People, Process, Power are also important to your success.
Master of the art of management.
The success of a business is not a function of the product alone. In fact, many times the product is not really what sells. Organization is all about management, and great management can sell anything.
You have to become more interested in the management aspect of your business. For a more in-depth look at this school of thought, you should take time to read about the systems of the most iconic brands and how they structure their businesses
It doesn’t happen naturally. Good management is a technical discipline — something you must apply yourself to. A big successful business doesn’t come from a great idea and a lot of capital. The entrepreneur trail is lined with casualties who thought the same.
Get great people by treating people great.
When you are just starting out, attracting top notch talent is difficult because people aren’t always willing to take a gamble with their livelihood. At this time, it is better to have a small crop of talented people than a large crop of dead weight.
You must be willing to grow an organization slowly. You will literally have to be everywhere, work closely with every person in your small staff and invest your time in one-on-one trainings or staff workshops. If you can get the right group of people and treat them right, you have already taken giant strides.
Process. Do the right things in the right way.
People are the backbone of any organization, but process is also an equally vital foundation. “Process” is the series of actions you take in order to achieve an intended outcome or result. Within your business you need to put in place clearly defined ways of carrying out all aspects of the business — processes for raising capital, strategic planning, recruiting and training staff, research, product development, product testing, sales marketing and so forth.
It is not enough to just figure it out as you go. Before you even venture an idea or attempt to expand your business into another area, you must be able to wrap your head around the different defined actions that would yield you that picture in your head. Let your staff learn the process, and if it isn’t working as well as you thought, check to see if you are doing the right things right.
Tech it up.
There is no smooth running organization without suitable tech. We can go back and forth about the morality of the over utilization of AI and the advancement of IoT, but if you want to thrive, what you should be considering is the relevance of IoT to business.
People can only do so much, and in a fierce business climate with heightened competition, all your efforts need to be greased with the suitable tech and online resources.
The present need for technology cannot be over emphasized for two reasons — customers are getting used to it and technology has actually become much smarter than when you last checked. You may have the best structures, but without the most suitable technology and internet resources, you will still keep stuttering.