Of Top 4 Business Elements Which Should Be No. 1

Here’s a challenge I heard recently that really made me think. If as a business leader you could be “the best in your industry” but had to choose just one of four categories, which would you choose from these four:

1. Best Product
2. Best Management
3. Best Margins
4. Best Marketing

Granted all of these are important elements to your business success, but only one factor really matters most. Let’s do a quick analysis of each.

First, let’s look at Product. It is often assumed that the highest quality and best product wins. Right? Not always true. For example … if you chose to go to the No. 1 restaurant then you’d be going to McDonald’s, which is the No. 1 restaurant in the world. And if you want the No. 1 wine for your dining party or celebration, your wine would be Franzia … yes, wine-in-a-box … because it is the No. 1 wine.

Next, let’s look at Management/People. How about the 2004 Olympic basketball team … made up of all NBA stars … lost to Lithuania … came in third. How about the management of Enron, AIG, etc.

Third was Margins. The financial sectors always push for highest margins … what CFO or accountant doesn’t wish for highest margins. Well I hate to deliver bad news, but the margins don’t matter at all if the product doesn’t sell.

Finally … like it or not … the one thing that matters most in determining if your business is a success or fails is Marketing.

Next blog I’ll share with you several reasons why Marketing is No. 1. So check back.

© Phil Hoffman 2012. All rights reserved

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Tags: Management Elements, Top Business Element, Wine-in-a-box

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