What matters most in making your business successful? (It might not be what you expect)
- best management
- best margins
- best marketing
- best product
While all these contribute to your business success, only one factor matters most.
It’s often assumed that the highest-quality and best product wins. Not true.
What’s the No. 1 restaurant in the world? McDonald’s. What’s the No. 1 wine? Franzia (the stuff that comes in a box!).
The next assumption is that management makes the competitive difference. Countless “dream teams” have failed miserably (think Enron, the movie Oceans 12 and the 2004 Olympic basketball team, comprising nothing but NBA stars, ending up third, losing to Lithuania. Ouch.).
Certainly your accountant and CFO would wish for the highest margins. Tell’em margins don’t matter at all if the product never sells.
Ultimately, like it or not, the one thing that matters most in determining whether your business succeeds or fails miserably is read more »