The seven virtues that spell business success
A focus on customers, setting targets, and delegating are just some of the virtues common amongst successful entrepreneurs
We’ve all heard of the seven deadly sins of sloth, gluttony, lust, avarice, envy, wrath and pride and none of these are going to get you very far in business.
If, on the other hand, you start practicing some of these seven virtues then the outcome could be far more profitable for you and your business…
1. Customer focus
It may be an old cliché that the customer is king, but it’s true all the same. Keep your customers happy and they’ll stick with you and probably also start recommending your business to others.
The secret to this is learning what your customers want and making sure that you’re in a position to provide it. To do so, you may want to look at how some successful businesses put customers first. For example, Guts Online Casino – an online slots UK operator – discovered that what customers want most are quick payouts, responsive customer support and a wide choice of payment methods; so that’s what they focused on.
2. Target setting
It can be easy to drift along accepting the status quo, but every truly successful company needs to set itself goals to achieve along the way. Setting goals not only give targets to measure achievements against, they also encourage you to take limited risks in order to reach them.
It’s also true that the more you are willing to push yourself to achieve targets, the more you have to gain.
The best idea is to have both long and short-term goals, as those that you can achieve relatively quickly can encourage you to persist with the bigger challenges.
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3. Adventurous marketing
It can be tempting to stick with the marketing approaches that are tried and tested for your business, but you could be missing a trick. That’s why it really could pay to look for other avenues to explore which could well have the power to transform your business.
There’s no need to commit huge amounts of time or money to it: Just running limited trials could be all you need to do in order to discover what works and, equally importantly, what doesn’t.
4. Continuous development
No matter how much you’re achieving and how much business success you’re enjoying, there is always room for improvement. Grasp every opportunity you can to develop your skills and enhance what you can offer your customers.
There are ample opportunities for online training at a pace that you can set yourself as well as more traditional lecture-style training – and there’s certainly no shortage of self-help books for small businesses that want to grow bigger.
There’s a very understandable inclination to stay in control of everything yourself, especially when you’ve grown a business up from nothing. But being 100% involved with every aspect of it can be counterproductive.
Knowing when to hand over the reins to someone else, as well as knowing the areas in which this will be most effective, is a key management skill and one which allows you to focus on the truly important elements of the business instead.
Of course, there are some tasks that you can’t really hand over to others to complete but which are quite dull and routine all the same. When this is the case it’s important that you develop systems and procedures that allow you to complete them as quickly and efficiently as possible so you can concentrate on the really important business at hand.
Technology is always on the move, so it’s essential that you keep your finger on the pulse to see what is on the horizon that could have a major impact. For example, is virtual reality (VR) going to transform your business or will artificial intelligence (AI) be the next big thing in your sector? The sooner you know about these sorts of issues, the earlier you’ll be able to take advantage of them.
Of course, there are many more virtues than just these seven that will help to determine the future success of your business – it’s worth noting the sins that you must avoid too; but if you take a careful and thoughtful approach you should soon see the results, and before long you really will be polishing up that halo of success