Factors that determine business success

[PICKFORD]

No business man or entrepreneur goes into business just to fail. for a certainty the main reason why people goes into business is to make profit which will lead to success and prosperity of the business organisation but sadly some businessman and entrepreneur who go into business grow and prosper why others don't rather they either fail go bankrupt or collapse. but the most important question to ask is why does this happen and how can these businessman and entrepreneur harness or pivot their business to be successful like others. one of the key problem why most business fail is that the idea they had at first wasn't good enough or, the research they make on the business they are about to establish wasn't concrete or wasn't complete backing up the business. So what exactly could make business to grow and prosper well let's consider some of the factors that should be put into consideration if you want a business to prosper

1. the business plan: a good plan for your business means or brings prosperity towards the business. having a good business plan will show that you as the business manager have full clarity about me the direction of your business is going it is also advisable to communicate your business idea to trust a fellow entrepreneurs friends relatives for proper experience and feedback.

2. Motivation: as the leader of the business you need to be motivated. Having a motivated spirit could save a lot of damages from happening, as the enterpreneur you are the risk taker so motivation can go a long way to improve your business motivation should be your main drive so as to enjoy what you are doing,lack of motivation will bring nothing else but sluggish and reluctant business practices.

 

[Deleted member 13140]

I think when it comes to motivation you shouldn't put your motivation into something or an object or on someone, here is why motivation will go away., yeap, if you have watched motivational videos you'll know what am saying, they'll hype you up and you'll remain hyped for let's say 2days but once your mind forgets those words you end up being demotivated, so just really love the process of what you do and you'll do it everyday

 

[Kingsley]

There are somany factors that determines how successful a business venture will be and these factors if neglected will cost the business venture alot of stress and eventually make the business to fail in the long run. Hence we need to attend to those factors carefully and they include;

Consumer relations, this is taking a critical look on how we treat our customers and how we relate with them, this will go a long way in convincing them to convince other people to patronize our business. We need to sometimes go the extra mile by checking up on our customers to see how well they are enjoying the product or services they have purchased from us, this will show them that we truly care, so creating an avenue where they can give us feedback on the product or service will also boost our imagine and attending to their request and complaints promptly will also give them a sense of belonging.

Again if we keep proper business records it will go a long way to help us keep check on our financial progress to know what and what we need to adjust and improve on. Then we must also be consumer friendly and can also provide after sale service.

 

[Kendy]

Proper planning is one of the key factors that influences a business growth. A business plan is an essential tool in any business that hopes to dwell on sustainability. It is pertinent to design a business plan, which would serve as a guide to help you align with the vision of the business inorder to avoid excesses which could lead to decline in business. To run a business successfully, it is first to have a business plan which should be pragmatic and devoid of hope or sentiments. The business plan should always have a backup plan and a crisis management technique. Take a look at the case of the covid-19 pandemic, so many business owners were in a state of dilemma because they had not input the backup plan in their business plan and this was an eye-opener to many entrepreneurs, this is because unforseen circumstances are bound to happen and the best way to plan for it is strictly by foreshadowing and by this, it is pertinent to always have a tool for crisis management.

The success of a business is also attributed to the motivation of the entrepreneur. Some businesses fail because of the lack of motivation or passion in the venture and this is mostly when someone ventures into a business solely because of profits but is not passionate about the business. Here, the vision would be dwindled and tampered because the zeal does not correlate with the business.

 

[Chibson]

The primary reason people venture into businesses is to make profit and become successful. Some people venture into businesses without having proper knowledge and understanding of how to run their businesses successfully and on the longer run, they fail. one of the major things that determines whether a business will be successful or not is the business plan. A very good business plan can go a very long way in giving you a clear roadmap of how your business should be in the nearest future. The fact that you have a very good business plan does not mean that your business will succeed because succeeding in business is more than having a very good business plan. There are many things you must put in place such as your financial stability and employing people that have proper business knowledge and understanding. like you have stated, motivation is also very important in running a successful business because when you are not motivated then you would see a no need in continuing to run your business especially when you encounter a lot of problems.
People people who are motivated in business always have the mindset of becoming successful even though their business may be facing a lot of problems.

 

[Sotherefore]

When you are motivated in a business you are likely to establish a business but motivation to me is not a factor that can determine the profit of a business or its success because motivational can only help you to be serious about a business but without proper understanding of the business you are establishing motivation is not likely to work here.

Engaging in business need a lot of learning and time for everything to take its natural shape and if you are just engaging into a business just for the profit sake of the business then the business would likely not be profitable because you won't really be interested to know the actual needs and demands of people who are coming in to do business with you.

To me the most important thing that determine the success of a business is just the ability of a business man or woman to satisfy all their client in whatever area they are interested , with this a lot of people will be more confident in your business and they always come to you when they are in need of your services or products.

In whatever you are doing it must always be a quality service or product.

 

[eldavis]

Another factor that determines the success of a business is the use of resources. As a business owner, it is expected you maximize every resources you come across, use it to its fullest potential, no matter how small or big. Humans are also part of the business resources.

 

[funmi]

There are somany factors that can make a business to be successful, a simple factor such as business location can determine the level of success a business will enjoy. I took time some few minutes to take look at the richest man in Africa in person of Dangote he located almost all his business here in the southern parts of Nigeria. This is because the man must have done a very good study on the importance and advantages he stands to get if he sights his factory here in Nigeria. Amazingly the man and his family are from the northern part of Nigeria. And yet he did not situate his business there because of the enormous advantage he stands to gain from the southern parts. Here is far peaceful then the northern parts interns of insurgency and religious crisis, and here the topography of the land and the natural resources and human resource he can get here will be more advantageous as compared to where he came from in the north. He has a more broader market here in the south. Again ones knowledge on the business you are running will be a determinant, lastly capital also.determines the success rate.

 

[Stena]

Anyone going into one business or the other would hope for its success. The basic aim of every business is to make profit and when this aim is not achieved, the business is bound to fail.

We should not leap into a business because every other person is doing so. What drives me may not be your own driving force. Bottom line is, go for what you love, settle for a business you know you have mastered its arts, go for a business whose aim is far more than making profits. Once your heart is all out for a business, you will do every thing humanly possible to drive it to success.

Another thing is dealing with competitions. How do you make more sales when you have three to four persons doing the same business as yours in the same locality? On my street, there are two shops opposite each other, selling provisions and food stuff, a similar shop is just a stone throw from them, yet just one of the shop owners wakes up as early as 5:30am to open his shop knowing that by doing so, he can make more sales before the others open theirs. That's his own strategy!

 

[btaliat]

Anybody that's intending of going into any business must admit the fact that it won't be so easy to make it as a business owner. There are several candles that will be burnt before the success can be achieved. Among them include.

Customers satisfaction, it is very expedient of every business owner to make sure the satisfaction of his customers play the major aim of setting his business. The customers determine the success of a business in the sense that we need to take proper care of them by constantly going through their complaints and also their review of the products and out business in general.

There is need to make sure we are mindful of competitors. We need to put some measures on ground that will make us fight competition favorably. There is no way we won't encounter competition. So there must be some strategies on ground for this. The more competitors will win, the more chance of getting success in our business.

Access to loan can also be a factor. No business can be expanded without loans. There is need to make sure that we have credit facilities and have access to loan facilities for us to have success in our business. The more loan that we can obtain, the more expansion our business will be.

 

[Yhubee]

Adequate planning is a very important part of a successful business and without one, the business is bound to fail.
I believe everything that needs to be a success requires good planning.
A business owner who desires a successful business needs adequate planning. His or her business plan should cover every area of the business,from the capital needed to the location (if it is an offline business), to ways in which the business can be promoted, strategies to be taken in order to outshine other competitors in the same line of business.
When the business owner takes these into consideration, making the best choices for his or her business, the business is bound to succeed.
A business owner should be very intentional about his or her business and therefore should take it seriously. The main aim of a business is to make profit and when this aim is not achieved, the business cannot be tagged a successful one. A business owner should not be sluggish or lazy. Lazy business owners have never succeeded because when a competition arises, there is nothing they can do to promote their brand and gain more customers.
Motivation as the writer rightly said is also important for a business to succeed. A passion driven mind towards a business definitely yields dividends.

 

[TOZZIBLINKZ]

Do two things is important when opening or establishing a business venture . First of all your business must be efficient towards satisfying the needs and wants of members of the public and secondly the business must be able to make money and not stagnant in nature . These two factors go hand-in-hand with each other , if your consumer needs and wants are being satisfied possibilities are your business will be able to make profit which surely determines the success rate of a particular business venture or Enterprise .

A business who doesn't make profit is said to be unhealthy and prone to shutdown , liquidate , or go bankrupt anytime soon . Commendably business owners try to do their best to ensure that their business stay in the proper position not deviating to failure . But in most cases despite all their effort the business still fails due to some factors not considered properly . One of the top factor that determine business success which most business owners neglect is the quality of their customer service . this is actually true Because when a person is being treated with respect and honour the individual is more motivated and poised to do something for the person that gives him respect and honour he or she deserve , same is applied to customers and clients when you treat customers and clients with respect and honour and not showing the art of partiality in any way they tend to be loyal to you and to your business .