5 Critical Success Factors to Wealth Creation

What would you do when your business is carrying a product? Obviously you need to market it. Targeted marketing campaign is essential in promoting your product to your targeted market and in producing awareness. A successful marketing campaign is only one aspect. You need to establish clearly the unique selling point and market it using these unique selling point. You need to understand what entices the target market to purchase your product and therefore target your market accordingly. You may also establish a sales force to help you or your organization to further sell your product. In doing so, you are expanding your reach to specific targeted companies or individuals who are interested in your product. In addition, this adds a personal touch to further differentiate your product from the competitors. In return for the converted sales, you compensate your sales team with an attractive incentive scheme or bonus. In short, one should be willing to give in order to reap the financial gains. This acts as a major catalysts for your sales team to convert prospects into sales. Besides marketing and selling, you need people to take care of back room administration, such as human resource, procurement, logistics, accounting, etc. Salary and staff benefits are of course important elements in motivating this group of people to perform their duties and fulfill your set goals and targets, but these are not the only ones. As a business owner, one needs to demonstrate great leadership in setting clear strategic vision and targets, and driving the business forward. Last but not least, a business owner needs to possess inspirational skills to be able to inspire your key company resources to attaining these goals and overcoming all complexities and obstacles.

In seeking successful business ventures, the above 5 critical success factors are the must haves. The same principles apply to those seeking to achieve financial freedom. In seeking more avenues for passive income generation, one needs to be able to apply these key principles towards wealth creation. Once the "systems" are in place, one can then expand their effort and energy in exploring other business opportunities with the ultimate objective of securing multiple source of income.