Productivity, high sales volume, metric driven pricing, and due diligence on lost sales characterize successful businesses. Sound cash management, product development, and customer retention are key success factors. Businesses that build a supplier network, run promotional programs, and introduce new products become market leaders. Product positioning and differentiation are also important. According to the Guardian Life Small Business Research Institute, successful businesses are action-oriented, future-focused, tech-savvy, and collaborative. They seek to accommodate and build relationships with clients, suppliers, consultants, employees, and managers. Of course, financial indicators such as receivables, profit margins, debt to equity ratios, and working capital are also important. Successful businesses are both profit-oriented and customer-oriented!
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