Common features of what I observe from successful businesses, old and new.
1. Keep the product or service simple. Focus on what you do well, be they low or high margin.
2. Keep the service experience in proportion to revenue and reputation drivers you and your business desire. The primary aim of business is to bring home the bacon, but at the same time, less bacon arrive when customer and supplier engagement is not at optimal level.
3. Be always mindful of costs. Rentals, staffing and supplies, they can tip or break.
4. Identify and always be conscious of your chosen key business value - turnover, uniqueness or potential for growth. How long do you plan to carry out your business?
5. Select your business locations wisely, they can accelerate or bog down your business plans.
6. The best advertising is usually word of mouth, whether you call it social media, off street chatter or just the sheer attractiveness of your product/service.
7. Have up to a medium term revenue and business growth plan - and back ups. A simple but effective risk management approach is what is called for.
8. Build flexibility models into your business scenario plans - can business survive or prosper in different critical scenarios across a spectrum of probabilties?
9. Identify what you can reinvest - and do so on a timely basis.
10. Get the honey whilst the market is hot about your business.