The Cycle of Business

There are 6 elements of business that every company needs to address. Focus on establishing each of these points and watch your business grow:

1. Production: Creating a valuable and desirable product or service.

2. Marketing: Offering your product or service in such a way as to elicit sufficient response.

3. Sales: Converting responses (leads) into prospects and then sales.

4. Fulfillment: Delivery of a high-quality service or product.

5. Repeat Business: The creation of customer loyalty based on customer satisfaction.

6. New Business: Recruitment of satisfied customers as ambassadors of your business who refer their family, friends and associates to you, also known as referral marketing.

This is the cycle of business. A cycle is any complete series of actions that when repeated bring about a predictable result. Successful businesses work to maximize and accelerate this process.

Following this sequence will result in more and more efficient customer acquisition. Cost of customer acquisition is probably the most important factor in running your business and it will monitor your rate of growth and ultimately results in expansion and increased profit margins and that spells success.

Here’s to your prosperity!

Ron Norton