If you are about to invest in or buy a business you need to investigate using, these 7 key factors. Maybe it’s a business, a franchise, an MLM (Multi-Level Marketing) distributorship or you are looking to be an affiliate for a company.
The 7 key factors below ALL need to be in place and strong. Otherwise keep away from it. We were told about these key factors, by one of our very accomplished business coaches. Now we are passing the knowledge on, so you won’t be caught like we have so many times before.
Each of the 7 factors of business needs to be strong. Imagine that these 7 key factors of business are actually 7 spokes of a wheel.
One weak spoke and the business will either slow or stop altogether!
However just because a business ticks these 7 Elements… Does NOT mean it’s the best.. Also consider How much Control and Leverage and the ROI and Risk.
The 7 Key Factors Needed in a Successful Business to be Strong
The business needs to be at the start or at least the front of a trend, never at the end of a trend.
The products need to be well placed in the marketplace, be value for money, which includes the perceived value for money.
Most of all the company/business needs to be well structured and funded. Including effective and efficient systems, plus checks and balances for all departments.
The company/business needs to generate income in a timely manner and make enough gross and net profit.
An example of poor timely income would having all your money coming in on accounts that run out to 120 days. While your raw products, wages etc may need to be paid either before you get them or within a very close time frame.
Payment before delivery and or substantial deposit paid before work is started on a project creates timely income. As the saying goes ‘Cash Flow is King’
Businesses need to have the right people doing the right jobs. It needs a good staff culture, rather than staff always changing. As a result, they are making a profit on time spent, rather than wasting extensive resources retraining new people. Good staff culture lowers absenteeism, sickies etc.
All companies/businesses need to have an efficient customer service department. Including feedback that is acted on.
The company/business needs good leadership. It has to be strong, with defined strategies and goals. These also need to be clear to employees and customers.
If you have these 7 Key Factors in the company/business you either want to buy, join or affiliate with, you have a much better chance of success.
What makes it the Best for You?
Just because a business ticks these 7 Elements… Does NOT mean it’s the best..
- How much Control you have
- What Leverage do you have systems, other people, network, profit potential from downline etc.
- Your ROI, Return on Your Investment… REMEMBER Investment is your Time and Money.
- Risk, what’s your risk… if they (someone) changes there rules over night how much do you potentially lose!.
We were lucky to have found this business opportunity, which passes all these Key Factors.
Would you like to know more about it? ……. If so click here.
Nicky and Dave