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Building a Successful Business

Effective business is the linking together of factors which can complement one another and work towards a progressive state. Here are ten effective ways of building a successful business:

Commitment
Be committed to your business. Undying passion is needed to bring success. Passion and zeal are two things that you need on a pervasive level. These qualities help you overcome any obstacles that might stand between you and success.

Profit Distribution
Your associates needed to be treated like partners. In turn, they will hail you to the apex of the business. Share your profits wisely among the associates. They hold a major stake in your company. Offering a discounted stock will make them happy. Granting them stock for their retirement will make them happier.  

Motivation
Your partners need to be constantly motivated. Cash flow and ownership are not sufficient to keep the business running. Setting high goals, encouraging active participation, and keeping score are a few good tricks that work.

Communication
Information is power, but it does not serve any purpose unless it is communicated through proper channels. Keep yourself informed and impart knowledge onto others as well. The more your associates know, the more they will understand. Understanding is a key step towards participation and commitment.  

Acknowledgement
Start appreciating your partners for their work and commitment towards the business. Paychecks help only to an extent, but a pat on the back for good work has much more value. Sincere words of praise are absolutely free. Nevertheless, they have a high value.

Nonchalant Approach
Celebrating success is common, but learning from mistakes is the real trick to achieving a casual trend. Have fun and enjoy what you do. People around you will follow your lead. Loosen and stretch when you can spare the time. Do not be serious constantly. Your employees need to learn how to have fun and enjoy what they do. Such environment will keep you healthy and reaping better prospects.

Information Resource
Gathering information on a random basis will prove futile. You must know where to tap the potential. Sales guys are the ones who spend time in the trenches. Talk to them and get the gist of the updates. Know what they know. This is called Quality Information. Try to listen to everybody's ideas. Consider the best ones. Delegate a fair sense of responsibility and authority down the line.  

Exceeding Expectations
Never be afraid to offer more than the customer needs. The key to customer retention is offering them what they want, and perhaps a little more. Respect them, for they are the ones who can determine you company's future. If you have made mistakes, apologizing is a better solution than coming up with excuses. Make the customer satisfaction transparent. This is likely to pull more customers to your database.  

Take action
Very important: when you take action, things are getting done. When you just think about an idea for a business and you don’t take any action, nothing gets done. Ever. Visualizing, persistence, goals, and positive self-talk -- none of that is important unless you take action toward what you are striving for.

Unconventionality

Never fear to tread along a new path. Be prepared to venture into new territories with good backup. Your competitors may have ignored or neglected particular ventures because of  the fear of risk. This is where you need to make a difference. With effective planning and risk estimation, you can make the competition green with envy. It is not wrong to go against conventional wisdom.

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