Three Keys to Running a Profitable Business

By | May 10, 2011

Going into business we all got aims we hope to achieve; financial and otherwise. For the new entrepreneur success in business lies in observing three broad rules. These three keys are the bedrock of any successful business organization.

Integrity: Integrity is at the core of every business that has large followership of loyal customers. They have to see that you deliver what you promise before they believe in you. That’s integrity. In today’s business it is important that you build a company that promises superb products and quality service and delivers on its promises.

Integrity is giving a first time buyer a 6 month guaranty and honoring that guarantee when the product develops a fault or fails to deliver.

Financial Control: Finance is at the heart of growth for any business. As a small business operating with limited finances smart utilization of available finances is vital if such business is to grow. Excess profits shouldn’t be plowed back into expenses that do not have positive and direct impact in pushing up the financial worth of the business.

Mistakes that many small business owners make include spending excess profits on things like official cars for top management, fat bonuses and the likes.
The best thing to do with excess cashflow should be to invest in increasing production capacity (for manufacturing companies), invest in increasing the efficiency of your human capital, etc.

You can also create easily liquidated investments with excess business cash in order to derive the best possible value for your money while keeping it readily accessible for when needed.

Product/Service Quality: I have listed this last not because it is the least important but because it is the first quality you have to build in your business and so you have to have this importance close to mind.

Without quality products or services you have no business with building integrity. You create good exceptional products and services then you stand by your word and focus on making the customer happy.

Business is so broad that the above three keys can hardly be said to be all a business needs totally to become a success. The human factor is very important and may form part of the need for Integrity.

A culture of business integrity cannot be extricated from having the right people. The right people make a culture of integrity possible.

[amazon asin=0750699914&text=Recommended Reading]

Follow Us on Twitter For Latest Updates

Leave a Reply