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The secrets of a successful business
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MINORITY owned businesses in the UK are on the rise with recent statistics showing women playing a significant role in the business community. In my local area (London Borough of Greenwich), you cannot help but notice a steady increase in the number of ethnic businesses springing up on the high street, and this trend is expected to continue into the future.
But whilst this trend is a step in the right direction new businesses, and to a large extent existing ones, will need to be sensitive to the challenges of building a successful business. Business support services can play a significant role in the nurturing and development stages of businesses. Equally important are opportunities for sharing best practices. This article reveals what well known and respected business veterans say about the sources of their success.
Successful businesses take their customers' perception about their products and services very seriously. They generally focus on quality, innovation and profitability. Under promising and over delivering is a guided principle that underpins their ethos. In addition they understand that their business is as good as the people who work for them. Consequently, cultivating a culture that values, respects and develops staff is a common strategy employed by successful businesses to gain the support and commitment of their staff.
As a result, they are able to stem the cancer of high staff turnover that is prevalent in unsuccessful businesses. It is a wellestablished fact that people will make or break a business and successful businesses understand this philosophy all too well.
Successful businesses have retention strategies, which could take on various forms. One such strategy includes involving their staff in decision making through focus groups aimed at innovating, creating new products and encouraging a strong listening culture right across the organisation.
In the final analysis, one cannot underplay the importance of strong leadership, competent managers and staff, integrity and honesty in the formula for business success.
For advice and support on this subject, contact sheila@businessservicessupport.com
Sheila Elliott is the managing director of Business Services Support Limited.
http://www.businessservicessupport.com/
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