A lot of business ideas that are good in theory fail in practice. You’ve probably observed this in your day-to-day life. You might think that this is natural since capitalism by definition is creative destruction.
While this might be true to a certain extent, there are certain things that successful businesses have in common. This is true of successful businesses in just about every sector, from organizations that deal with fixed wire testing to those that sell clothing or home wares. So let’s take a look at the 6 factors that successful businesses do that set them apart from less successful organizations.
1. They Stay Relevant
A lack of relevance is one of the main reasons that businesses go out of business. Staying relevant is vital for survival. This is especially true in today’s modern world where consumers’ requirements change more quickly than ever.
Staying relevant can be achieved in a variety of ways. For example, a business can stay relevant by having a proper marketing strategy and also by investing heavily in R&D to create more user-friendly products for its consumers.
If a business fails to do so, then they will pretty soon be replaced by other substitutes that are more relevant to the modern consumer. We have seen this happen in the US, where electric car manufacturer Tesla has managed to beat its competitors with their advanced relevant technology.
2. They are Transparent
Being transparent is critical for any business, as this is essential for building trust. There have been cases where companies have collapsed due to fraud. Prime examples of this have been Enron as well as the collapse of investment firm Lehman Brothers.
Fraud becomes a significant blot on the company’s reputation and more than often, the company in question has to shut down. Sustainable success can only happen when you are transparent and honest. Manipulating reports to fool your shareholders might work in the short term, but in the long term, it is only going to bring ruin to you and your company.
3. They are Genuine
Being genuine in business is also critically important. In some cases, startups fail to focus on product development and instead rely on aggressive marketing tactics to make sales. While this might work in the short term to generate some revenue, it will undoubtedly fail over the long term.
This is because the company is not making an active effort to solve its customers’ problems. If you are sincere in your quest to solve a particularly pressing problem that your target market faces, then they are guaranteed to buy your product and even promote it to their friends and family. This
underscores the importance of being genuine as a business.
4. They are Accessible
Is your business accessible to your customers? Do you respond to your customers’ issues and do the best to resolve them? If the answer to these questions is yes, then you are one step closer to becoming a successful business.
Being accessible is vital to get valuable feedback from your target customer base. The same goes for the culture in your organization. The more responsive your business is to the needs of its employees, the more efficient your business would become. The most successful companies listen to their staff and create a healthy and productive work environment. Likewise, they listen to their customers to create the best products to meet their needs and develop the processes that give them the service they desire.
5. They are Personal
Is your business looking to connect with your customers and employees on a personal level? If you’re not, then you should be! While you might be focused on a bigger picture of your business as a whole, you shouldn’t forget the individual element.
After all, it is individuals who build an organization. It is absolutely essential that you connect to your consumer base as individuals. You can do this in a variety of ways, such as personal feedback, reviews, and surveys. This will help you understand their issues better. Furthermore, it will help you to develop your business for optimal success.
6. They are Remarkable
Being remarkable is undoubtedly something that all successful businesses have in common. Remember, your goal is not just to survive, but rather to thrive, and that is only possible when you become truly remarkable as a business.
Of course, the question is how to do this exactly. Well, for starters, you can achieve this by creating world-class products and services. You should always focus on your business’ point of difference, that is, your unique selling point (USP). This is what sets you apart from your competitors and so should be emphasized at every opportunity. This will certainly help you to achieve your goal of becoming a truly remarkable business.