When an entrepreneur opens a business, a great deal of work goes into making that business a success. An experienced business professional will tell you that success in business is planned and does not happen by accident. Several factors contribute to the success of a business, and understanding what they are and how they work together can help your business succeed.
A business plan is the blueprint you should use to operate your business. When you are contemplating the opening of a business, you need to create a business plan that outlines all of your business operations, including personnel needs, all budgets, sales and marketing procedures, manufacturing processes and revenue projections. Spend time developing your business plan and get input from people with experience in your industry. Go through several drafts before settling on your final plan, and be prepared to follow that plan thoroughly. Keep your plan dynamic by making updates as your business changes, and try to use your plan to help attract investors as well.
In some cases you have control over business timing, and in other cases you do not. If you were to open a VHS movie rental business as DVDs were becoming popular, then your business timing may be suspect. Analyze the marketplace and pay attention to consumer trends before deciding on what kind of business to open. If you can create a business that is on the cutting edge of consumer needs, then that can contribute significantly to the success of your business.
If you place your trucking business several miles away from the major highways, airport and train depot, then your business location can hamper success. Moving your business closer to those key locations can cut down costs, and make you one of the companies closest to where your customers. Location can be critical in the success of a business. According Houston Business, the Houston theater community is second in total seating capacity in the country with 13,000. Only New York City has more theater seats than Houston. If you were considering opening a business that catered to live theater, such as a printing business for programs or a stage production company, then you could find success by placing your business in Houston.
Controlling the costs of your business means keeping all of your overhead costs under control, including manufacturing, advertising and location operations. By continually working to reduce costs, you can free up financial resources to be applied toward expanding your product line or increasing your marketing efforts.
About the Author
George N. Root III began writing professionally in 1985. His publishing credits include a weekly column in the "Lockport Union Sun and Journal" along with the "Spectrum," the "Niagara Falls Gazette," "Tonawanda News," "Watertown Daily News" and the "Buffalo News." Root has a Bachelor of Arts in English from the State University of New York, Buffalo.
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Hi, here is one essay I wrote for practice.. It is about what make business successful. Would anyone like to read it, and help me point out the grammatical mistakes I have in my essay? Thank you for much~
What make business successful?
On TV or newspaper, we can see most millionaires must also own successful companies. They have their own strategies that make their business successful, and, from my observation, I think good reputation and remarkable commercial are the two important factors that contribute to their success in business. In reality, a company’s reputation and their commercials are tightly related to customers’ interest in their products, and there are many good examples of how these two factor effect companies’ growth.
Companies’ reputation is what people know about the companies, and it can directly affects people interest in the companies. It is easy to see how it works; of course, no one would like to buy things from dishonest companies, nor would anyone like to go to stores that have bad services. Tommy, for example, is a well-known clothing store that recently suffers from its bad reputation. One of Tommy’s designers made some discriminative opinions, which makes many people refuse to wear Tommy’s clothes. As the result, Tommy has lost many customers and a significant amount of money. From this example, we can see the importance for successful companies to keep their good reputation.
Besides good reputation, companies’ commercials are also the crucial factor to succeed. People have to learn about the products first before they buy the products, and that is what commercials do: to introduce products and to attract people to buy them. The more people know the products, the better profit companies can make. In addition, companies have to make to their commercials unique and attractive so that people are willing to see. Therefore, most of successful companies invest a great amount of money on their commercials because they know even a short commercial can make the huge difference.
A lot of companies have their unique strategies to make their business successful, but the two factors, reputation and commercial, are the common and the most important keys to companies’ success. On the one hand, companies’ reputation establishes customers’ trust on the companies, and on the other hand, companies commercial bring customers’ interest in their products. Although companies that make the most profit might be what people consider the successful companies, I believe companies’ contributions to society are still the most importance.
Thank you so much for your time again!!