Pillars hold something up giving it a strong foundation. Just like a chair held in place by its legs, a business needs pillars to hold it up. These pillars are found in the business ecosystem and are wide in variety. The best minds in the business have given their insight on pillars that have held up their successful businesses.
The founder of GST, Glenn Bolton made his discovery on certain factors that will either grow the volume of your business or plummet its destruction. There are more than 30 pillars of business but have been ramped up to 8. These 8 are major key and if you make sure to incorporate each into your business structure, your profit margins will grow tenfold.
Pillars of a Successful Business
The following are the main pillars for your business success;
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Trends
Trends will allow your business to cast a new level of business. Companies like Apple, Facebook, Reuters and Amazon among many others have implored trends. When you implore trends, it will keep your business ahead because you will find a way to grow through its adjacencies.
Some of the top 10 trends that you have to heed to make your business successful are; new ways to scale business, new type of business ecosystem, a different type of leader and leadership values, rise of the global middle class, global division of labor, the universal connector, cloud infrastructure and many more.
Knowing these trends will help you learn how to conduct your business anonymously on a huge scale. They serve as a source of innovation because trends will deepen your understanding of the business pyramid. This is how Unilever has penetrated the Indian market.
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Products
In conjunction with products that your business is engrossed in, these 9 factors should define your product line. On-demand, access how big the market is big for your products and services. Popularity will help you know if your products and services are a requirement or fashionable. Also, ask yourself whether your products provide value for money to its end user.
Basing on the services that your products provide, ask yourself whether those services are what people truly need. If it is yes, then your customers should readily pay full retail for the value of your products. Services and value reflect products uniqueness because they show exclusivity of your products.
Assess the longevity of your products in the market. If your products last long in the market, you will know the future of your business. Place your basis on whether there are more products ‘in the pipeline’ and your current competition.
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Company
Just like products, this third pillar of a successful business lets you upscale your business success by asking yourself certain company related questions. It starts with your management, knows the track record of your co-founder team that is running your company.
For a successful business, your company has to tread on legal lines. If it treads legally, what about the ownership? Is it listed on the stock market publicly or it is a private company? Check on globalization aspects because knowing if to market worldwide or only locally will what reserves to adjust such as an internet presence.
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Income
A successful business does not base alone on its profit margins. Its rate of return on your initial investment has to be promising for your compensation. Also, what leverage you hold will work out the success of your business. In turn, the rewards that you get have to be fair for the levels of commitment shown.
Speaking of investment, your return on investment matters. How soon you can return your initial investment will determine your level of commitment to how much money is required from you. Income revolves greatly around supplementary cash you can make in your spare time. How long it takes before you replace your current income will be based on income limitations.
It, however, relies on your payment schedule because knowing that will give you a fuller picture of whether your income is unlimited or potential limited.
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People
For you to make great strides in business you need to count on your co-founder team. The sort of people you surround yourself have to be smarter than you. Take it from Russell Simmons, the Def Jam Recordings founder whose take on people to surround yourself should be those smarter than you.
Accomplishing feats is a prerequisite for a team that is inspired to instill greater good in the company. Inspire teamwork by putting in place graded recognitions and foster an environment that kills a one-man show.
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Support
Training will host your business. You have to ensure that forums have been put in place to offer support. For meetings, you can strategize whether to go for online options or physically attend the meetings. Instill creativity which will give your support team effective tools in developing market materials and acquiring a domain name or creating a website.
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Stewardship
Businesses that are shortsighted in stewardship lack in outliving a company’s societal duty of giving back to the community. You, therefore, have to consider environmental impacts by assessing your ecological outlook. Charity and equality, therefore, have to count.
Be resourceful by having a policy of equality and participate in charity events as a way of giving back.
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Process
Take it from analysts and Dr. Edwards W. Deming’s take on how systems and processes will corrupt your business if you will not be vigil. He says that 85% of reasons that account for failure in meeting customer expectations are based on system and processes deficiencies.
You, therefore, should not take it lightly because systems and process can jeopardize your business. Have a complete understanding of your company’s systems and processes, make I part of you.
These pillars are the most elaborate pillars of a successful business. There also is profit but it is generally represented in the pillars. If you trends are overly your priority just like Unilever, your business will work its adjacencies through all sorts of markets. These pillars will radically move your business into markets you did not know you could dominate.