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What Makes Companies Successful?
Date : 30th January, 2014
This is a topic that has been written about by CEO and VP's of global leading brands and many many hours of analysis has gone into producing dissertations analysing what makes companies a success. It is a colossal topic, but there are a few major common denominators when it comes to the companies that have no weathered the storms of depressions, competitors and the ever changing opinions of customers.
Sales
Even if your product is incredible, it is highly likely that there will be someone out there with a similar product that is competing within the same space....and this is why sales is so important. Everybody can be persuaded to view your product as the best. Persuasion is a powerful tool and finding someone that can lead a sales strategy and campaign will result in you having someone who can be a spearhead for your company. They are a key component in helping a company expand. Without sales you do not have revenue. Companies retain clients but it is almost unheard of that companies retain every single client they ever have, so there is an inevitable amount of 'churn' within business. Obviously this churn rate needs to be as low as possible, but in order to grow more sales have to be made. Do not underestimate the power of sales.
Feedback
This is especially relevant in service related areas. Too many companies are happy to be the 'experts' without understanding what their clients think of their service. As such, their client retention rate is not as effective as it could be. Conducting surveys or questionnaires is crucial in understanding where you might be mismanaging your clients expectations. So whichever way you want to view it, either these surveys will be able to simply give you a better idea of what our clients think of your service (or product) or you can take it a step further and use this information to streamline certain processes or designs so that you can make sure that your service or product is the best in the market. Remember that client opinions are a gold mine of information and successful companies take criticism on board and act on it. Online survey companies like Decision Fuel have made this gathering of information both quick and easy so really there is no excuse for not knowing what your customers think of the way you do business.
Take Risks
There comes certain points in the lifespan of a company when the management has to take risks in order to evolve, expand or even survive. These risks are often a critical points and dictate how the company will perform. That is not to say that managers should be reckless, far from it. They need to take calculated risks and motivate their employees so that the 'risk factor' is reduced as much as possible so that they can come out the other side of whatever they might be doing stronger.
These are but a few factors that contribute to success in business. They are not the sole factors but are certainly major contributors for success. So good luck with whatever sector you might be working in and take heed of advice where appropriate.
