I believe there are easily identifiable reasons why some businesses prosper while others decline. I'm talking about similar businesses in similar markets.
Businesses succeed because someone is willing to make sacrifices that others aren't willing to make, like hard work. A very wise person once said that every day at 5 p.m. you have to decide whether you are exhausted or just lazy.
Businesses succeed because they know where they are going. They have a plan, a sense of direction, a purpose to compete. A mountain climber heads for the peak, a quarterback aims for the end zone and a race car driver pushes toward the finish line. They become successful because they focus on the result or destination they desire. It works the same way in business. You must know where you want to go before you can get there.
Businesses succeed because they stay focused on satisfying the customer. There is, of course, no good reason for any business to exist aside from satisfying customers. You need to know your competitors' strengths and weaknesses, understand your industry and watch your local business environment. But if your main focus isn't to please your customers, you make it easy for your competitors to take business from you.
Businesses succeed because they are never satisfied with excellence. Some of the best run companies of the '70s were trampled by up-and-comers in the '80s. It just proves the adage that even if you're on the right track you'll get run over if you just sit there. Successful companies raise the level of competition, create new standards and refuse to accept anything less than continuing improvement.
Businesses succeed because they understand that bigger is not better. Remember, dinosaurs are gone forever. The lion is king of the jungle, not the elephant or rhino. Certainly, being big has some advantages. But, it is tough to remember what those advantages are when faster, tougher and smarter competitors surround you.
Businesses succeed because they seek success, not security. Prisons are secure, but they do not house successful men and women. University tenure provides security, but no guarantee of success. Any company that focuses on protecting its assets is vulnerable to a competitor willing to risk its assets for gain.
Businesses succeed because they never stop hustling. There are times when every successful business owner relaxes a little and decides to "let business come to me for awhile." You may be able to coast in the short term, but never in the long run.
Businesses succeed because the owner is careful about investing his or her spare time. Spare time is any time not used productively in becoming successful. I'm not advocating that you become a workaholic. Rest, relaxation and leisure are critical to your success. However, we should limit time spent watching TV, repeating work because it wasn't done right the first time and doing urgent, but unimportant tasks.
Businesses succeed because they never wait for their ship to come in. Instead, they row out to meet it. They look for and capitalize on opportunities.