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6 Top Success Factors in Modern Business

6 Top Success Factors in Modern Business

Many periodically ask themselves the question – why can some projects and companies succeed, while others face constant failures. The answer is simple – there are primary factors for success in business. Top experts in their work to create and support a business emphasize the effectiveness of this tool in the modern world.

Success factors are a certain number of areas of activity, the achievement of high results in which guarantee the success of the business in the competition. Simply put, these are the factors or areas on which you need to focus your attention in order to achieve success.

Taking about success, email marketing firms are making a lot of noise these days in the arena of good revenues. The main success factors are those areas of activity that should work without any glitches; only then it will be a guarantee of the company’s success. Consequently, these are the few areas that need to be given special and constant attention, getting the most positive results from them.

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Many experts offer six success factors that they use in their work to create a business with beginner businessmen:

1. Factors related to technology: 

  • Competence in scientific research;
  • The role of experts in technology by type of business;
  • Ability to innovate in products;
  • The ability to innovate in the production process;

2. Factors associated with production:

  • Quality of production;
  • High labour productivity;
  • The effectiveness of the low-cost output;
  • Placement of production, guaranteeing low costs;
  • Provision of qualified personnel;
  • Affordable technical support;
  • The flexibility of production when changing parameters;

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3. Factors related to marketing:

  • Proven sales method;
  • Convenient service and technical maintenance;
  • Exact satisfaction of customer inquiries;
  • The breadth of the range of goods or services;
  • Commercial art;
  • Attractive design;
  • Guarantees to customers.

4. Factors related to qualifications:

  • Modern technologies in quality control;
  • Availability of business experts;
  • Ability to effective advertising;
  • The ability to introduce new products to the market.

5. Factors associated with the capabilities of the organization:

  • Modern information systems;
  • The capability to respond quickly to changing conditions;

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6. Other types of success factors:

  • A favourable image and reputation;
  • Awareness of the leader as a leader;
  • The convenient location of the organization, friendly service.

We have listed the main factors among which each entrepreneur can choose the most significant for himself and his business sphere.

To identify the factors for achieving success, taking into account the prevailing and predicted conditions for the development of the region and competition in it, is the most essential analytical task for each business manager or many specialists who can help determine these factors for a particular business.

Remember that independent incorrect analysis of various success factors leads to the choice of the wrong strategy and goals.

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Despite the fact that there are a sufficient number of business success factors, according to top business journals, two points remain the most important for the modern leader: decision-making and its implementation. Therefore, decisiveness is the quality that a businessperson must possess.

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The most essential factor in business success is making a decision and acting! This factor consists of two parts that are interdependent from each other: decision-making and decision implementation. It is important not only to make a decision but also to follow it.

Implement systematically. This is the second part of this very success factor. Moreover, of course, without each other, they are unrealistic, impracticable. Accordingly, the most essential factor in business success is: First, you make a confident, reasonable, and firm decision, and then persistently and disciplined implement it.

Moreover, it would be simple if there were not four words: “confident”, “justified”, “disciplined” and “persistent”. That is precisely what many of them miss in understanding the question of what is the most important factor in business success.

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Written by Harry Miller

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