Oh, to be a thriving, successful company! It is every entrepreneur and businessperson’s dream. Sadly, the reality is that more than half of all businesses and startups fail in their first five years. And while this is a shocking statistic, it is not particularly surprising given the complexities involved in running a business. Nevertheless, there are companies who somehow run their businesses distinctively better than others. This leads one to wonder if there are unique qualities, and practices that set successful companies apart from all others. We believe there are specific practices such outstanding companies practice that other less successful companies do not. So, in this post, we will discuss five things all successful companies do well. We hope this post sheds light on additional practices you could engage to grow your company into a more successful one.
How does a company become successful? Is it merely a matter of consistency, passion, hard work, aggressive marketing or of taking calculated risks? While there is no single master strategy for running a successful business, there are certain common practices we can follow.
Before we discuss some of the common practices among successful companies, here are some related posts you might find helpful:
- How to Build a Successful Business: Seven Helpful Rules
- Seven Bad Habits of Unsuccessful People to Avoid
- How Taking Risks can make you more Successful this Year
- Seven Secrets of Highly Successful People
- Five Tips on How to add Value to your Business
- Five Benefits of Good Customer Service
- Top Five Reasons Why Small Businesses Fail
- Seven Useful Tips on How to Improve Concentration
Also, as we like to remind, do consider subscribing to our electronic mailing list today. Your free subscription allows us to send inspiring posts like this directly to your email. Simply enter your name and email below to subscribe:
Please enter your name and email address to subscribe.
In the next section, we will list a few things most successful companies have in common. We will then go on to share some of the things all successful companies do well.
Five Things Successful Companies have in Common
What specific practices do most successful companies have in common? Here is a list of five such common practices:
- They have a Business Strategy: All successful companies have a niche and a unique strategy for that niche. For example, HP’s mission statement is to “create technology that makes life better for everyone, everywhere”. It is simple, unique and if followed, guaranteed to bring in customers who want to live better lives.
- They have an effective Marketing Approach: Successful brands also understand that marketing is crucial to the success of their business. Through marketing, they are able to create demand for their products, gain customers and ultimately run a successful business.
- Successful Companies build a strong Team: Simple as it may sound, team building is another practice all successful businesses have in common. For example, successful startups attract talented employees and build a strong team that collaborates effectively. The efficiency of such a team results in outstanding performance, creativity and innovative ideas.
- They have excellent Customer Service: It’s interesting to note that successful companies are in tune with their customers needs. They understand that a happy customer is a one who will return and probably bring along a friend. This is why customer service is so important; it retains customers and extracts more value from them.
- Successful Companies are Adaptable: Another thing most successful businesses have in common is adaptability. They meet the ever-changing needs of their customers while remaining true to their core ideology.
In the next section, we will discuss five things all successful companies do well. We believe that average companies who learn to do them just as well can also become successful.
Five Things all Successful Companies do Exceptionally Well
Like we said at the beginning of this post, there are specific things successful companies do to set themselves apart. Here are five of them that you can emulate in your own business:
- They Set Company Goals: Successful companies set short- and long-term goals. In addition, they stick to these goals and are disciplined in working towards attaining them.
- They Strive for Uniqueness: When you think of successful companies like Google or Apple or Amazon, what comes to mind? One thing you probably think of is the unique way they provide their services and products. Another thing successful businesses do is create a sense of uniqueness about themselves and their products. Such uniqueness helps them build a strong and loyal customer base.
- Provide Increasing Value: The best way to provide value is to find out what your customers want and give it to them. For example, you can add value to a product by also providing customer service support for customers who need it.
- Value Employee Input: Another thing successful companies do exceptionally well is value employee input and build great relationships. By showing employees how valuable they are, they motivate them to work harder and serve customers above and beyond. Showing employees how much they are valued could be done through bonuses, profit sharing and other gift options.
- They are Tenacious: To be tenacious means to persevere and be persistent. It is the quality of being able to grip something firmly without letting go. Successful companies understand that staying focused on their set goals, they can achieve great success.
Do you run a successful company? What things do you do well that other companies do not? On the other hand, if you run a growing startup, what practices are you engaging to become successful? Feel free to share your thoughts, comments, and ideas with us in the comments section below. We would love to hear from you.
Today’s Funny Quote
Today’s funny quote is by Thomas Sowell, the American Economist. He said:
It takes considerable knowledge just to realize the extent of your own ignorance.
Do you agree? Let us know what you think in the comments below or on social media.
Did you know that Innovate Today is a part of Innovate Design Studios Ltd? We are a web design company that provide premium web design, website maintenance and graphics services. If you’d like to know more about the service we provide, feel free to check out our Services page. On the other hand, if you’d like to get a free, no obligation quote for your web design project, contact us to submit a quote request.
Have a great weekend and we will see you again later in the week with more inspiring posts.
Innovate Design Studios creates innovative web design solutions that provide you with a secure, custom designed web presence that promotes your business and generates revenue and exposure.