With any business, there are certain core values, strategies, and principles by which the business operates.
Without these the business would start a slow death and eventually crumble. It would go broke, lose all its customers, or would not be able to maintain its inventory and employees.
When there are sound principles applied to any venture, the outcome can reasonably be determined, notwithstanding the initial capital investment, cash flow options and challenges, personnel, and sound management practices.
There are many outside forces, economic stresses and political “impalements” which play upon the success or failure of any endeavor. However, the element of success seems to fall more often on the side of those who follow certain core values and principles in their businesses.
I have focused this article upon 6 different aspects of any business. Without a doubt, there are more, yet these 6 seem to me to be the essence or core of most enterprises.
The 6 Pillars of Profit are: Product, Price, Promotion, Position/Posture, Production, and Persistence.
I have called these 6 principles, “PILLARS” since all buildings, homes, or physical structures are built by using columns, posts, or pillars to support the roof and the entire structure.
While there are many other aspects of a building, no structure would be able to stand without a good foundation of pillars and beams. The doors, windows, walls, ceilings and other integral parts of any building rest solidly on the “CORE” elements, i.e. Pillars!
It is true that some of these essential “Pillars” may be missing or lacking and the structure or business would still remain standing, however, there are pillars that are absolutely essential for the integrity of any business.
Every business has to have a product; physical or digital, service or benefit of some kind.
Every business needs to have a pricing structure or means of obtaining income in order to remain doing business. If not, then you would NOT be classified as a business but a “Foundation” or “Humanitarian Aid Organization.”
All businesses need to have some kind of promotional program or plan. Without which, no one would know what they have to offer or what they do. It’s like having the best product in the world, but if no one knows about it, it’s just something sitting on a shelf or saved inside your computer.
There’s more . . .
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