Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

More by this author

Matt Duczeminski

A passionate writer who shares lifestlye tips on Lifehack

8 Steps to Ensure You Accomplish Your Goals 6 Steps to Ensure You Keep Reaching For Your Goals 5 Ways to Lessen Back Pain 12 Self-Destructive Habits to Eliminate for a Positive Life 7 Public Speaking Techniques To Help Connect With Your Audience

Trending in Entrepreneur

1 13 Characteristics of Highly Successful Entrepreneurs 2 How to Start Working for Yourself and Become Your Own Boss 3 Top 5 Easy-to-Use Accounting Software for Small Businesses 4 10 Best Success Books You Need to Read to Be Great at Business 5 16 Young And Successful Entrepreneurs Who Prove That Age Is Nothing but a Number

Read Next

Advertising
Advertising
Advertising

Last Updated on March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

Advertising

“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

Advertising

The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

Advertising

You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

Advertising

Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

Read Next