NFIB

Characteristics of a Successful Business
04/ 05/ 2004

by Vicki Gerson

Businesses in any industry know that in order to succeed it's important to develop certain characteristics, such as like excellent customer service, a memorable slogan and affordable prices. To improve your business, take a look at the following characteristics:

1. The right image: If you have a cost-savings image, but actually market to affluent customers, you need to change and expand your image. Make sure your business cards and envelopes reflect quality and design marketing materials that reflect the image you are trying to present.

Invest in a distinctive, eye-catching logo design that customers will start to associate with your name.

2. The slogan: Look around at other companies' slogans: The best are mini vision statements. Carefully crafted, they can convey the standards and mission of the company. Remember, though, not to overdo it: An effective slogan must be brief.

3. A well-developed marketing plan: A well-defined marketing plan targets customers, listens to them and spells out your company's objectives. It also creates a strategy for producing customer growth.

In order to develop this plan, do a survey or poll to determine your company's position in the marketplace. You also need to define the features and benefits of your business in detail.

4. Updated technology: Evaluating your current technology doesn't mean you have to have the latest version of equipment. However, it pays to have software updates, and if your computers are a few years old and slow, it's time to change.

Don't overlook upgrading your telephone system because the telephone is the lifeline to your customers. If phones ring too long or customers are put on hold too long, add more phone lines.

5. Pricing: It is a good idea to evaluate your pricing yearly to see if you can increase your bottom-line profit. For example, if you have a heating and cooling business, check out the competition and see what they are charging for a 15-point air conditioning checkup. Evaluate your own costs -- such as gasoline for your cars or trucks -- and see if the cost increased in 2003 from 2002. If so, that may mean a price increase is due this year.

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