Don’t Forget to Practice these Three Elements of Success
March 01, 2019
There are many factors that play a dominant role in a small business or SME being successful. Some are, obviously, more important than others and can be internal factors, external factors, or a combination.
Three elements that are of major importance and consistently contribute to the long-term sustainability of small businesses and SMEs are:
• Product or service
• Integrity and credibility
Marketing – Marketing is what a business does to promote its products or services. It is advertising, public relations, branding...everything the business stands for...the image it projects. It is important for marketing to “hit the mark all the time.” Every dollar spent and energy contributed must count and count in a big way to promote the business and generate revenue.
Small businesses and SMEs do not have the luxury of wasted efforts in the area of marketing. When marketing does not hit the intended target with the right message, a competitor will be the one that will hit the intended target with the right message. Competition is fierce in today’s marketplace wherever a business is located, and the fruits of victory go to the business that understands how to market and make the most effective use of energy and marketing dollars.
Product or service – Few businesses have a monopoly on a product or service. So, what differentiates one business’ products or services from another is being the “best there is!”
Being the best there is does not mean the highest quality of any product or service on the market. It means being the “best there is” for the class of products or services in which the business competes. The automobile industry is a good example. An $80,000 car is not in competition with a $30,000 car. Each will still strive, however, to be the best in their respective categories. The expensive car will try to be the best in its class, while the less expensive car will try to be the best in its class, even though the cars are not in direct competition with each other.
Integrity and credibility – These two elements must be unquestioned by customers, clients, employees, and anyone involved with the business. Integrity is about being honest, fair, and operating with a moral code of doing what is right. The credibility of a business is about being believed by others as being true and honest. Integrity works within a business. Credibility works outside of a business.
Integrity and credibility are interrelated. Owners and managers set examples for employees of how the company will conduct its business. Employees follow the lead. Customers see exemplary qualities of the business that set it apart from the competition and want to do business with that company.
Marketing, product or service, integrity and credibility – three elements that contribute greatly to the long-term success of a small business or SME. Remember these and success follows. Forget these – forget success!
Association of Accredited Small Business Consultants