4 Essentials Every Business Must Have
BUSINESS DEVELOPMENT

FEBRUARY 10, 2014

Businesses today need to be quick to get ahead. Whereas at one time the big were eating the small — the fast are now eating the slow. Those who are fast have certain characteristics; they are strategic, organized, and understand their priorities.

Their priorities are rooted in both the company’s vision, as well as its needs. Among the necessities of a company, four things that every business must have are:

  1. Market Demand
  2. Marketing/Branding
  3. Operations
  4. Finance

Market Demand

People want to get together, even if it’s not face-to-face. As we saw in the Facebook movie, The Social Network, the concept underwent several overhauls in the process of being made, but was finalized when a friend asked Mark Zuckerberg the relationship status of a girl he liked.

By creating a way for people to get in touch, stay in touch, and communicate quickly on an individual or mass basis, Facebook fulfilled a need that only the Internet could offer. This need was desired both by individuals, corporations, and non-profit agencies. Even the US Marines have a Facebook page, and they’re gaining new followers every day.

Marketing and Branding

Allstate provides products to law firms. This is seen most greatly in their Allstate Style Index Tabs, which has Helvetica type as opposed to Helvetica Bold. That’s it; there is no other difference! While the difference is nil, law firms trust the Allstate brand and made the change to the tabs, which they are sticking with.

For newer companies, being able to be faster than Allstate, or other behemoths, is the key to success. This is found in guerrilla marketing through social media, which can help create a strong brand presence. As customers are engaged, they will become loyal, which will be seen as a stronger response is found in response to promotions and buyer programs.

Operations

When it comes to operations, there are many aspects to keep in mind. Among them are the policies and practices that define the organization. This includes approaches to quality management, internal and external communication, and customer service.

Interestingly enough, all of these can be considered marketing, as well, because when people have a great customer service or quality experience, they talk, Tweet, and write reviews about it. The same goes for when they have a bad one.

Finance

Lastly, money matters. Without capital, a business cannot function. If the mission and vision are the heart and soul of an organization, then cash is the lifeblood.

Complementing this is having good credit, a strong reputation that can bring credit and cash flow, understanding the advantages of accelerated depreciation, good bookkeeping, and ensuring that vendors and creditors are paid on time.

While all four of these things are crucial to business, if one was to be ranked above the rest, it would be marketing and branding. The reason for this can be found in numerous examples where non-existent markets were made, such as with Listerine (originally a floor cleaner), the Pet Rock (it’s a rock!), and the Snuggie (a blanket with sleeves, or a bathrobe with no belt).