“The Business Success Book” is a new publication by business success expert E. W “Buck” Lawrimore that explains “secrets of management, marketing and other key success factors to boost your business” in detail. It’s available on Amazon at this link.
Many people are drawn to Lciweb.com because this is where the 5 Key Success Factors of Business were first revealed in outline form a few years ago. The 5 key success factors were originally developed by Buck Lawrimore during his four decades of work as a success consultant to hundreds of business, nonprofit and individual clients. He studied a large number of successful businesses, large and small, including his own clients, to determine what are the key success factors that determine the difference between success and failure. His goal was to help his clients – and you – enjoy greater business success.
Beginning with a list of over 120 individual success factors, he clustered them into the 5 Key Success Factors of Business: Strategy, people, marketing, finance and operations. An original brief outline of those success factors is available on the Business Success Scorecard available as a free download on this website here.
Now after further study, Lawrimore has revised the 5 Key Success Factors into 50 action principles as outlined below. However, this outline will not adequately help you understand what you need to do to achieve each key success factor and principle. For all the valulable how-to details, to help you boost your business success as never before, get your copy of “The Business Success Book” at amazon here. All formats including inexpensive ebook (Kindle) are available.
Key Success Factor No. 1: Strategy
- Leaders and managers are hard-working and capable.
- Focus on what you do best, a sustainable competitive advantage.
- Build your business on what customers value most, driven by objective research.
- Define and share your authentic core values.
- Clarify your purpose with an inspiring, tangible vision and mission.
- Support your mission with achievable stretch goals.
- Back each goal with a clear action plan.
- Measure progress toward goals with a system guiding daily actions.
- Communicate all strategic objectives and plans frequently and update them regularly.
- Align all success factors in a realistic Strategic Management System.
Key Success Factor No. 2: People
- Hire carefully based on talent and personal strengths.
- Organize your people with a structure that is clear yet adaptable to change.
- Give your people opportunities to develop their valuable skills and knowledge.
- Be sure your people understand overall company strategy and what is expected of them.
- Reward your people for desirable performance, individually and as a team.
- Regularly survey your people about satisfaction and improvement ideas.
- Give your people autonomy to make decisions aligned with strategic goals.
- Motivate your people by focusing on their strengths and giving positive feedback.
- Keep everyone informed of new developments with frequent communications.
- Encourage people to cooperate with each other to achieve customer satisfaction.
- Make sure people are open to change when new challenges or strategies require it.
- Give all people real input into decisions or changes which affect them.
Key Success Factor No. 3: Marketing
- Define your target markets in which you can sustain a competitive advantage.
- Continuously monitor customer needs, values and satisfaction.
- Build a unique brand positioning on a sustainable competitive advantage.
- Attract new customers with targeted communications in multiple media.
- Develop customer relationships with strategic selling, database tracking systems, and caring.
- Manage customer expectations and perceptions to ensure satisfaction.
- Keep customers informed in language they understand.
- Encourage customer feedback and communicate it internally to all concerned.
- Ensure customer enthusiasm with a proprietary interaction process.
- Monitor competitor moves and market trends to be proactively prepared.
Key Success Factor No. 4: Operations
- Align and fine-tune operations to deliver superior customer value.
- Document, measure and control operations with full employee input.
- Explain operations so that people understand their responsibilities for creating value.
- Encourage innovation and collaboration throughout the organization.
- Change or correct operations when something goes wrong so it won’t repeat.
- Continuously improve operations with enthusiastic participation.
- Strengthen operations with effective computer information systems and programs
- Manage operations to produce the customer-valued balance of quality, price, service and speed.
Key Success Factor No. 5: Finances
- Plan for the capital and cash flow you need to be successful.
- Maintain competitive pricing to ensure customer value.
- Use sophisticated financial controls to monitor cash flow and ensure profits.
- Take time to understand and track key financial data regularly.
- Use modular and flexible pricing so customers have choices.
- Be sure each employee understands how his or her performance impacts profits.
- Align financial rewards with results – not just longevity.
- Retain sufficient earnings to balance out economic cycles.
- Provide adequate facilities and equipment for the work to be done.
Chapter 6: Putting It All Together In A Total Business Success System
- Your organization functions as a total system.
- For optimum success, it is essential to have all 5 success factors congruent.
- Remember to have all the key factors covered.
- Consider the value of cross-functional teams.
- The Simple D Decision-making Model – how to make better business decisions
- Starting Your Own Business
- Christian Business Success
- An extensive bibliography of more than 200 business and personal success books included at the end
Get your copy of the powerful new “Business Success Book” at this link now.