LOW FINANCIAL RISK
Minimise the risk by employing a specialist who clearly understands how to navigate and manage risk.
Business Commandment 10: RAPID PAYBACK
Recoup your business investment in as quick a period as possible.
* The truth is, in many SME businesses it’s hard to incorporate a single one of these ‘Commandments For Business Success’. If you’re lucky you might get a few of them.
* Credit it is owed to an unknown author for some of the ingredients above. They were sent to me via an anonymous e-mail. If you are the copyright owner then contact me with proof and I’ll ensure I list your credit in future publications. Special Forces know when to arrive and when to leave. They never overstay their welcome.
©2009 Mark D. Yates
• This article may be reprinted without the owner’s permission providing it remains in its entirety.
Business Background of Mark D. Yates: A former Managing Director & CEO of a USA corporation and former MD of two UK Companies. Dr. Mark D. Yates provides his expertise to a cross section of corporate entities including, Information technology, media, mining, banking and other financial & business institutions, security, law enforcement, construction, sales, marketing, manufacture, banking, film & TV, trade unions, graphic & web design & high income generation E-commerce development & sales. Mark is a very experienced corporate trouble shooter and visionary leader. He effectively handles special assignments and specialises in providing practical solutions to complex business problems. A compulsive achiever who demonstrates the ability to consistently exceed desired results. He is particularly adept in structuring International joint venture businesses and is particularly skilled at identifying new domestic & overseas markets for clients. Now Security specialists who consults for the UK’s largest e-tailer of security products and services www.asecurityonestopshop.com
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