It’s important to think about what makes companies successful so that you can see how your own business compares.
What do you need to improve? What are you doing well?
In today’s post, we’ll take a closer look at what makes a company successful and five habits that successful companies deploy in their daily business strategies.
At Source1 Purchasing, we have more than $9.5 billion in purchasing power and contractual relationships with more than 1,000 suppliers, which means that we can help you gain success by enhancing your capacity to achieve results. If you’re interested in utilizing our team of procurement experts to maximize your value through purchasing, then contact us today to get your free supply chain analysis!
1. They Have a Mission
Successful companies know who they are, who they serve, and what they stand for. This mission drives every decision they make. Successful companies care about both their employees and their customers. This means that they focus on building relationships that ensure employee happiness and customer satisfaction.
Additionally, successful companies focus on delivering meaning. From donating to religious charities and helping to protect the environment to supporting autonomy and more, there are many ways that you can deliver meaning, support your mission, and connect with your customers and employees.
2. They Keep Employees Happy
It’s important never to underestimate the value of happy employees. Many studies have shown that when employees are happy and productive, they may be willing to work for a lower wage when their needs of self fulfilment have been attained.This means that successful businesses strive to ensure that each employee feels like a valued member of the company.
The more that your employees understand their value to the company, the lower your turnover rate will become. For example, a successful company might provide on-site daycare, on-site medical care, and paternity leave. Even though these services are an additional expense, they communicate the incredible value that employees have, which leads to better employee retention.
3. They Plan for a Variety of Situations
Life is always unpredictable, which means that to be successful in business, you have to plan for a variety of possible situations. Sometimes everything goes according to plan, but to be a successful company, you have to be able to react and adapt quickly to unexpected choices.
A great way to decide the best option for your business is to consider the worst possible outcome when confronted with two less-than-great choices.
The thinking behind this strategy is that considering the worst allows you to adapt and make the reality better than it could have been. Successful companies aren’t afraid to construct a variety of scenarios, create reaction plans for each, and move forward with the best option.
4. They Strive to be Part of the Community
Successful companies understand the value of taking an active role in their community. The way that the public perceives your business can either work for or against you.
If you do not have the best reputation currently, or perhaps no reputation to speak of, then brainstorm some specific steps that you can take to begin creating the reputation and image that you want to have.
Find ways to enlist volunteers, participate in local events, and provide funds to local schools or businesses. The more that your community sees you playing an active role, the more you will be appreciated and your business become successful.
5. They Value Innovation
Success companies value innovation because they know this is one of the best ways to continually improve their services and products. If your offerings are not great, then you need to evaluate what should change in order to offer the best. Just because something has been successful for the past few years does not mean that it cannot be improved. In fact, the less willing you are to change your products, services, or other offerings, the more likely you are to watch your success fade.
Rather than waste time wondering what you need to do better, invest in research and development to see what is being offered by other successful companies in your industry. Once you have that information, develop a scalable plan of growth and innovation to keep your business relevant and successful.
Source1 Purchasing knows that maintaining your brand standards, developing and growing your supplier networks, and controlling quality standards in every location can be a very expensive and time-consuming task. We are here to offer tips for business success and the leverage that comes with our purchasing power and contractual relationships, as well as access to our professional team of procurement experts to help you grow your business. To learn more, contact us today and obtain your free supply chain analysis!