Three core competencies of a business
Although requirement for success and failure of businesses can be broken down to so much more than 3 but here are three core competencies of businesses you need to focus on.
Marketing is what sells your products or services. If your top reason to do business is to make more money, then Marketing is the channel to do that. No matter how good your products or services are, if you fail to market them, you will not sell any.
For you to understand and analyze your numbers, they ought to be recorded in a systematic way. Your up-to-date accounting records help you compare your business’s performance and position to your competitors and to your past data to see how well you are going. Incomplete or inconsistent financial data may misguide you in doing business. Get your accounting right.
Of course, having good marketing and state of the art accounting practice will not do any god if you do not have the right product. Remember people do not buy your product or service, they buy the solution you have that solves their problems.