Which traits do successful companies share with each other?
What makes a company thrive depends on many factors. The quality of the product or service is essential. But also how a company deals with its personnel, customers, management, and shareholders will affect the results. However, it can be broadly stated that there are certain qualities that most successful organizations share. Business platform Entrepreneur wrote an interesting article about it.
In this article, Entrepreneur states there are five core characteristics. It does not matter whether a company specializes in selling sandwiches or designing software. In any successful business, these five core qualities are present in some way.
Leadership and applied wisdom
The first core characteristic that the organizations share is that leadership is spread through the entire organization. "Leadership has to start at the top, but it isn't great unless it spreads throughout the organization. The most successful companies recognize effective leaders and harness them to maximize results," writes Entrepreneur. Applied wisdom is also an important core quality; putting information into practice to improve results is fundamental.
The third core characteristic is effective communication. "Successful companies communicate the overall strategy, so every person in the organization understands his or her role. Like the champagne tower at a wedding, strategy starts at the top but cascades throughout the organization. Just as champagne must fill every glass for the tower to work, every employee must know their part in its strategy to succeed. Effective communication requires transparency and candour," shows Entrepreneur with a good example.
Speed optimization and finding money
Another important core asset is controlling the speed of certain processes. Successful organizations know when it is important to speed things up and put the brakes on. Finally, successful organizations know how to convert complaints into new products and a new way of working. "Find money where others don't look," says Entrepreneur.
It is certainly interesting to investigate which of these five core characteristics your company already possesses and which does not yet.
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