The Three Ingredients of Business Success

Whatever work you do — whether you are a freelancer or an entrepreneur in any field — your success depends on three key factors:

• The ability to communicate with customers
• The ability to manage people
• The ability to manage money

Communication is the first chapter in the book of success.
If you cannot communicate effectively with clients, talk confidently about your work, convey the value of your profession, and “sell” both your product and yourself, then the prospects of your business are limited.

Unfortunately, this is something we often fail to realize early on.
For example, an engineer, doctor, beautician, dietitian, interior designer, technician, or builder tends to see themselves as a producer of products or services rather than a seller.
You see, selling implies effort — and also the possibility of rejection — which for many can be an unpleasant or even painful experience.

But isn’t that true of life itself?
Can everyone always say “yes” to us?
Do we always agree with others when they propose something?
It is important, therefore, to accept from the start that we must engage in selling our work, and that we may face obstacles — which, with persistence and the right training, can be overcome.

Selling does not always mean personal contact with potential customers (although in most cases, it is an essential part of the communication mix).
Promotional actions and activities — whether offline (print materials, brochures, events, etc.), online (via the internet, social media, etc.), or a combination of both — make up a marketing plan that every business must have and implement consistently.
In this way, the business can grow steadily and achieve greater predictability of results.
In other words, we do not wait for the customer to come to us — we create a sales system that ensures, as much as possible, a steady flow of clients.

The second chapter of success is people management.
It concerns our partners, employees, executives, and other professionals we work with.
Here, it is essential to understand the two main motivators of people: personal value and benefit.

What do people — our employees, our colleagues — want?
They want to feel good, to feel that they have worth, that their personality is recognized, that they are respected, appreciated, and that we genuinely care about them.
And, of course, they want to be compensated fairly for the work they offer.
If these two conditions are met, our relationships with our collaborators will be positive and productive.

Naturally, this is not always as simple as it sounds.
There are difficult, inadequate, lazy, or even malicious people.
That’s why careful selection and evaluation of partners is necessary, since their quality and performance determine the effectiveness of our business.

Another key element in people management is setting goals and regularly reviewing progress (feedback).

Clearly defining roles, responsibilities, and expected results is an essential task of management, as is regularly updating employees on their performance (“how well they are doing so far”).
Control should not take the form of reprimand or criticism, but rather advice and guidance toward the right way of working.

Equally important is encouragement and motivation.
The entrepreneur, manager, or supervisor should act as a people coach, helping their team members develop and bring out the best version of themselves.

Finally, proper management of cash flow is crucial to business success.
It is not just one factor, but a combination of financial practices that significantly affect overall results.
Many businesses “sink” not from a lack of revenue but from poor financial management: ignorance of the real cost of sales, excessive borrowing, untimely or unnecessary investments, and excessive personal spending often lead to closure.

Sound financial management requires attention and diligence --
budgeting and reviewing income and expenses, planning orders, controlling inventory, proper pricing of products or services, and maintaining a fair and sustainable reward system for employees.

This way, we neither “lose money” nor treat those who work hard unfairly — instead, we keep them satisfied and productive.

It is also critical to have a clear and documented policy for sales and collections, consistently applied, so that we don’t “lose direction” and can ensure not only revenue but also liquidity.

Finally, money management is closely tied to character.
Neither wastefulness nor stinginess are good practices.
Success requires prudence and smart, well-timed business decisions.