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The Business Success Formula

This is the second in a three-part series focusing on the ultimate formula for success – in business and in accomplishing all your lifestyle goals.

In part one you were introduced to the two formulas that comprise business and goal setting success. In part two we will look at the specific formula for business success.

By following a proven formula that works you can achieve a definite result, knowing without a doubt if you follow the formula success is assured.

Let’s look at the business success formula again and break each piece down in complete detail.

The Business Success Formula:

BM + EMS + S + V + I = Business Success and Growth

BM is business model; EMS stands for effective marketing and sales process; S is for systems;  V equals value; and I means implementation.

The formula written out looks like this:

Business Model + Effective Marketing & Sales + Systems + Value + Implentation = Business Success and Growth.

You must have all of these in place if you want your business to reach its peak potential for profit and growth.

Business Model

There are many different business models; choosing the one that’s right for you depends on the type of business you have.

Some of the most popular business models include membership sites, franchises, ecommerce stores like Amazon, and consulting.

One of the best on the Internet is the free plus shipping model. That’s where you give away a free CD/DVD for the cost of shipping and then automatically enrolling them in some kind of continuity program.

Effective Marketing & Sales

The most important component in this whole equation. Without strong marketing and sales processes you don’t have a business.

Marketing is anything that brings people to your business, like lead generation strategies, copy, and your content. Your sales process is how you convert those prospects into customers.

I don’t have the space to get into an in-depth discussion about marketing and sales strategies. That will be done in future posts. Suffice to say without effective marketing and sales a business won’t last for very long.

Systems

From McDonald’s to Wal-Mart, systems have been an integral part of all business success.

McDonald’s can get a burger to you faster and more efficiently than anyone, while Wal-Mart has a distribution system unlike any other. No retail organization can compete with them on price.

These are just a few examples of  business systems that work.

Make it a habit of designing a systematic process for everything you do – whether that’s product creation, distribution, customer service, etc.

Value

You must provide incredible value to your customers if your business is to thrive and grow.

Be willing to go the extra mile for your customers. Under promise and over deliver. Give more than they expect and when you do that, give even more value.

Value is a cornerstone of a successful business. Quality alone is not enough. Every customer you have expects quality. Provide true value above and beyond the expected norm and you’ll set your business apart from the competition.

Implementation

Speed of implementation separates the haves from the have nots.

Knowledge is useless unless you apply what you learn. Speedy implementation is one of the fundamental differences between a successful entrepreneur and one who’s struggling to make ends meet.

When you get information that can help your business, a new marketing or product idea, anything at all, be sure to immediately put that knowledge into action.

Don’t just gloss over this. Think of how many times you’ve had an idea, didn’t act on it, and you find out months later someone else ran with it and is rolling in the dough.

The Business Success Formula works, but only if you work it.

Take this formula, tailor it to your business, act on it, and watch your profits soar.

Categories: Marketing, Mindset |

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