Manage episode 292986435 series 1281830
How To Run A Successful Online Business? Business | Executive Coach
See 1 of 100 New Videos on this topic & more.
In fact, our research specifically proves 8 Critical Success Factors for small & medium-sized businesses.
Visit www.BestBusinessCoach.ca for more info.
Or https://www.members.bestbusinesscoach.ca/success-research/ for more on the research behind it.
If this is the first video you've seen with me, I've answered this question a couple of times. Phrased different. The way this question is, it sounds like you have passed startup phase. You're more into growth and longevity. So you have product-market fit. You have figured it out. You nailed your niche. You know what you're selling and to whom you're selling it. If that's the case, I encourage you to focus on the 8 critical success factors. You can find out more at www.bestbusinesscoach.ca.
But let's say you don't want to visit other places. You want an answer here. We identified, with the help of 7 research teams. The 8 critical success factors for small and medium-sized businesses. Regardless of country, culture, language, and economic status. One of the factors to success was political/economic situation. But it's not realistic to say you can easily impact it. Your team isn't going to change the government. The 8 factors you can control, and you can improve. Those are: 1. Self-efficacy Your effectiveness in personal and business aspects. How productive you and your team are. Their effectiveness in communication. Teamwork. Articulating their thoughts and ideas.
Then we have: 2. Strategic Planning 3. Market Intelligence 4. Marketing Strategy 5. Sales Strategy and Skills 6. Money Management 7. Business Operations 8. Business Intelligence
Go to bestbusinesscoach.ca We have a lot more information and research. Plus frequently searched answers for the different factors mentioned. Depending on where you are at, look at those 8 categories and ask yourself: "Which ones of these I need to improve on?" Look at your strengths in the different areas.
I'm working on some diagnostic tools. So depending on when you see this video, We might have them available on our site. Check out www.bestbusinesscoach.ca. There might be free tools to help you figure out where you need to improve. Overall, those are the 8 categories. From 50+ years of scientific research on business success. If you want a long-term successful business, focus on those areas. Hold your business accountable. Set up some benchmarks and key performance indicators for each factor. Have some internal operations around these. For example: 1. Self-efficacy: Make sure everyone is effective. In their role towards the different factors.
2. Strategic Planning: Make sure the business is relevant. And you're not driving off a cliff.
3. Market Intelligence: Is making sure you are on track with your competitors.
4. Marketing Strategy: Figure out which strategy takes you to your prospects best. What other strategies are available you should test? Are you testing other strategies? If not, maybe, you should. Right?
5. Sales Strategy and Skills: Do we have training for ourselves? Are we monitoring it? Are we measuring it? What is the sales strategy or do we have one? Or are we hoping people show up and buy?
Just go through all of these and identify where can you improve. We have more information at www.bestbusinesscoach.ca
I encourage you to go visit our site. Check it out www.bestbusinesscoach.ca