Three Essential Elements of Any Business

In my business (and it’s the same for every other business) there are three essential elements.

Without all of them I can’t be in business, or for long, at least.

Knowledge

• I need to know what I’m doing -
• why customers will buy,
• how they will buy and
• how I’ll deliver.

Resources

• Whatever it takes to win and deliver the business model – I need
• cash to finance the business process
• ability to reach prospective customers, an
• infrastructure enabling me to complete transactions

Authority
Some reason people will buy from me.  Depending on the business this might be:

• Operating License
• Professional Qualification
• Client Testimonials
• Unique value proposition

Without all of these my business isn’t going to work.

People won’t buy from me, and if they do I won’t be able to delivery what they bought.

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Tagged as: Business, Business model, Business process, Customer value proposition, E-Commerce, Finance, Management, Small business