Getting the Fundamentals Correct

Get The Fundamentals Right

Get The Fundamentals Right

By: Kevin Sinclair

To succeed in business on the Internet, or in the off-line world, requires an understanding of the fundamentals of business and using them to your advantage. In this article, I will outline what I consider the fundamentals of business success are.

Believe in Your Product or Service
First, you need to believe in your product or service. If you don’t believe in it, you will have a great deal of difficulty selling your product or service to other people. You also need to have confidence in your ability to provide and promote your product or service. An old saying sums this up best by stating: “All things are possible to he who believes”.

Aptitude for the Business
Secondly, you need to have an aptitude for the business. You will also need the motivation to acquire at the very least basic skills and experience before you start your business. If you were to set yourself up as a web designer but did not have any skills or training in this area, then you will almost certainly fail. However, if you are employed as a bookkeeper and you enjoy the job, then setting up your own bookkeeping service would be a sensible choice with a greater chance of success.

Be Responsible
Thirdly, you need to be responsible to your customers. This is achieved by only making commitments you can keep and by not engaging in misleading or dishonest advertising. If you want to build long-term success in your business, then you need to develop long-term satisfied customers. When their needs are being satisfied, customers are at their happiest.

Aim for High Quality
The next principle is that you need to have a high quality product or service. This will be your best advertisement. Inferior quality products usually generate poor customer satisfaction. A dissatisfied customer can be very dangerous for your business. Usually they tell on average about fourteen other people who will then be disinclined to buy your product or service based on the experience of that one dissatisfied person. Therefore, always aim for a top quality product or service.

Make a Profit
However, it is not enough to have a top quality product or service. You also need to have a product or service that will generate enough income to cover all your business expenses and give you a satisfactory wage. A friend of mine once said that business is only about two things: satisfying customers and making a profit. A simple statement but very true.

Sufficient Start-up Capital
You also need to have access to enough cash to set up and run your business, and enough income to meet your private expenses during the start-up phase. A major problem with many home and small businesses is that they fail to have enough money available to ensure their success. There is nothing more discouraging than having a great idea, getting it started on a shoestring, not being able to expand due to cash shortages and seeing a competitor come along and steal your market.

Start Small
Another fundamental principle of home business success is that you start small. This will enable you to minimize your overheads until you are confident of your success in the marketplace. For many of you, this would mean starting part-time while retaining your full-time income source. When you can, expand your business into a full-time venture. This is a great way of minimizing the risk of failure.

Be Well Organized
Successful businesses are well organized. They have a system for keeping track of expenditure and earnings. This level of organization in your business will help to ensure that you are providing your customers or clients with a top quality product or service. It will also ensure that you have enough information available to maximize your profitability and to satisfy your legal requirements for record keeping.

Be Prepared
Preparation is another key ingredient in your business success. This preparation will include being aware of the regulations and laws affecting small and home business. Armed with this knowledge, you should not have any nasty surprises from unintentional violations of the law.

Have a Business Plan
Finally, successful businesses have developed a comprehensive business plan. This is their road map to success. It tells them where they are going and how they are going to get there. There are a number of good resources about business planning on the Internet. Here are some:
http://www.bplans.com
http://www.businesstown.com/planning/creating.asp
http://www.bizplanit.com/vplan.htm

Conclusion
It has been said that genius is one percent inspiration and ninety-nine percent perspiration. The same can be said about business success. Without having the fundamentals in place, a great business idea will usually fail. Set yourself up for success by considering each of the points raised in this article.

Author Bio
Article by Kevin Sinclair, CPA, of Personal & Business Success Resources. Visit his website at www.business.ksinclair.com.

Article Source: http://www.ArticleGeek.com – Free Website Content

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About Granger Whitelaw

Granger Whitelaw founded the Rocket Racing League along with partner, Peter Diamandis in 2005. See more information at http://www.grangerwhitelaw.com/blog and http://grangerwhitelaw.brandyourself.com View all posts by Granger Whitelaw

10 responses to “Getting the Fundamentals Correct

  • Stephanie Shirley

    You’re very right that getting the fundamentals right are key to building a business that is a success and is sustainable in the long run. Too often people rush into starting their own business and overlook some of these critical points.

  • rossi

    Learning fundamentals and basic of any thing is really important because that is your foundation in understand the main topic and that is your weapon in every that you take on that topic. You may tilted by many challenges but if you understand the basic and its fundamentals you will surely solve the problem eventually. I think this article shows an inspiration towards its viewers by making its viewers learned some new stuff and new educational tools in making business a more interesting and more progressive thing.

  • Chris

    You have many tips and ways on fundamentals but I will take this one in a much focus than other tips and ways because I think fundamentals and basics should always be start at small and because you are slowly progressing on each time you use it or think of it. Anyway such a great blog and very informative one, thanks for sharing and I enjoyed reading the whole article, great job.

  • Dianna

    I will take is as inspiration “It has been said that genius is one percent inspiration and ninety-nine percent perspiration”, Fundamentals are always important and it is sad that it you learn fundamentals and basics you will not forgot it and also it will take more than a lifetime. Fundamentals and Basics are just simple yet very important in many things.

  • Cyrus July

    Truly remarkable “Without having the fundamentals in place, a great business idea will usually fail. Set yourself up for success by considering each of the points raised in this article” I will sure remember the points given on this article and I wonder how good you are , I mean you have so many things and knowledge and information that you have shared here on your article.

  • Tency

    Your fundamentals here are such well written and I believe that it can be use in my future endeavor in business. Being responsible is one of the outstanding job that you can do towards your costumers and you have to really talk to them and treat them the way you want to be treated with others and even more. You must meet their satisfaction and always lower your pride.I know it is hard lowering your pride but it is necessary and trust me you will get more than you deserve if you will lower your pride. Our pride really makes us good if we handle it carefully and with all of our heart.

  • Melody

    Very well said and simply said “. A friend of mine once said that business is only about two things: satisfying customers and making a profit.”, it is truly two things and you know some people the profit is only what matters to them and without knowing that before having a good profit you must first make your costumers satisfied in your products and service. Anyway thanks for informing us this.

  • George

    Thanks to your blog. Before starting a business, one must know the fundamental aspects of a business, to make their business bloom. As what I have learned in your article, a marketer must think not just the benefits of having a business but on how to make your consumer satisfied in your products and service. I have a learned a lot of things about this. Thanks again!

  • Jet Row

    It is good that you have wrote an educational article and inspiring article in all about business. Indeed! Fundamentals are important in business since that is where you get principles that you will use in your future endeavors in your business and also that is where you can get theories that might be helpful in your future journey in business. I am not a major in business but I am a college student right now and I also believe to some of your advices to us and it has a great logic and sense and there is no doubt that I will follow it.

  • Jane

    It needs to be a trusted and engaged business unit partner. And remember, running a successful organization is not just about technology; it is primarily about your people. Therefore, I would stress that leadership and statesmanship need to be at the center of everything we do.

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