How to Build a Successful Business: Seven Helpful Rules

How to Build a Successful Business: Seven Helpful Rules

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What does it take for one to build a wildly successful business? How do you build a company that hires 10,000 employees in several countries around the world? Well, when one thinks of successful businesses, one usually thinks of companies like Microsoft, Apple, Google, or Amazon. However, impressive as these companies are, none of them started life as the multinational corporations they are today. Rather, they started small, kept innovating, and grew into the titans they are today over time. That being said, the question of how to build a successful business is one that needs to be answered. We know for a fact that companies like Google and Microsoft existed at one time but are now defunct. So how did these guys do it? In our post today, we intend to tackle this question and proffer seven helpful rules for building a successful company. We hope you find these tips useful as you set out to build a successful business of your own.

Without a doubt, a lot can be said about building something of your own from the ground up. As humans, we all have that God-given drive to create something that can one day become bigger than ourselves. An excellent example of this is a parent at their child’s College graduation or wedding. No one is perhaps prouder during such moments than a parent. In the same vein, every business owner also has that sense of pride and responsibility about their business. For example, like a parent, they remember the sleepless nights they had to go through when the company started. Or the seemingly endless sacrifices they had to make to guarantee the business’s growth. Like parenthood, building a successful business is quite a task.

Before we proceed to the main subject of today’s post, here are some related posts you might find helpful:

  1. Five Keys to Success in Business
  2. Seven Rules of Success for Everyday Life
  3. Twenty-one Heartwarming Quotes about Fatherhood for Father’s Day
  4. How to Succeed in Life: Ten things to give up
  5. Fifteen Motivational Zig Ziglar Quotes on Success
  6. Top Five Reasons Why Small Businesses Fail
  7. Five Effective Marketing Strategies to grow your Business

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With that said, lets get right to it with the following helpful rules for building a successful business.

How to Build a Successful Business

Starting and running a successful business is a multi-layered, complex task. For example, you have to handle human resources, taxes, insurance, marketing, finances, customer service, and several other issues.

While this list is in no way exhaustive, we believe it can help anyone build and grow a successful company.

  1. Build your Brand: Perhaps considered to be the first rule of business success, to build a successful business, you must build your brand. As opposed to what many believe, branding goes beyond developing an excellent business logo. Brand design is all about perception management. How do potential customers and clients see your business? What value do they know you can add to their lives? Building a brand means building trust with your clients and being recognized for your unique products or services.
  2. Increase your Knowledge: Knowledge, as they say, is power. In order to build a thriving business, one must increase one’s knowledge. And while this certainly applies to personal development, it also applies to human resources available to your company. Time, effort, and money must be spent building your corporate knowledge base to tackle complex problems. Such collective knowledge also helps one better recognize opportunities, periods of transition and times to innovate.
  3. Leverage Opportunities Tactically: As a business owner, there will be several opportunities that can be leveraged to build success. However, it’s also important to know which opportunities should be taken and those that should be avoided. In his book Good to Great, James C. Collins astutely points out that most businesses die of indigestion than starvation. In other words, most businesses get into trouble for biting off more than they can chew than from anything else. Learn to recognize opportunities but also learn to discern which ones should be pursued.
  4. Be Tenacious: To be tenacious means believing you can achieve your goals, especially when the odds are stacked up against you. Unlike many may lead you to believe, the life of a business owner is not always rosy. Rather, it is burdened with obstacles and challenges. The only way to survive and thrive in such a life is through dogged tenacity and determination.
  5. Pay Special Attention to Marketing: The success of any business depends on its ability to effectively market its products and services to the right people. Marketing, when done right, can increase business recognition by potential customers, thus increasing the chances for future purchases. In a nutshell, marketing leads to sales, which is the lifeblood of any successful business.
  6. Build a Strong Team: Another helpful rule for building a successful business is to build a strong team for your business. This is because company employees are direct representatives of any business. For example, the care and attention or carelessness of employees can neither bring in more customers or drive them away. Every truly successful company always has a strong team working together harmoniously behind the scenes.
  7. Use Customer Feedback to change and Improve: Companies that pay close attention to customer feedback such as complaints and suggestions tend to become successful. This is because by addressing customer pain points, they make it easier for customers to use their products or services. Without a doubt, customer feedback is the ideal platform for innovation and new product ideas.

Do you run a successful business you started from the ground up? How did you do it? What challenges did you face along the way and how did you fix them? Leave us a comment with your feedback below. As always, we would love to hear from you.

Today’s Funny Quote

Only the mediocre are always at their best. Jean Giraudoux

Our funny quote for today is a debatable quote by Jean Giraudoux, the French Novelist and Diplomat. He said:

Only the mediocre are always at their best.

Do you agree that only the mediocre are always at their best? Let us know what you think by leaving a comment in our comment section below.

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Have a great week ahead and we will see you again later in the week with more inspiring posts.

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