Skip to content There are many businesses operating in the world today but not all of them are thriving. There are numerous businesses that have not failed per se but evidently they are struggling.
Businesses thrive when they are generating sales, consistent revenue and profit growth and are being managed effectively.
As entrepreneurs, it is important to understand that for those businesses that are doing well, there are things they are doing right and we can learn from them. I list four of those practices below.
1. They sell an experience, not just a product
Customers want more than a product even if they don’t express it. Successful businesses understand this, they therefore go beyond simply selling a service or product to offer immersive and memorable experiences for their customers.
They intentionally connect with customers on an emotional level and work on building lasting relationships with them. They leave customers with wonderful memories that make them want to come back again and again.
For examples successful restaurants don’t just sell food. The cozy and comfortable atmosphere, the layout and artistic decorations, the aroma of the tantalizing food and excellent customer experience are part of what they sell to costumers. This experience in turn causes customers to patronize them repeatedly.
2. They stay ahead of competitors with new products
Successful businesses understand market dynamics. They know that customer needs and market forces are constantly changing, they therefore respond by creating or offering new products.
Struggling businesses on the other hand are usually paralyzed by the fear of failure. As a result they are not willing to try anything new. They are afraid of venturing into new product and market terrains forgetting that flops are part of business life.
Struggling businesses often forget that the line that separates a breakthrough product and a failed product is thin. They forget that just one successful venture can pay off and compensate for the failure of many failed ventures.
3. They prioritize quality over immediate profit
Businesses are set up primarily to make profits, yes that’s true. However successful businesses understand that there are things that drive profit making, a key element being quality. As a result, these businesses ensure they are always leaving quality imprints in all their operations.
When successful businesses produce or sell products, they are not just producing products but quality products.
They don’t just offer services but quality services. They operate in a culture where the essence is quality.
By placing a greater emphasis on quality over immediate profit, that very value-driven practice helps to boost their reputation, increase their brand value and meet the industry standards and regulatory requirements.
As a consequence they are able to attract a constant stream of customers while also ensuring there are no avoidable disruptions to their operations.
4. They are constantly evolving
Many businesses start off with successful products and services but along the they fail to sustain their success. An important reason for this is because they are not evolving.
They are not evolving because they don’t see the need to. It is often the case that having a successful product gives them a false sense of security and before they know it, they begin to fall behind and lose market.
By contrast, successful businesses are constantly evolving – reevaluating and redesigning their mission, product offerings, business models and structure in order to remain relevant and competitive for years and decades to come.
My name is Ayo Adebamowo. Author, Speaker and Techpreneur. I’m here to walk your success journey with you. Subscribe to my newsletter for regular nuggets or check out other empowering articles on my blog to help in that journey. My latest book is Accelerate, a primer on personal and professional development.
Written by : Ayo Adebamowo
About the Facilitator – Ayo Adebamowo Ayo Adebamowo is an Author, Speaker and Tech Entrepreneur. He is the founder of MyMedicalBank, a health technology company promoting digital access to healthcare through creating innovative digital solutions.
A Nigerian-British national, Ayo has been named as one of the 70 Most Outstanding Healthcare Professionals in the United Kingdom.
Having started and run various businesses himself in healthcare, technology, agriculture and publishing, Ayo very much understands from a practical point of view the pains, struggles and mistakes aspiring and established business owners often make that delay their success. He therefore brings his wealth of experience coupled with years of experience and research to help other entrepreneurs succeed in their journey.
