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Business Success Part 1: What Makes a Successful Company?
By: Cathy Christensen
Posted: March 30, 2010, from the April 2010 issue of Skin Inc. magazine.
Cygalle Healing Spa hasn't been very affected by the economy due to its location and focus on holistic wellness. "I'm in the right marketplace at the right time," says Dias.
There’s no doubt about it, 2009 may have been the most challenging year for small businesses since the Great Depression. People are beginning to tell survival stories about how, by some miracle, their business weathered the storm, and these tales will certainly go down in the family histories of those business owners who lived to tell them.
With the storm clouds beginning to clear, it is a good time to get back to the basics and look at your company with a fresh set of eyes. After all, it’s a brave new world out there, and the spa industry is full of companies that have formulated strategies through trial and error, allowing them to both survive and thrive through a variety of challenges.
A successful company is comprised of many details, including hard work, persistence and a positive outlook, but what is the magic combination of these details that can help your business blossom in 2010?
Beyond every other detail, no matter how much desire a small business owner has for success, it won’t be realized unless there is a good, solid plan to back it up. Universally, there are certain details to consider when starting or reinventing a business, including finances, competition, location and team development. All of these should be addressed within a comprehensive business plan.
Finances. “When you’re starting something from scratch and building it, you face the financial investment, which is always a challenge,” says Cygalle Dias, founder of Cygalle Healing Spa, located at Casa de Campo in the Dominican Republic. In other words, you have to know where your money is coming from before anything else.