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Being a business owner is not easy. Most people find out that it takes more then they are willing are capable of giving. But for the person with drive and commitment, owning and building a business can have many rewards.

For the person with a mostly technical background, owning a business can be even more challenging. The temptation is to do what you do well and let the rest slide.  In the long run a business cannot survive if all aspects of the business are not being run well.  So here’s the 4 main pillers to company success:

1. Customers must be happy. They must feel like they are getting good treatment and a fair price or they will find someone else to do business with.
2. Employees must be happy. They must feel like they are contributing, learning, and being appreciated. They must also feel like they are getting reasonable compensation and working in an environment that they are comfortable in or they will soon be looking else where.
3. Business suppliers and professional support providers must be in the right mix and must be appropriate for the business. Having too much can be as bad as having too little, but not knowing when to pull in various outside resources can be especially fatal for small businesses. This includes attorneys, accountants, technicians, and business coaches.
4. Financial management is the crucial element that keeps it all together. Many younger companies operate in a “hand-to-mouth” fashion and invest as little as possible in their own growth. As companies mature they learn that they need to invest in growth, learning, expansion, business development and they must build an equity value for the owners. In the end the financial results tell the real story. Did the company really provide a service of value or did the company just squeak by. Or, put another way, was the company treated like an investment that produced a meaningful return to the owners or was the company really just a life style choice that really has no value.

To miss on any one of these points is to put a company’s future in doubt. Companies with little or no value are very easily swept away when the economy hits a tough time or when a new competitor moves in. Companies with depth can weather the storms and can respond to changing conditions and will usually be the ones that continue to grow and build value.

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CoreConnex specializes in professional services automation (PSA) software for VARs, MSPs, channel distribution partners, IT service providers and other professional service companies. We encourage you to share experiences and perspectives as players in this professional community. This blog is moderated. Comments that are unprofessional or derogatory will not be posted.