Business success 101

As this is my 133rd blog I thought I would reflect on some of the keys to success in business (in no particular order).

Cash is king: a few other things about cash and cashflow – every dollar needs to be watched and have a measured payback. It’s really easy to spend money in business, it’s much harder to make it.

Great people are essential. At griffin+row one of the great benefits we have had is that 90% of the people we have needed to work with, have been 100% professional and reliable. Most of these people have been outsourced, so selecting the right people has been critical. Remember, I said 90%, so everyone makes mistakes.

Quality product or service, really this is so basic I should not have to mention it, but please check your product/service really are a stand out. The world we are marketing in requires that we have standout products or services.

Customer service: the internet has changed everything. Unless we have stock and can deliver really quickly we will be banished to the back blocks of business. At griffin+row our online shop was set up to cater for those customers who could not get access to our products or could not find our products in store – we know that customers are as impatient as we are.

Under promise and over deliver: never say you will do something and not do it. This is such a deep belief of mine that it has seen me go to ridiculous lengths at times but I know that when one is competing for a customer’s heart, ridiculous lengths are required. Equally apply the same principle to all stakeholders – investors, partners, banks, etc.

Some passion: as we spend most of our life at business we need to feel something when we go to our workplace. Sometimes this is really hard when we see a lot of red on our books but we need to reflect on why we are doing this and not joining the Public Service.

Supporters: the people who cheer you on – hopefully enough customers to make the business viable. There are also those supporters who encourage you and let’s face it, if you invest in your own business you need that.

A mentor: even more specific than supporters is a mentor. That person you can call when all else fails. Actually that is the reason I am now a TEC chair as I realise the value of this.

Marketing and selling: I have never known a business to survive without great marketing and sales. The people who open the door, the marketers need the people who go inside, the salespeople and tie up the deal. One of the things I really enjoy at griffin+row is selling my own products at our various outlets.

After all if I can’t sell, how can I expect anyone else to? I have always believed that the CEO has to be the top salesperson (just one of his/her many roles).

Marcia Griffin’s latest book, High Heeled Success (pictured left), is a frank account of building a business from a solitary sales person to a multi-million dollar business with 4,700 sales consultants around Australia and New Zealand. Contact Marcia to purchase. Marcia’s latest venture is skin care company griffin+row, an amazing range of naturally effective skincare that Target immediately ranged in 154 stores.