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When you are running a business, you may often think about what you can do better and how you can be the best business you can possibly be. Well, we did some research on what the most successful businesses have in common so you don’t have to! There are many reasons besides these as to why a business may succeed, but these factors have definitely played their part in the success of every business. Take a look at these 8 traits of some of the most successful companies:
Focusing on your customers is super important and there are a couple of different ways you will need to focus on customers. Firstly, you need to know who your customers are. Finding your target market and knowing how to reach them is the most important step. Identifying and testing the market is crucial as it can be the difference between success and failure - because your customers need to know who you are!
Secondly, you need to put customer service first. That doesn't just mean following the rule of ‘the customer is always right’, it means giving the customer an excellent experience with you every time. So ensure you have a killer customer support team and engaged employees who are ready to give 110% every time.
A strong company mission/company values need to be created (and you need to abide by it practically religiously!) Your mission statement and the values you develop need to actually mean something. We have all seen those company mission statements that are quite fluffy and are not ingrained into the business, effectively rendering the mission statement a lie. Essentially, just practice what you preach!
Alongside this, is creating a positive company culture. This relates directly to developing and abiding by your company mission and values. By doing so, you have the framework in place to build the company culture that you have always dreamed of. Of course, it's not quite as simple as having values set and then forgetting about the rest, work needs to go into building that culture. Unfortunately, having an occasional company lunch or buying your team a Christmas gift each year isn’t quite enough to make a happy workplace, there are many factors you need to consider such as:
There are many other factors that need to be considered for workplace culture, but putting in the time and effort to create that winning culture will always be worth it!
Micromanaging your employees really doesn't help anyone. It leaves employees feeling fearful of the stability of their job and somewhat powerless and managers feeling as though they have no time. Successful business owners will empower their employees to make decisions and take ownership over their work. Employees that feel empowered are more engaged and more productive. Meaning better workplace and better work.
Having a unique value is crucial. It helps you stand out among the competition. Not every company can have the all-time best customer service or the lowest prices of the bunch, but you need to figure out what your hook is that is different from the competition. Maybe it is a unique product, a loyalty program or even a gimmick. It just has to add value for your customer!
Diversity isn’t just about social responsibility and appearing a certain way, it has its own place in business success. Workplaces with more diversity are more likely to innovate. Having a diverse workplace means a variety of different skills and ideas are brought to the table. When creating diverse teams, it's important to note that it only works with true collaboration and communication. If these factors aren’t met, you won't be able to see the benefits of multiple different points of view and these unique skill sets.
Despite the bias from the marketing team member that’s writing this piece, a strong marketing strategy is the key to skyrocketing to success (we even have a reference to prove how important marketing is for your business success!) There’s no doubt that you can get places in business without marketing, but without it, the majority of your audience is unlikely to know who you are. Whether you have an extensive marketing budget or want to start out small, there are lots of ways to get your message out there. From pay-per-click to direct mail, there is something to help everyone get the word out about their awesome business. Of course, it's not as simple as choosing a medium, you will need to come up with a strategy inclusive of audience, messaging, how to get the message across, etc. It takes thought and time, but can bring about incredible results.
The best businesses can pivot and adapt to new situations at virtually a moment's notice. We have all seen firsthand how quickly things can change in business and the world, so being ready and able to change is important. Admittedly, no one could have possibly been prepared for the pandemic, but some businesses were able to pivot much quicker than others. Knowing that change can occur at any point is the first step, being ready to tackle it is the next.
There is no one reason why businesses are successful. There are lots of extraneous reasons why businesses may succeed or fail, but there are many commonalities between some of the most successful businesses. By knowing the common traits of successful businesses, you’ve already taken a step towards business success!