Business success formula



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In today’s article we will unveil several techniques that we have personally tested in countless businesses and that in all cases have helped them achieve success 🚀 in record time.  Business Success Don’t miss this interesting article!

In other articles we talked about business process automation, and ANIA, our Business Assistant with Artificial Intelligence. We will now turn to defining the simplified Success formula for business and provide 6 TIPs for achieving Success.

First, and for this article to make sense, we should clarify what SUCCESS is. According to the RAE, the meaning of success is:

  • 1. m. Happy result of a business, performance, etc.
  • 2. m.Good acceptance that someone or something has.
  • 3. m. (little used). End or completion of a business or matter.

Of course, the definition we are interested in is the first one, none of us even want to think about the third one.

But is there a secret formula for success? Unfortunately, the answer is a resounding NO, since many factors such as the product/service we offer, the supply, demand and quality of the same, the sector and the area in which we move influence……..

 

What can help me boost my business?

However, all companies, whatever their sector, location and size, have 4 elements in common that we can impact to boost our business. These four elements are:

  • The number of customers.
  • The average ticket (average turnover per user)
  • The customer satisfaction ratio (where 1 would be perfection)
  • The structural costs

From this reflection we could extract the following:

“Simplified formula for success”

SUCCESS = (number of customers X average ticket) X (satisfaction ratio) : Cost Structure (fixed costs + time/resources invested in each customer).

Well, we will all agree that, by increasing the first 3 concepts of the “formula”, and maintaining or reducing the last one, we will manage to increase the company’s profits, which will bring us one step closer to SUCCESS.

At this point we have it pretty easy. If we look closely, of the 4 elements of success, three of them are directly dependent on the same actor: THE CUSTOMER.

 

What do we know as the “Fourth Element”?

The fourth element is the cost structure of the company. This is an element with two variables (fixed costs and time spent servicing/supporting/dispatching each customer).

Regarding this variable, it should be clarified:

  1. It is important to balance both variables in the same unit of measurement, since the expense is expressed in €, and the time, in hours or minutes.
  2. To transfer the time invested to € we must calculate all the costs of the personnel dedicated to these functions (payroll, social costs, vacations, breaks, etc…) taking an average cost per €/hour.
  3. To calculate the time invested, we must calculate all the costs of the personnel dedicated to these functions (payroll, social costs, vacations, breaks, etc…) taking an average cost per €/hour.
  4. Once we have the real hourly cost, we will calculate the number of hours invested in these processes.
  5. And the most important thing: we must be clear about this data to determine if increasing the first variable (fixed costs) will mean a PROFITABLE saving in the second one (time/resources), and, therefore, will bring us closer to SUCCESS.

 

How can I boost my business? Business success

To increase and improve the relationships with our customers and make them know and love our products / services we must properly use one of the most powerful tools we currently have: TELECOMMUNICATIONS.

This is the end of this article on business success. In the second part of the article we will explain the 6 TIPs for your business to achieve success effortlessly.

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