What are the attributes of a successful business?
What does a successful business look like?
What is one attribute or characteristic of your business that makes it successful?
To help small businesses achieve success, we asked business leaders and executives this question for their best insights. From taking educated risks to offering top-notch service, there are several characteristics that may help you grow your business for years to come.
Here are 10 attributes of a successful business:
- Take Educated Risks
- Check for Happy Customers and Employees
- Establish Business Systems
- Do What You Love
- Offer Top-Notch Service
- Stand for Something Important
- Address Customer Needs
- Nurture a Positive Culture
- Prioritize Company Visibility
- Reach for Goals
Take Educated Risks
A successful business is relevant and innovative, constantly moving forward and exploring new opportunities. They aren't afraid to take risks, and they are home to an inclusive, welcoming company culture that breeds high employee retention. One aspect that makes our company successful is our willingness to take educated, well-researched risks. Disruption is more than just a cool word to use during a webinar. It takes courage to turn your inspirations into targeted strategies, but in the end, you'll never have a better option for exponential growth.
Check for Happy Customers and Employees
You can look at how happy your customers and employees are to tell if your business is successful. Happy clients will lead to more referrals and more business for your company down the line, while happy employees will lead to happier customers.
Establish Business Systems
If there’s one distinguishing factor between businesses that succeed and those that don’t, it is the presence of proven business systems that serve the venture. Business systems built the right way will enable your business to run smoothly (and successfully) even when you aren’t there. Establish replicable solutions to consistent problems your business may face, and hire the right trustworthy people who you can delegate these tasks to.
Related Article: Valuation Methods for Acquisitions
Do What You Love
I think success has become more and more subjective than objective than people realize. It’s not about the glam and the glitz anymore. It’s about the hard work happening behind the scenes: the e-commerce companies that make millions of dollars a year that have zero brand recognition, the influencers who are content machines that run empires in niches no one knows about, the mom and pop stores that compete with Amazon each and every day. Success in business just means being able to do what you love in a way that generates enough profit to keep you in business. The icing on the cake? Being able to help business owners improve their businesses and generate more revenue. At that point, everybody wins. Everyone succeeds.
Offer Top-Notch Service
A successful business has clear goals outlined and offers top-notch customer service. DTC sales for my company rose over 730% during the pandemic. This was partly because our customers loved a recently-launched product, but our superior customer service and commitment to get our snacks safely delivered to our customers’ doorsteps was also a big help in our success during these difficult times. In order to be successful, a business should sell a stellar product and listen to feedback from customers in addition to offering excellent customer service.
Stand for Something Important
I feel that our business is successful in what it stands for. We promote health, wellness, and self-love. This alone is already a key component to building a successful brand, and in our case, our mission addresses why we sell our organic gummy vitamins. If we did not make the effort to emphasize why we sold our products, we likely would not be as successful.
Address Customer Needs
A successful business has a loyal customer base. Yes, maintaining your sales rates is crucial to the success of your business, but it’s also important to ensure a positive and memorable experience for your customers. They should be able to easily browse your website, purchase your products, and enjoy your products. They should also be able to get help quickly and efficiently when they have any questions or concerns. When you make good first impressions, you’re more likely to acquire long-term customers who will continue to use your products and recommend them to others, as well. We make an effort to focus on our repeat customer rate, which has increased by about 35% each year.
Related Article: Understanding Acquisition Due Diligence
Nurture a Positive Culture
You would think that cash flow and profit is all a business needs to succeed. But if you really want your business to be purposeful, there are a few more things that need to be addressed 一 like a positive team culture. As important as it is to build and maintain positive relationships with your customers, it’s equally important to build good relationships with your team. A successful business needs to have a culture. Team members are responsible for helping to make your business what it is. A disconnect between them and the management can quickly reduce productivity. One attribute of our successful business is cultivating a positive working environment. We take into consideration that our employees are more than just workers; they’re human beings, too.
Prioritize Company Visibility
A successful business is not only measured in revenue, but by its overall relevance and the engagement and overall commitment of its team. Anyone can come up with a great idea, but it takes perseverance and a solid business plan to see it through to fruition. This is why we make visibility a high priority. We need to be seen as experts in our niche 一 always ready to pivot when a situation arises that could help showcase our brand and build mutual collaborations. In the end, success can often be measured by the relationships and connections that you've built, so keeping ourselves front and center is imperative.
Reach for Goals
Business success involves achieving the goals you initially set. Creating a brand that customers love and will stay loyal to is a challenge. One attribute that makes my business successful is my willingness to keep providing a product that customers enjoy.
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