Business Requirements

And one final point? Remember that Murphy\’s Law was developed by an entrepreneur.

It says whatever can go wrong will go wrong, and the first corollary of Murphy\’s Law is all the things that can go wrong. The worst possible thing will go wrong at the worst possible time and cost the very most money. Once you\’ve designed and printed your business plan, show it to as many experienced people as possible and invite their feedback. Be prepared to revise your business plan when you get new information. Once it\’s complete, your business plan becomes the blueprint for building your business, just as you develop a final blueprint for constructing your house. You then use your business plan to steer your business through the turbulent seas ahead. Do everything possible to ensure business success. There are certain requirements based on the study of tens of thousands of successful businesses that you can fulfill to ensure that your business is successful.

  • The first requirement is that your product or service is well suited to the wants and needs of the current market. This is perhaps the most important success principle of all.
  • The second is that you develop a complete business plan before you start operations. You take the time to think things through before investing your money.
  • The third requirement is that you do a complete market analysis before starting your advertising and sales promotion activities.
  • Fourth, you implement tight financial controls, good budgeting practices, and accurate bookkeeping and accounting, and you practice frugality in every business activity. Run a tight ship, squeeze every dollar cash the life of the business as oxygen is to the brain; guard it carefully.
  • The fifth requirement for business success is that the key people have a high degree of competence, capability, and integrity. In addition, there should be good internal efficiency, good time management, and clear job descriptions. All team members should know what they\’re expected to do and when they are expected to do it.
  • Finally, the most important requirement for business success is strong momentum in the sales department and a total focus on marketing the product or service. Concern for the customer must be a top priority at all times.