Cash flow or profit? Brand recognition or longevity?
What determines if a business is successful or not has many elements, that of themselves don't make a business successful.
But successful business tend to exhibit 5 characteristics.
- Financial - The successful businesses have strong data entry, bookkeeping and accounting practices, so they know how the business is performing month to month. They don't wait until well after the year ends to know or find out. It allows for timely decision making and the ability to catch problems or take opportunities. Knowledge is power.
- People - There's a focus on looking after the people within the business, knowing that looking after the team means they in turn look after the customers. Invest in your employees, whether that be through training, career development, flexibility or remuneration. The result is a highly motivated, skilled and flexible workforce that help drive success.
- Operations - Be efficient is your use of people and resources. People often buy for reasons other than price, so why compete on price? Be the purple cow and stand out by service, advice, quality, efficiency, delivery.
- Strategy - Success doesn't come from luck. Remember the old saying "the harder I work the luckier I get"? Businesses that are in attractive and growing markets were positioned there by design.
- Governance - Dealing openly and fairly displays a good image to customers and prospects. And in this social media driven age a poor experience can be spread more quickly than ever. Make decisions that benefit owners, employees and customers alike.
Success is more wide than financial reports alone display. Balance is key.
To be well equipped to take on the challenges of tomorrow and achieve success and satisfaction, contact Clifton Accountants now.