They say ‘Behind every successful man, there is a woman”. Let me extend it to, ‘Behind every successful business, there is a driving factor”. The driving factor could be anything which drives business to excellence. Cost is one such driving factor some companies have adopted.

• I recall reading an article many years ago that, Samsung Electronics (a major player in consumer electronics in the World) adopted successfully cost as one of their driving factor and one common question asked was ‘How can we reduce cost?’ For Samsung, it led to innovation; better quality; improved productivity; shorter sales cycle; better market positioning; higher automation; etc.,

• Air Deccan, India’s first low cost airline. Air Deccan has revolutionized air travel in India, by making it affordable to the common man. Cost is the driving factor for Air Deccan and they have changed the whole paradigm in the Indian Aviation segment. Their quote caught my attention ‘Cutting Cost, Not Corners’. I had to experience to believe it. If you understand the concept of how they did it, it sounds so logical, simple and true.

These were only examples to quote, but most important points for an entrepreneur or a startup to note are: $ Do you have a primary DRIVING FACTOR for your business? (Some examples of the driving factors are innovation, cost, premium quality, high customer satisfaction, technology, etc.,) $ Other driving factors should be the undercurrent of any strategy. For example, Air Deccan has cut costs by following innovative processes which reduce overheads drastically. $ There should be a tangible and visible benefit to the customer. Is your cost control resulting in a lower price for the customer? Has your latest technology made the product/service more convenient for the customer to use? In the journey of building the company don’t forget to periodically check on; how far has your driving factor has taken your business? image courtesy: www.earningdiary.com