Any business or brand cannot stay relevant until it has defined a specific set of goals. In order to achieve these goals there must be a relevant strategy to execute the idea. The last most important thing that is required for the success of a business is trust and patience.
You might have heard about Airbnb. Did you also know that Airbnb suffered a huge loss and might be closing its doors in the near future? Yes. It might happen. Due to covid-19, their business model got disrupted and there is no other way of building another business model.
Now, we will talk about the key factors that affect a business.
Important factors in Business’s Success
The most important factors are:
- Good decision-making capacity
- A good team
- Easier workflow
But in order to understand deeply, we obviously need to go deeper.
Top 5 Key Factors That Affect a Business
Here are the key factors that affect a business
- Strategic Focus (Leadership, Management, Planning)
- People (Personnel, Staff, Learning, Development)
- Operations (Processes, Work)
- Marketing (Customer Relations, Sales, Responsiveness)
- Finances (Assets, Facilities, Equipment)
We have seen the above factors that affect a business. But we still need to understand the meaning of quality leadership, development, marketing, finances, assets
Let’s get to the first point which is a strategic focus.
1. Strategic focus
Leadership is the primary asset of a business or brand. A leader is not someone who orders people around just to cash in on their work. A leader should be able to lead or inspire the people under them to keep working. Choosing the best employee is not the leader’s work. It is to help the employee to achieve his maximum potential.
A business plan without management is incomplete. Management could be anything from managing certain aspects in order to achieve certain goals, assigning people with the best work they are suited for, and the list goes on.
Planning is correlated with management. A practical plan is necessary to achieve a certain goal within the period of the scheduled time. Planning can also range just like how management works.
2. People
Choosing the right people to work with is necessary. Now, you might think that it contradicts the other statement mentioned before which is “Choosing the best employee is not the leader’s work. It is to help the employee to achieve his maximum potential.” Right now, it is to hire specific people who are willing or interested in a specific line of work you desire.
Another thing is that when people start to work not just for the salary they are waiting for and instead work for the company’s well-being itself, the company can see massive growth. In order to do so, an able leader is required.
3. Operations
Right now, the world’s best companies do in the fields of operations:
- Operations are aligned and fine-tuned to deliver superior customer value.
- Operations documented, measured and controlled with full worker input.
- Explained so that people understand responsibilities for creating value.
- Encourage innovation and collaboration throughout the organization.
- Operations changed or corrected when something goes wrong so it won’t repeat.
- Are continuously improved with enthusiastic participation.
- Aided by effective computer information systems and programs.
4. Marketing
You have mastered the techniques of all the skills mentioned above and have finally launched a product, a service or anything else. It is the best product in a particular segment of the market but you find out that no one is buying them. This is where marketing comes in. Even if what you made was the best product or service, without proper marketing, these won’t sell.
The best way to the strategy of marketing right now is by building a brand through social media. Why exactly social media?
No.1:- A huge number of people are in the area of social media than any other online platform
No. 2:- Social media can bring a huge number of people and conversion rates if implemented well.
I mentioned the term ‘building a brand’. What this simply means is that people recognize your company through particular products. What this does is that it creates a sense of trust regarding your business, and makes people recommend you to others.
When it comes to marketing, there is a specific tool called exit intent popup. These are basically a popup that you might have encountered while visiting a website. These exit intent popups’ subject can vary from sign ups, subscription to a newsletter, affiliate of a product. Exit intent popups are becoming extremely reliable since it is able to increase conversion rates by 53% according to a survey. So, exit intent popups are the new trend of the websites. Exit intent popups give your viewers a second chance to rethink about leaving your website.
5. Finances
Without capital, a business cannot survive. Finance management comes into play in this segment. Great financial management, that is, understanding the cash flow around the business, limiting the cash flow unnecessary segments of the business, focusing on business and employee development and the list goes on.
Times have changed since the coronavirus crisis and people have started saving more money. This can be bad news for the finances as the demand has gone down. The things that can manage the finances same as before is to implement these things:
- Making the best quality product out there
- Heavily targeted marketing
- Giving people reason on why they should buy your product
This can be applied any time irrespective of the year.
Conclusion:
- Implementing these business strategies can improve your game against the competition.
- Businesses should stay updated with current affairs and people’s psychology.
Exit intent popups are extremely useful in generating sales.
