Whether you work for a company or plan to build your own business, your knowledge, and understanding of these 8 fundamental business principles can help you find success.
1. Have a Quality Product
Your business needs a quality product or service that you can stand behind with pride. Whether you are running a restaurant, selling furniture, or providing a service, you can’t build a good business without a good product.
2. Know Your Industry and Competitors
Even the best quality products will fail if no one wants what you are selling or if you can’t price it competitively. You need to understand the market and the players in it. How will what you sell stand out from all the others?
3. Promote Your Products and Services
Study the fundamentals of marketing through traditional and digital media and learn how to effectively share your company’s products and services. Getting the word out about all you do is how you will grow your business.
4. Build a Great Staff
Your employees are your most important asset. They can help you build a successful company or be the cause of your ultimate downfall. Hire and train your staff so that they represent your mission and goals and care about them almost as much as you do.
“Provide your customers with the best possible products and services you can deliver and always treat them with respect and understanding.”
5. Understand Organizational Structure and Design
You need a basic understanding of how good businesses run effectively. From its initial structure of departments and personnel to how individual projects are managed, you need to run your business as effectively and efficiently as you can.
6. Use Capital and Cash Flow Wisely
Your business needs to start with a good financial base, but equally important will be a positive cash flow as you grow and develop. You need to have sufficient funds to pay your employees and vendors so you produce your products and sell them at a profit.
7. Understand the Fundamental Principles of Accounting and Finance
Understand and obey fundamental principles of accounting and finance, and always adhere to the regulations and laws that affect your industry. Obtain necessary permits, complete and file taxes, and pay strict attention to filing deadlines.
8. Respect Your Customers
Your customer may not always be right, but you always need to do whatever you can to make things right. Provide them with the best possible products and services you can deliver and always treat them with respect and understanding. If they become dissatisfied with your products or your services, do your best to quickly resolve the issue with patience and consideration.
If you want to learn all about business principles and management, begin with a business degree. At American National University, you can start with the basics through our Business Administration Diploma program or the Business Administration Management Associate’s Degree program, or reach higher through our Bachelor’s Degree and Master’s Degree programs. We can help you build your career, your business and your future.