TES 026 - 8 Traits to Increase Your Business Success

In this episode #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham reveals the 8 traits of successful businesses.

These traits increase the chances of growth and success immensely.

The 8 traits of Successful Businesses

1. Strategic Plan: You must have a formalized plan to build a business, access and connect with your market. When you have thought about its strategic execution, you have already developed ways to find alternatives and take on challenges. Analyze and exercise based on this strategic plan.
2. Market-driven refinements to increase value of your existing products and services: Have a mechanism to listen to your market and know what they are telling you. Continually adjust things to increase the value exchange with customers ultimately raising the price and profits.
3. Committed vs. interested: Be committed to the outcomes and do everything that is necessary to make them a reality. Put the time and effort required to move forward. Challenges will come and in order to get through it, we need to be committed.
4. Clarity of Market and identity: Have clarity on your ideal and specific customer. You can't just sell to everyone. Also, have clarity on what your business is about. Resources will be used properly when you know what you stand for.
5. Constantly looking at the scoreboard: Measure the prime indicators of your business continuously. Analyze it and see whether it is taking you towards the right direction or not. It allows you to make proactive strategic decisions and shift courses as required.
6. Mentors in Place: When people surround themselves with others who are able to elevate them while avoiding the potholes, they're going in the right directors. Mentors and business coaches are those that can accelerate your success and you can lean on them for support.
7. Aligned team and don't control everything: Strategy is important but it's secondary to culture. Develop a culture that aligns teams with proper values. Grant teams their freedom to learn from mistakes and build on it. Give them the openness to come to you with solutions.
8. Rise above the daily details: Entrepreneurs should be able to look ahead and have the bigger vision for their business. They should get down to the details to make the vision come true; continually looking out for the next action to make everything better, efficient and convenient.

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