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9 things successful businesses have in common

December 19, 2018 9:33 am

Thousands of small businesses start up every year, and a good percentage of those companies have learned what it really takes to survive the early start up years and become successful enterprises.

 

  1. Customer service

Many companies integrate customer service into their business culture through training and the design of relevant business processes. In most cases, the business plan dictates how they will provide quality customer service.

 

  1. Attitude

When you accept responsibility, you can act to make the necessary changes to accomplish the desired results. Then, when success is achieved, you are generous in giving credit to others within the organization. The most successful business owners understand that it’s all about people: hiring and retaining the right people, eliminating ineffective people and providing the necessary resources for employees to master their tasks.

 

  1. Company culture

For successful companies, culture is about attracting and hiring the people who would be most successful in that specific organization. And it’s about driving the behaviour that makes the company successful.

 

  1. Discipline

Discipline is all about executing the strategies and then staying the course. It’s about staying focused on your core markets and measuring success as defined by your business strategy. It’s not about overreacting to market changes and adjusting your core strategy to keep up.

 

  1. Risk

Successful business owners aren’t afraid to take calculated risks with clear outcomes in mind. Most owners who take risks do so because they recognize the need to change as the economic climates changes, and they understand it’s calamitous not to embrace change. Companies that succeed embrace change and respond to challenges presented by the market, the competition or changes in general business conditions.

 

  1. Business strategy

A good business plan defines and drives the activities and behaviours of the entire organization. Without it, the business becomes a car without a wheel drive; it simply can’t be steered and ends up going off road. A sound strategy should include a financial plan, marketing differentiators, and product strategy as well as a plan for employee retention.

 

  1. Information technology

While technology is important, it doesn’t have to be complex or costly to be effective. Effective technology is probably the most important enabler for change that a company can introduce.

 

  1. Marketing

Effective marketing efforts perform different functions around unique selling environments. For example, business-to-consumer enterprises have completely different marketing needs than business-to-business companies. Having a good understanding of the pains your clients are experiencing and how your product and services stop that pain can help you understand just how to market to your customers–and that’s critical to business success.

 

  1. Training

We live in a world of continuous change, it’s more important than ever to implement a culture of continuous learning. For many successful owners, continual investment in training is a major contributor to success. For training to be successful, however, there must a direct link back to the business plan and an understanding of how training supports the successful implementation of the business strategy.

 

Author: Ron Finklestein

Editor: Gesture Chidhanguro

9 things successful businesses have in common Reviewed by on . Thousands of small businesses start up every year, and a good percentage of those companies have learned what it really takes to survive the early start up year Thousands of small businesses start up every year, and a good percentage of those companies have learned what it really takes to survive the early start up year Rating: 0
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