Key Success Factors in Business

Growing a business from the ground up if you’ve never participated in such before is a lot more challenging than most people think when they begin – this is why up to 60% of new businesses fail in the first 3 years of being open in the UK.

The idea of starting a new business is exciting, but once people see how much effort it requires and the amount of planning that has to be spot on to succeed – it becomes overwhelming.

That’s why in today’s blog, we’re going to discuss the key success factors in business to help and revitalise more businesses around the UK (and the globe) – in order to see an increased number of accomplished businesses in the next few years. Read on to learn more!

What is a Successful Business?

In regards to what is a successful business, we see questions like this all the time and the definition of success rather than going off the external thoughts of your business – should instead be your own definition of success.

What we mean by this is that everyone has their own vision of success and what they hope to achieve. Some people are more ambitious than others and that is fine. However, success is personal to someone’s goals.

Success is defined as what you intend to achieve. Consequently, if you have a goal in mind to accomplish in the new year and beyond – it is your choice whether you believe that your business is successful or not.

Yet, if you’re just starting out, there are some underlying traits that you need to develop that we see in businesses all around the world that are achieving their goals on a day-to-day basis that we believe could assist you in your mission. Read on below to find out these qualities!

What are the Key Success Factors in Business?

Here at MOVE, we’ve worked with businesses all around the country (online meetings or in-person events) and we believe we’ve encapsulated all of the key success factors of business from not only their work but our work too. Let’s take a closer look at these attributes in detail so that you can implement them into your new business strategy:

Discipline

Business success is not linear and there will be days when you don’t want to partake in any work whatsoever – especially if the day isn’t going your way. Motivation is often what we pride ourselves on when beginning a business and although it is a critical success factor – motivation fades over time.

Once motivation fades, one of two scenarios occurs. You either quit because you think everything isn’t working or you carry on. This is what the model of discipline involves. If you have great self or team discipline – even during the toughest times – you will muster up the courage to carry on.

When everything seems stagnant, discipline carries you forwards. Consequently, this is a trait that you must develop over time and realise that business will not always go your way. Yet, if you believe in your product or service, you should never give up on it.

A Structured Plan

“A goal without a plan is just a wish”. This is a quote that we’ve realised to come true within the business world as we’ve assessed numerous businesses.

If you don’t have a strategic business plan of action in place, you will be reacting to problems as they occur. However, if you curate a plan with all the problems you think you may face and all the strengths you believe you have – you will have a much easier start to business life.

Plans will also give you a sense of direction. Startup companies can have little direction and not know where they’re heading – thus, a plan typically gives you the knowledge of the tasks you’ll be completing each day to reach your goals.

Self-Belief (Team-Belief)

Whether you’re a solo entrepreneur or have team members around you, believing in yourself (yourselves) is a fundamental trait that you need to acquire in your business.

Understanding how you and everyone around you tick in the workplace will give the enterprise an advantage that not many businesses have. Gauging how you get yourself to continue to push through the tough times is a marker that many aspire to have.

Team-Relationship

If you’re lucky enough to be surrounded by like-minded people in the company you own, choosing the right staff is paramount for company success and ties in extremely well with our previous point.

Developing an atmosphere that is friendly and exciting to work in has a direct impact on the quality and quantity of work that gets produced. The top businesses all have talented and hard-working employees – which is the key to success when building a successful business.

Knowing when to ‘play’/ have fun and knowing when to get yourselves into a deep working block is a switch that you have to get used to working with to see accomplishments start to rack up within your business.

Balancing Time and Money

Time management and spending or earning money are two opposing factors – yet, marry each other perfectly. Calculating what resources you’re going to purchase to save time and what should be done manually in order to maximise profit potential is vital.

Breaking down each decision you’re going to make is an excellent way of doing this. If it can be automated and will save us time and increase profits in the long run, it has to be worth it. Conversely, if an automated system can be done better manually and won’t improve profits/ save time – there is no point in investing your money into the tool.

Final Thoughts

This medley of deviating factors all coincide with each other and how a startup/ small business or even established business can improve on their characteristics as a business owner and team overall.

When you practice these factors and present strategic focus when implementing them into your daily schedule – whether you notify your staff via business coaching sessions or a meeting to discuss your future plan. From there, you will slowly but surely begin to see your business performing at a higher level each day.