There’s no simple strategy you can adopt to ensure your business will be successful in this unpredictable world. But study some of the most successful organizations, and you’re likely to discover that many of them have very similar priorities.
Four Traits Successful Businesses Have in Common
If you were to gather a group of 10 of the most talented professional athletes in the world and place them on a stage together, chances are they would have a lot in common. Each might excel at a different sport, but they would all have similar behavioral characteristics.
They would all eat right, exercise daily, and maintain disciplined schedules. Thus, they would have followed roughly the same formula for success.
In the business world, you can look at successful enterprises in a variety of industries, and they too will possess many of the same traits and habits. In 2018, you’ll find the following to be true.
1. They Put Customers First
Digital marketing agency Bliss Media continues to thrive even as other talented marketers launch firms that fizzle out after a few months. What makes this outfit successful? Without a doubt, one of the keys is its team’s willingness to consistently put customers first. To be more specific, it’s the company’s desire to work hand in hand with its clients.
“By collaborating with our clients, we put them (the experts at what they do) together with our digital experts to come up with a strategy that is tailored to their business/organization, their objectives, their future plans and most importantly their users,” says Account Director Ruth Gallagher. “We analyse, test, review, audit, discuss and brainstorm.”
The details may appear different in other industries, but you’d be hard-pressed to find a truly successful firm that doesn’t prioritize its customers. That’s one of the staple ingredients.
2. They Retain Top Talent
Great ideas, service, and products are important, but it’s impossible to build a profitable business without people. It’s people who innovate, execute, and serve the best interests of your brand.
Although most businesses spend time refining their approach to hiring, truly successful companies give just as much attention to retaining their top talent. Talent retention is a challenging task that requires a hefty investment and steady commitment, but it’s an undeniable component of success.
One way you can keep your top employees on board for a long period of time is by offering opportunities to grow and learn. “Provide tuition for continuing education classes,” business consultant Amber Thomas suggests.
“Give challenging and stimulating work. Tap into their passion and allow them to focus their time and energy on projects they can enjoy. Let them know what career development plans you may have for them and what opportunities are available for them to grow with the company.”
Contrary to popular belief, little things like this, along with creating an open, honest, and welcoming work environment, can keep people engaged far more than financial compensation.
3. They Never Stop Innovating
In business, you can never rest on your laurels. What would have happened if Apple had decided to ease off the gas after it built the first Mac computer? There might never have been an iPod, iPhone, or iPad – at least not from Apple.
What would have happened if Jeff Bezos and Amazon had never expanded beyond books? The largest and most successful ecommerce company in the history of the world would remained a niche site.
The lesson of their examples is that successful companies never settle or stop innovating. They press forward constantly in an effort to discover new opportunities and create further value for the customers they serve.
4. They Encourage Work-Life Balance
Successful businesses understand there’s more to life than producing. Although they fully expect their employees to give 100 percent when they’re “on the clock,” these firms also recognize that each person has a social and emotional life that includes family, friends, hobbies, and recreation.
So they encourage work-life balance and encourage employees to take time to themselves to recharge. Work-life balance looks different in every corporation, but many leading ones are more liberal with time-off policies than businesses used to be. What they’ve learned is that greater leniency in this area tends to correlate with less abuse by employees.
Set Your Business Up for Success
The business arena is unpredictable, often cutthroat, and continually evolving. If you want to enlarge your brand and enjoy sustained success, it would be wise to keep an eye on industry leaders and note what they have in common.
What you’re likely to discover is that, though there’s no secret formula, lots of hints will point you toward what’s effective and what doesn’t work. Using this advice and feeding it into your business will give you a better shot at thriving.