4 Fundamental Secrets to Having a Successful Business

By Michael Tasner | Business Strategy

Nov 26
laptop and charts

There’s a number of things that contribute to having a successful business. The market may appear to be saturated, which can make it easy to be swayed by current trends. People may often tell you to do this or that in order to succeed. But, the foundation of success for any business lies in sales. It’s about influence and your ability to use different methods of persuasion in order to get people to buy from you. 

Selling is everything, and this does not only apply to selling products and services. You sell yourself when applying for admission to a university. You sell your skills to an employer during a job interview. You sell yourself on a date with someone whom you would like to be with. In every which way you turn, selling is vital to your growth.

If the success of your business depends on sales, then what are the secrets to being successful in this area? Looking at different tactics can be overwhelming. Sure, you can use different strategies at any point to improve your methods. But, in order to truly succeed long-term, one must have knowledge about the fundamentals of making a business successful. Let’s take a look at these 4 fundamental secrets to help your business find success.

Transparency and Authenticity is Key

How do you trust a company that you’ve only seen online and that you don’t know much about? The internet makes it easier to have a distant overview and allows you to compare products and services without the pressure of buying. As companies quickly come and go via social media, we also don’t get the opportunity to have a personal connection with the brand. So, we tend to look at the testimonials. We look at reviews closely in order to make a decision. 

Gone are the days when high pressure salespersons would come to our house and persuade us to buy something that we don’t actually need. Oftentimes, it felt as if they were stripping us of our right to choose, which made us dread speaking to these people even more. 

In business, unrealistic claims might make your product sound more awesome than it actually is, but people can see through these sorts of tactics. Instead, use testimonials from real people. Allow others to speak about your product on your behalf. People are smart. Just be authentic and allow your audience to decide for themselves.  

Bring Value to the Table and Focus on Improving Lives

The companies that remain powerful in the industry are the ones that bring the most value to the table. People do not buy products to make a business rich. They buy them because of the value that they receive. 

Long term success comes from keeping your consumers’ needs front and center whenever you have a new product to sell. Anyone can sell an item, but that success can die out just as quickly. Focus on first providing value, and surely success will follow. 

Similarly to value, improving the lives of others can catapult your business to greater heights. Look for a way to improve the lives of others. And, craft your product or offer according to those needs. Not only will this ensure the success of your business in the long-run, but it will also help people to have a better life experience because of your product or service. 

Apply the 80/20 Rule

One of the most helpful concepts in life, management, and business is the 80/20 rule, also known as the Pareto Principle. This principle means that 80 percent of the outcome stems from 20 percent of the efforts that are made. 

In sales, this means that 80 percent of sales comes from 20 percent of your customers. This is where we can identify the importance of nurturing your loyal customers. Acquiring new customers is important as well, but maintaining positive client relations in order to retain lifetime customers gives your business both stability and predictability of profit. Acquiring new customers typically costs more money than maintaining healthy relationships with existing customers. 

This principle also applies to the systems that you build around your business. In the beginning, you may have to do a lot of research and testing in order to see which methods work. But, once you figure out a process that gives you the most results, you can then focus on it and scale it out. Less time spent, more work done. And, that’s what productivity is all about. 

Keep a Positive Mindset

Last but not least, it’s important to always keep a positive mindset. Positivity is one of the most overlooked secrets to having a successful business. Not only is thinking positively helpful in bringing your visions to fruition, but cultivating a growth mindset also improves your ability to succeed in life. 

Be in control of your thoughts or else your thoughts will control you. The law of attraction states that we have the ability to attract something if we focus on it. If we focus on a positive outcome, we are likely to receive positive results. Therefore, as much as you can, do stay away from negativity. 

Want to learn how to take your business to the next level? Allow us to help you improve your marketing strategies. Visit us michaeltasner.com for more information.

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