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What you need to run a successful business

With all the advice and guidance available for business owners you would think that it is impossible for any business to fail. The truth is that despite all the articles, websites and books dedicated to helping business owners succeed, every business is unique, so what will work for one business owner might not necessarily work for you.

So how do you know which advice to follow? All business is about trial and error, so you will soon learn what works best for you. There are, however, some essential components to running a business that every business owner must ensure they have in place in order to be successful.

A good product/service

Above all else you need a good product or service that people will be happy to part money with to own or use. This is the essence of every business. Having a good product, however, is not enough you also need to make sure that there is a demand for what you are planning to offer customers. This means that research is essential in ensuring that there is a marketplace for your product before you even start setting up your business. You also need to know what people will expect from the product and how much they are willing to pay for it. Furthermore, look at the competition in the area; if what you’re selling is desirable there is bound to be someone else already providing it. Check them out and see what you can learn from them.

A thorough business plan

Every business needs to have a business plan, but there is no point having one that is badly written and thought through. Your business plan is your personal guide to running your business, so you need to ensure it is thorough, achievable and clear. You also need to ensure that you stick to it, as a business plan that you spend hours creating and then ignore is a useless document.

Your business plan is often your key to getting funding from banks or other investors. Most business owners need some sort of loan, especially in the beginning, and a bank will scrutinise your business plan to see whether it is viable enough to warrant funding; you may also be asked to present the plan during your meeting and you must be prepared to answer detailed questions about it.

Marketing and branding strategy

Marketing and branding essentially let potential customers know about your business and what it can offer them. Your branding especially will relay your business’ values, personality and ethics to customers, and some of the most well-known and successful brands are those that have strong branding that its customers can relate to. Take the clothing retailer Fat Face, for example, its branding has created a young, easy-going and adventurous image that its customers identify with and want to be a part of.

Your marketing, on the other hand, will enable you to get your brand message to customers, while also raising the profile of your business in general and selling it to potential customers. There are numerous websites, articles and books dedicated to marketing and branding and by all means read these, but keep in mind that what works for one business owner might not work for you.

What is vital is that you have a strong branding and marketing strategy. This will help to keep you on track with your company’s message and how, where and when you are going to project business’ image and raise its profile.

HR and admin systems

Unless you are operating your business entirely on your own, it is essential that you have a good HR system in place. Many businesses can no longer afford or require an in-house HR department, instead there are many outsourcing alternatives available. Octopus HR, for example, provides a range of HR software that you can tailor to your business’ needs, which means that you’re not wasting money on unnecessary software.

All businesses need excellent admin systems in place as without these you will not be able to keep on top of your finances, growth, customers or stock levels. Your admin is the nucleus of your business, which if organised and efficient will help the rest of your business to run smoothly.

Hard work, dedication, commitment

Being self-employed has its advantages, you can choose the hours you work and have no one to answer to but yourself. Saying this, you must be aware that to set up and establish a successful business takes a lot of hard work, dedication and commitment. No amount of advice and guidance can run your business for you, so you need to be prepared to put in the long hours six, maybe even seven, days a week to ensure your business is a success.

Written by Derin Clark, a writer, editor and blogger.

This was posted in Bdaily's Members' News section by Derin Clark .