Four Pillars of a Successful Business

Posted by Chuck Kocher
On August 9, 2011

There are four core areas that any business needs to diligently work on in order to have a strong foundation and build toward success. Without these four key elements, your business won’t survive—much less prosper.

1. Good planning. Successful businesses are built on careful planning. This isn’t just a “once-a-year-review-of-the-business-plan” kind of activity. Depending on the nature of your business this needs to happen quarterly—or even monthly.

2. Control your time. Businesses need to make sure they are making good use of their time. What we’re really talking about is self-management and self-discipline. Is your time being spent on the most important issues? Companies that control their time are more productive—and profitable.

3. Focus on the financials. Too many small-to-medium-sized businesses don’t have a good grasp on their financials. They just look at the amount of money they have in the bank rather than taking the time to understand their core finances and how they affect the business. Don’t ignore your financial house. If you need help, get a good CPA or accountant—it can make the difference between success and failure.

4. Consistent delivery of service. In order to succeed, you need to deliver your products and services on a consistent level—day in and day out. This is increasingly important today when your competition is only a click away on the Internet. If people don’t get consistently good service from you, they’ll turn to your competitor before you can say, “Google.”

What condition are your “pillars” in? Are they providing the kind of foundation you can build a great company on?

What else do you consider foundational for success in your business?