As with many things in life it’s about figuring out that winning formula, the one that paves the road to success. Whether you’re training to become a world-class athlete or creating the latest impressive dish to add to your restaurant’s menu, it’s all about finding the right balance of elements that fit together seamlessly ensure success.
As with many things in life it’s about figuring out that winning formula, the one that paves the road to success. Whether you’re training to become a world-class athlete or creating the latest impressive dish to add to your restaurant’s menu, it’s all about finding the right balance of elements that fit together seamlessly and ensure success. When it comes to small businesses and start-ups, the same applies: perfecting certain aspects so that when they join together, they produce a powerful and successful business. Here are eight common traits that almost all flourishing business have found to possess. How many of them does your business have?
A solid business strategy
This essentially forms the foundation of any business and without it, the business is certainly headed towards failure. Solid business strategies should be as thorough as possible, and include plans for the running of the finances, marketing and product development – these will provide the guidance and structure a business needs to grow and achieve the goals it sets out for itself. Keep the strategy simple though and rather focus on putting energy into its execution.
A positive attitude
This applies across the board – from the small business owner, to the managers and team members. If the employees of a company are positive about the work they do as well as about the business for which they’re a part, then chances are high that the business will succeed. Having a positive attitude breeds productivity and true dedication that can only lead to great things. It’s particularly the people in leadership positions that need to set the tone for everyone else by showing those around them the importance of staying positive and motivated.
An outstanding company culture
We’ve recently written a post about the importance of creating an impressive office culture , so it goes without saying that it plays a vital role in the success of a business. Thriving businesses are bound to have put a huge amount of effort into cultivating and maintaining a working environment that keeps employees satisfied, motivated and inspired, as this does not only lead to a strong connection forming between employee and the business, but it will also attract the right people (both customers and employees).
A commitment to customer service
Without customers and their business, a business cannot survive. Therefore it’s imperative that a company shows a deep commitment to its customers and meeting their needs. The product or service you provide needs to be created for a specific target market, and all measures then need to be taken to ensure that said products and services satisfy the requirements of that market. When customers feel like you care and that your business listens to what they have to say, they are more likely to return as well as to share what you have to offer with others. Impeccable customer service leads to brand loyalty – something every business should strive to attain.
An ability to adapt and take risks
Businesses that succeed are able to adapt when necessary. In business, change is constant and having the ability to adjust accordingly and embrace it is a characteristic that every business should want to possess. This can involve possibly taking certain calculated risks when the time is right – business owners who take smart risks with clear outcomes are the ones who are most likely to lead their businesses to success.
Business processes that work
Just as a business plan helps to bring direction to a company, so too do its processes. Having streamlined processes in place which employees can follow ensures that tasks get completed as efficiently and quickly as possible. Finding suitable and effective systems that work for the business and its goals are paramount if the business is to succeed because without them, things will not run smoothly and as a result, productivity will not be at its optimum.
Advisors on hand
Talk to any business owners and without a doubt they’ll tell you how invaluable trusted and experienced advisors can be. Navigating the running of a new business can be tricky so having the guidance from people who have been there before can make all the difference. Advisors act as an objective source of information, advice and knowledge and can very often help immensely when it comes to decision-making and development within a business.
A healthy dose of discipline
It’s one thing to have an idea of where you’re headed in business, but it’s another to maintain the drive and discipline required to achieve your goals. All successful businesses possess a healthy dose of focus that allows them to knuckle down and get the job done on a regular basis – without it and the passion to succeed, there would be no driving force behind a business.
The recipe for success consists of many ingredients that combine together perfectly to create that winning formula. When it comes to successful businesses, there are very often common ingredients that can be identified, so if you’re thinking of starting your own venture, be sure to remember the characteristics mentioned here so that you can get off on the right foot.
Sage One’s online accounting software can help your business towards success by providing you with a fast and effective way of managing your finances. Contact the Product and Sales Enquiries team to find out more.
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