Business Strategy

The Three Most Important Rules in Business

Success - The Three Most Important Rules in Businessby Chris Banescu –
From my years of experience working for different companies and teaching various graduate business courses, I developed three rules that management must practice in order to achieve long-term profitability and success. Follow these rules, and a business can remain healthy and prosper. Ignore them, and failure is virtually guaranteed in the long term.

Rule #1 – Always Meet and Exceed Customer Expectations.
Meeting and exceeding customer expectations is the most important but often overlooked rule of business. The only way a company stays in business is if the customer is satisfied with its product or service. This generates profit, builds long-term stability, and meets the challenge of competitors. Meeting expectations should be considered the baseline for company performance. Exceeding expectations should be the ultimate goal. [Read more…]

Surviving the Downturn: Lessons From Emerging Markets

The Wall Street Journal | by Martin S. Roth & Richard Ettenson | Mar. 23, 2009

As Western companies struggle to navigate the worst economy in generations, here’s one piece of advice: Look at places where volatility is business as usual — emerging markets.

In these countries, companies have learned they can’t just hunker down when bad times strike. They have to go on the offensive. In Eastern Europe, South Africa and Latin America, managers look at tumultuous times as a chance to implement bold, creative ideas, outflank rivals and boost their business. [Read more…]