Fundamental Principles of Business

No matter what business you decide to master, there will be an overwhelming process that you will need to harness in order to calculate the success of your business. Most often as business owners we over look at the fundamentals that are needed to make our journey preeminent over our competitors.

Sure, we can get into a debate over what are the most important principles in any business, but fundamentally let’s look at what comes to mind for myself and what I have experienced that has been most impactful.

Whatever your product is it needs to be of quality, I don’t care if it’s providing a service, having a brick and mortar that sells cupcakes, or selling any other goods, it better exceed the expectations of the consumer, with a focused USP or you won’t be able to be in a position of having a strong following.

All that being true, if you don’t recognize who your consumer is within your industry, even the best product or service you offer it will fail if no one wants what you are selling. It’s important that your product will stand out from others and priced competitively so of the consumers that you are reaching will come out of the woodwork to support you.

Once you are dialed in on your product and price point, now it’s time to promote it by understanding the fundamentals of marketing though the modern-day channels that are available to you. Whether this will be print, digital media, social media, or word of mouth, whatever it might be it needs to be a consistent message, so it is aligned with your branding.

As the owner or CEO of your company, you will not be able to experience the type of success without having a great staff. A well-trained staff is an extension of your brand and they will be willing to do anything for that brand if the vision and the message represents the mission and goals that are set out by leadership. Your employees are your greatest asset, and they can help build your companies success or they can be the cause of your spiraling downfall. So, it’s very important to invest in this arm of your business, as it WILL pay dividends.

To make this all run effectively, structure will play a very important role in delegating certain projects to be individually managed. The personnel that you so diligently had put in place will need to know specifically what the role they play, in order to operate their departments efficiently. This all goes hand in hand by having the proper amount of capital, cash flow and accounting principles to be in compliant with in the business needs.

In the end, it’s all about the customer, because if you don’t take care of this vital asset you don’t have business. Yes…. customers are NOT always right, but you need to respect them and listen to them, as they can help your business grow exponentially. By treating them right and making sure they walk away feeling that they received more value than expected, they WILL be your walking billboard for life, and that’s a returned value to your company.

To summarize, I hope that you picked up on some clues of the fundamental principles I have laid out. Yes, I probably could have touched a little deeper on a few and added a couple more, but overall, it’s very simplistic if you just pay attention and use the 80/20 rule. If you focus on the intent of your strategy and follow up on the outcome, your vision will become a reality.

Do you feel like you are struggling with putting "strategy" and "business growth concepts" in place that make a difference? Doing it all is overwhelming! Let’s have a honest discussion about your business and see if the Power of 10 can help you. Click “HERE” to have a great conversation with our team today.

Written By The Strategic Advisor Board - Michael Owens
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