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Sample of our 65 principles for building a successful business template:
65 PRINCIPLES FOR BUILDING A SUCCESSFUL BUSINESS Business principles are those foundational starting points from which we proceed to operate within the world of business. They are the convictions which sanction and guide our decisions and actions. They provide us with the framework for achieving success in the world of business. Solid principles provide you with the foundation needed for effectively running and structuring your business as well as for achieving your goals. Any construction, well-built as it may be, will never hold if it lacks a solid foundation, and this is equally applicable to your business. Adopting the right business principles is key to doing business the right way, and, without embracing solid business principles, your company is doomed to failure from the very start. Below are 65 of the most important principles that are crucial for building a successful business: Knowing Your Foundations Being aware of the reasons you do what you do is vital. You may be able to explain at length what you do, but are you in touch with why you are doing it? Knowing the rationale behind your actions is key to making the right decisions at the right time, to purposefully direct your business and achieving your goals. Having the Right Vision A business, by its very nature, is designed to serve a greater purpose. Without the right vision as foundation for your business, it is essentially doomed to fail. If a business loses sight of this vision, it will never achieve its aims. Your business must always manifest and embody the purpose for which it has been designed. Defining Success Having the right vision needs to be complemented by a clear definition of what you consider success to be. You need to have a set of very clear and definable goals for your business, as this will keep you motivated and always striving for improvement. Once your goals have been achieved, however, it is vital not to become passive but continually re-define what you consider to be business success. Managing Your Time Prioritizing your own areas of focus and utilizing the right resources are an essential means of effectively managing your time and the level of your personal involvement in the operation of your business. Re-ignite your passion and don't get bogged down in everyday operational stuff. Use your own time to cultivate your strengths and maximize your potential but be willing to put in extra hours for your business, especially early on. Having a Quality Product It goes without saying that quality is key if you want to attract customers to your business. No matter what industry you're in, you can never build your business or brand without consistently delivering a quality product or service. And it is of vital importance to continually do so. Remember the old saying: "One bad apple spoils the bunch." Having an Effective Strategy No business can achieve success without an effective strategy backing up its vision. The strategic plan is the action plan for your business pertaining to those tasks and small steps which are essential parts of the journey to achieving your business goals. Invest time into effective creating short and medium-term strategic plans and you will most certainly reap the benefits. Rising up from Failures Everybody fails. This is an integral part of everyone's life. We all make mistakes, and we all fail sometimes. But it is vitally important that we learn from our mistakes. Making mistakes is one of the most important ways that we can improve ourselves and our business. Failure is not the end of the road. With the right attitude, you can turn failure into an opportunity for growth. Turning Obstacles into Opportunities There's this well-known saying: "Where there's a will, there's a way." Some might consider this to be a little naïve, but in the world of business, this is very often true. Obstacles can be important means to force you to do some necessary soul-searching and re-evaluate your plans and strategies, which is vital to improving your business. Being Resilient in the Face of Adversity Being successful in the world of business also means having enemies and competitors. You are not always going to be liked by everyone and always get great reviews or feedback. Difficult customers, competitors and suppliers can and most probably will make your life difficult at some stage. Don't allow this to affect your drive and motivation. Keep focusing on your goals. Placing Yourself in Your Customers' Shoes Take your customers' perspective into account. Investing time, energy and money into your business effectively necessitates being aware of your customers' needs. Ask yourself what it is that your customers want from you. Answering this question is vital in modern business. Offering a great product simply isn't enough. It needs to be complemented with excellent customer service. Respecting Your Customers Respect is of the utmost importance in any relationship and establishing and maintaining a healthy relationship with your customers is key to the success of your business. Treat your customers in such a way that they always feel like you have their best interests at heart and that you are willing to resolve their issues and concerns. Not Trying to Please Everyone Keeping your customers happy is the key to business success, but life isn't perfect and you are going to have to make peace with the fact that you aren't going to be able to please everyone all the time. It is important to prioritize your best customers and not get caught up in trying to please everyone all the time, which will just waste money and resources. Knowing Your Industry Without a clear understanding of the market, your target audience as well as your competitors, you will not be able to market or price your products or services effectively. It is of vital importance to find and promote something about your business that makes it stand out from your competition, with whom you are essentially competing for clients. Appreciating Competition The reality of having strong competition in your industry shouldn't be something that gets you down. Competition drives innovation and creativity. Having competition in the market can help you improve your business, as you should always strive to become the leader in your industry. Embrace competition as something that can help your business get even better. Identifying Where You Can Improve People's Lives Having a good knowledge of your industry and speciality needs to be complemented with sector-specific innovation and improvement. People will only spend money on your product or service if it genuinely improves their lives. You need to identify where the challenges and problems exist and how you can solve them. Solving people's problems is a recipe for business success. Keeping Things Simple Don't overcomplicate things. Make engagement with your business as smooth and easy as possible. Don't introduce unnecessary layers of management which could lead to unwanted complexity and bureaucracy. Keep procedures and processes simple and to a minimum. Speed, agility and responsiveness are vital assets on your journey to business success. Focus on keeping things convenient and simple for your customers. Having a Plan B Plan A might get you up to a point and achieve you some success, but it so often happens that businesses which aren't adaptive to changing circumstances fail to stand the test of time. Be prepared for dips and setbacks and have a plan B for how to effectively deal with unforeseen circumstances. You can't control the future, so it's best to be prepared. Knowing Your Customers It is important to gain in-depth knowledge of your customer base by drawing from a wide variety of sources, including customer behaviour and psychographic data gathered online and offline, real-time information collected from sensors and other tracking mechanisms, and geographic and mapping data
