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Congratulations! You have taken the first step to increased business success.
By analyzing and comparing your current business against the reasons for
business success and business failure, you will gain key insights necessary to
improve your sales and profitability.
You’ve heard it said that, “What you don’t know can’t hurt you.”
Well, in business, the opposite is true: “What you don’t know can cause you to
fail.”
To get the most out of this analysis, follow these steps:
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Read each reason for business success or failure and give yourself a grade of
1-10 (with 1 being the worst and 10 being the best) in each area.
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Collect your answers on the chart at the end to give yourself a snapshot of
your business today.
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Identify your strongest and weakest areas:
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You should be above a “7” on the reasons for business success.
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You should be below a “3” on the reasons for business failure.
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Complete the exercises at the end and answer the seven questions.
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Make a commitment to take at least one action immediately.
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If this exercise is helpful to you, click
here
to enroll in “Increase Your Profits!” or “Start Your Own Business!” to learn
the essential skills you need to achieve business success.
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Take one lesson (or more) each week and complete the simple assignments
attached.
You will be on your way to financial independence.
The Ten Keys To Business Success
Give yourself a grade of 1-10 in each area.
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Your product or service is well suited to the needs of the current market.
a. You are selling, delivering and getting paid for your product or service.
b. You are earning a comfortable profit on sales.
c. Your customers are happy.
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You have developed a complete business plan before you commenced
operations.
a. You have analyzed your business and your market and you have a complete plan
for sales, marketing and business operations.
b. You have planned out every detail of your business and you work your plan
each day.
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You have done a complete market analysis of your product and its most
attractive features.
a. You have determined your competitive advantage in your market and are
prepared to exploit it.
b. You have a complete advertising, marketing and promotion plan for your
product/service.
c. You have a complete sales methodology and process to achieve the sales
targets you have set.
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You have created a system for bookkeeping, accounting and complete financial
control.
a. You have a budget for each business activity.
b. You continually measure your results against your projections.
c. You move quickly whenever there is a variance from your projections.
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There is a high degree of competence, capability and integrity on the part of
the key people.
a. You have clear job and responsibility descriptions for each function.
b. You have carefully selected and placed competent people in each important
job.
c. There is no one in your business who you would not hire back again today if
you had it to do over.
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You are well organized, manage your time well, and have measures of
performance for each key job.
a. You always work on your most important tasks.
b. Everyone knows exactly what results are expected of them, and how they will
be measured and rewarded.
c. You regularly review key result areas and standards of performance for each
person, including yourself.
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You are clear, determined and persistent in your desire to succeed and
profit.
a. You have clear goals for yourself and your business in every area.
b. You focus on solutions rather than problems.
c. As far as you are concerned, “Failure is not an option!”
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You communicate clearly and effectively with all the key people in your
business.
a. Everyone knows your business goals and how they fit in to accomplishing
them.
b. You have regular information-sharing meetings with your staff; there are no
secrets.
c. You keep your bankers and your partners regularly informed about development
in the business.
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There is strong momentum in sales and a continual emphasis on
profitable marketing.
a. You follow a written marketing plan that generates a steady stream of
qualified leads.
b. You have specific sales targets that you are committed to hitting – daily,
weekly, monthly.
c. You have a successful sales process that turns prospects into customers most
of the time.
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Everyone in your company thinks continually about acquiring, satisfying and
keeping customers. There is a continual focus on customer acquisition.
a. The purpose of a business is to create and keep a customer; all profits come
from that.
b. Customer satisfaction is the only measure of business success in the long
term.
c. If you are succeeding in this area, your customers are so happy with you
that they recommend you to their friends.
Grade:
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