What Every Business Needs to Be Successful
What makes a business successful? Many leaders focus on delivering the best product or service…as they should! It is crucial that you have a viable solution to your target audience’s challenge, need, or desire. But this is not enough; you need a solid foundation built on sound practices, processes, and systems. Think of it as the framework you need to translate your vision, innovation, ideas, and passion into bottom-line results.
5 Things Every Business Needs to Be Successful
Business origin stories can be inspirational: think about Uber, for example. On a cold, snowy Paris night in 2008, two men – Travis Kalanick and Garrett Camp – were waiting for a taxi. Trying to keep warm, they joked about ordering a private limo with an app. No taxis came, but an idea did. Soon, UberCab” was launched. Today, Uber is…well, Uber, the exceptionally successful platform used by over 36 million people worldwide.
It’s a great story about fate and a cold night. But it isn’t what makes Uber successful. Behind the easy-to-use app are complex systems and processes that cover everything from IT to HR. To position your company for success, you need:
- Mission and Vision Statements
A vision statement captures the “why” behind what you do. It conveys your vision of the future of your company. For example, Patagonia’s vision statement is, “We’re in business to save our home planet.” This is their raison d’etre, their reason for being. Many companies combine their mission statement with their vision statement, but it’s a little different. It is geared towards capturing the organization’s objectives and its approach to meeting them. These statements should guide everything you do as a company; it is essential that your team – and consumers – buy into them.
- Detailed Business Plan
There is some discussion that the business plan is dead. Well…think about it like this: why would you not want to create a living document that fully encompasses your mission and vision statements, market and competitive analyses, organizational structure, description of product and service offerings, marketing and sales strategies, and growth projections? Not only is this a practical guide for you, but it is also imperative when you are asking for funding or seek to gain buy-in from key stakeholders in your community.
- Marketing Strategy
You have an exceptional product, an innovative service…great. Now how are you going to ensure that the right people are aware of, interested in, and willing to buy? A sound marketing strategy is essential, particularly for startups and new businesses, and it must include digital marketing (e.g., search engine optimization, backlinks, PPC campaigns, social media).
- Talent Acquisition Process
It’s a significant milestone when you are ready to add to your team. You can’t possibly do everything, and managing every aspect of your business is bound to lead to burnout and lackluster results. You need to find the most intelligent people in every room and get them into your room. Recruitment (and retainment) need to be top priorities, and they need to be approached systematically and strategically.
- The Right Partners
Speaking of the right people: sometimes they aren’t employees. They’re subcontractors, independent contractors, or firms that offer the services you need to thrive without having to add on extraneous overhead. This may include functions like marketing, IT, accounting, shipping, logistics, etc. Vet and select these teams just as thoroughly as you do your internal employees.
On the Path to Success
What makes a business successful? A variety of factors goes into the equation. Sound strategies, practices, systems, and processes, combined with your drive, determination, and resilience, form a foundation that empowers future growth.
Contact AMB Performance Group today for thoughtful advice on what your business needs to group and succeed.