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4 Traits of a Successful Business

4 Traits of a Successful Business

We all know that succeeding in business without really trying simply doesn’t happen, right? Creating a successful company requires focused effort from all stakeholders in many capacities. Most importantly, it requires a strategy for success that is adhered to by everyone involved, from the CEO down to the hourly employees. To get to this point, a company must have:

Clearly-Stated Objectives

A business should be all about turning profit, right? While this isn’t necessarily wrong, thinking that making money is the sole purpose of a business can potentially lead to disaster. Sales numbers are definitely a large part of what makes a company successful, but its marketing strategy should also be concerned with how they get these numbers.

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Members of a company need to be able to get their product or service noticed by their target demographic, as well as explain to their customers what’s in it for them. If one of these three factors is missing, the company runs the risk of failing altogether. When a company’s objectives are stated clearly and adhered to rigidly, it will ensure long-term success.

Diverse Talent

A team of any kind is made up of individuals who specialize in different areas. This specialization is necessary to the success of a company for a variety of reasons. No single person can do everything. It’d be impossible for one person to manage a business’ funding, website, inventory, and marketing strategy all at once. Also, the various employees hired to focus on these areas each bring individual talents, knowledge, and ideas to the table that will help the business succeed.

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As the head of a business, the most important thing to keep in mind is that you’ve hired each one of these specialists because of their talents in specific areas; allow them the autonomy they need in order to flourish, and your company will do the same. Bringing in diverse individuals with various specialties allows a company to focus on improving all aspects of the business, and in doing so maximizes its potential for success.

Inquisitive Nature

A company that doesn’t consistently ask questions of itself and its industry is doomed to stagnation and failure. To become – and remain – successful, a company needs to keep up with current trends (both on and offline) in order to better understand its customer base. Not only does a business need to understand its customers, but it also needs to be flexible and cater to their needs at all times (within reason). It can do this by reaching out to its audience throughout each stage of the business-consumer interaction. When a company shows it truly cares about providing the best possible service for its customer base, it will retain a loyal audience, and will also continue improving the service it provides.

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Innovative Thinking

The most successful businesses in the world didn’t wait for opportunities on which to capitalize to arise; they created these opportunities themselves. But, again, this should never be done solely with the almighty dollar in mind. Take Apple, for example. Twenty years ago, there was no absolute need to be instantly connected to friends, family, and coworkers at all times of the day; Apple and other such companies created this need.

I’m not here to weigh the pros and cons of this technological revolution. But I will point out that Apple has made it possible to instantly start a video chat with family members living on the other side of the world through their innovative thinking. Sure, Apple made a fortune by creating the iPod, iPhone, and iPad, but it did so by providing value to its customers. In creating a need that hadn’t previously existed, a company can fulfill each one of its business objectives in one fell swoop.

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Featured photo credit: Headshift business card discussion / Lars Plougmann via farm4.staticflickr.com

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Published on September 8, 2019

The Lifehack Show Episode 7: Following Your Calling

The Lifehack Show Episode 7: Following Your Calling

In this episode, Joseph Wilner, licensed clinical psychotherapist and certified life-coach, talks about finding and fulfilling your calling in life. Joseph blends his passion of music, and following his dreams of being a drummer, with his expertise in psychology to help people live a more intentional and meaningful life.

Joseph believes everyone has a calling, or several callings, where their passions and strengths can merge to create a successful life of contribution and significance.

 

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    Episode 7: Following Your Calling

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