Successful businesses don’t just possess a good product. If having a good product was all it took to create a successful company, then all businesses would be created equal. Businesses are not all created equal. Some are operated better than others which is why some businesses see so much more success when offering nearly the exact same product. What is it these successful businesses are doing right? Here are five practices behind every successful company.
1. Build on Opportunities
A successful business knows when it sees an opportunity. Opportunities can also be risks, so it’s important to fully research the opportunity before pursuing it. Whether the business opportunity is something to be built from the ground up or an idea or other business you purchase from someone else, you also have to have cash to pursue that opportunity.
Part of being able to build on opportunities is knowing how to get cash for your business. There are many resources available to a business, and some of them are more creative than others. For example, many business owners don’t realize they can sell their outstanding invoices. This practice is called factoring. No matter what type of business you own, there is a factoring company that can help you. There are even factoring for staffing agencies.
If you have an opportunity, finances should not stand in your way. As long as the opportunity is well-researched by you and your team and it looks like it can add to the success of your company, make it happen.
2. Hire Talented People
Successful companies hire talented employees. When a company has a job opening, they shouldn’t look to simply fill the position with someone who can do the job the same as the previous employee who held the position. They should be searching for someone who can do it better. This brings innovation and creativity to your team. It also inspires other workers to do better.
But talent alone is not what your business needs. You also need workers with good personalities. A good personality is equally as important as talent for the cohesion of your team. If you have an employee that is so great that the employee believes himself or herself to be an island, the rest of the team is going to have trouble working with that person. That will be to the detriment of your business.
It’s a competitive world, so you also need to have the ability to attract talent. Having a competitive benefits package is a start. Having a good reputation is essential.
3. Possess a Team Mentality
Having a team mentality isn’t something that just sounds good. Research shows that teamwork actually boosts creativity and productivity in the workplace. The team mentality works because it understands that everybody in the workplace has something to contribute. If your business didn’t value teamwork and contribution, some of your workforce would have no voice, and those closed off voices could be missed opportunities.
Valuing a team is also valuing diversity. When you have a team from diverse backgrounds and experiences, their ideas have the potential to come together and create something entirely new. On the other hand, if you develop a team that consists of like-minded individuals, the ideas of those individuals are going to be limited.
Value and respect for differences must be demonstrated in the workplace in order to have an effective team. When everyone is valued regardless of their role, they feel more important and that their ideas matter. That can lead to unexpected growth.
4. Have Good Communication
Employees perform better when they understand the goals of the company. Where many companies struggle is they fail to effectively communicate those goals. At every opportunity, the leadership in a company needs to articulate the strategy of the company and how each goal is reached.
Set goal dates that everyone is aware of so everyone is working toward meeting the milestones on the same date. Be transparent with the employees. Secretive workplaces lead to low employee moral. Having your employees a part of the business’s development is a win-win for everyone.
Know who your employees are on an individual basis. It’s good for the to feel comfortable approaching you for clarification or new ideas. This type of relationship keeps the lines of communication open.
The larger a business becomes, the more difficult it is to communicate strategies. Leaders believe making announcements in company newsletters will be effective. It’s not. Hold monthly meetings where you can see your employees face to face. Use the meetings as a time to boost employee moral by recognizing accomplishments and giving out prizes. This type of recognition and communication can go a long way with employees who might typically get lost in the woodwork.
5. Listen to Your Clients
Just as you should be listening to your employees, you should also be listening to your clients. While building the business might have been your idea, what’s going to keep it going is having an open ear.
Even if you don’t provide an avenue for client feedback, they are going to find ways to share their thoughts on your business. With pages like Yelp! and Facebook easily accessible, people share and value their opinions even if you don’t.
Have social media pages to engage your clients. Find out what they want more of from your company as well as what isn’t working. This type of feedback is free yet it’s invaluable. You may hear some things you’d rather not hear, but don’t let your ego be so big that it hurts your company.
Effective leaders realize they can make mistakes. Businesses can make mistakes, and that’s okay, because just like individuals, businesses learn from those mistakes.
At every opportunity in which you engage with a client, find a means to solicit their feedback. You can solicit it on your web page following a purchase, you can solicit it while you have them on the phone, and you can solicit it on your social media pages.
If they have a bad experience, they might just give you the opportunity to make it right. Other clients will see that and have respect for the way in which you value your clients. Always keep in mind, your clients have other options but they chose you.
There are so many little tweaks a company can make to ensure it’s path to success. Throwing all the money in the world into a company doesn’t guarantee its success. What guarantees its success is how it’s managed. If your company values its employees and clients, and isn’t afraid to take a little risk now and then, you’re on the right path. If you haven’t yet implemented those strategies, there’s no time like the present. Even a company that has had its run of trouble can turn things around.
It’s never too late to change your business model or your business plan. If things aren’t working out, gather your employees for a meeting and solicit their feedback first. You may be astounded by the ideas you hear that you hadn’t thought of previously. No matter what position an employee holds, they have a unique take on every situation that you would never know if you hadn’t listened.