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Five Important Elements of a Successful Business
To succeed in business you must get to the essence of what makes a company successful. The success or failure of a business can be boiled down to five factors; a product or service of value, a need to be filled, a competitive price, a satisfied customer and finally; your bottom line.
Providing value to a customer base is often one of the most ignored factors, particularly among small business owners and entrepreneurs. It is essential to have a service, product or skill that has value in the market place. Without it, no one is going to purchase what you are selling.
Related to value is need. People must need what you are proposing to sell. A company can fabricate the most amazing product but if there is no need in the market place then no one is going to buy it.
Competitive pricing keeps the company honest. You must be able to cover your operating expenses, manufacturing costs and all overhead while still making a profit. This sounds easy enough, but if the price that you are charging is higher than the market average or higher than what your nearest competitor is selling it for, you are sunk.
Finally, when you deliver on the quality of what you are