When you are about to start a business or even think of expanding your base, the first question to answer is why you want to do it. Of course, the answer is because you want to be that way and be successful.
The second question is how you are going to do it. This is the question that most leaders get stuck on. For different industries the answers vary. However, there are some things that thriving businesses do that can be implemented into a new or growing business that will lower the chances of derailing. In fact, if done correctly and consistently, some qualities will push the company’s growth and allow it to thrive in just about any economic climate.
Before you read these qualities, however, you need to really understand what the word “qualities” mean.
Two good definitions for quality are: 1. “An essential or distinctive characteristic, property, or attribute.
2. “Character with respect to fineness, or grade of excellence.
Keep these definitions in mind as you read further and evaluate how to integrate these qualities into how you run your business.
These seven qualities can change the way your business functions and also help you see the areas of improvement.
1. Embracing and Following the Vision
A clear vision really makes a difference! It is the foundation of your entrepreneurial venture and can turn things around if you do it right. If you are on the right track, you will have the capability to handle the situations that arise.
When Bill Gates, founder Microsoft Corporation, was asked by Fortune to explain the cause of his success, he answered, “Our vision, which has not changed since the day the company was founded.” Bill and Allen envisioned a future that would have a computer for every man and every house and they constantly worked towards it and the goal has been achieved to a great extent.
We all know about Howard Schultz, the CEO of Starbucks, who brought Italy’s “coffeehouse culture” to the USA. He had a very troubled childhood due to the financial instability of the family, and since then he made up his mind to have a secure and stable future for himself and this kept him driving to a higher step of accomplishment and success every day. His vision of bringing a stable future for him by doing something that would touch every person’s life has reaped results.
2. Communication Culture
The Washington Business Journal reports that managers spend 25 to 45 percent of their time resolving conflict. Most conflicts are caused by a lack of communication or misunderstandings. If you are going to have your business run like a well oiled machine, you must improve the way you and your team communicates.
That means that you write, speak, and listen well. We’ll being posting a ton of articles on communication for business and entrepreneurs but for now, keep in mind that you may have a hard time growing a thriving business without great communication. Especially for those of you who strive to grow your small business into an empire or IPO. Time Ferris, author of 4-Four Hour Work Week stated that all of the highly successful entrepreneurs he knows are great communicators.
When it comes to delivering orders, sending policy messages and getting instructions followed, you have to make sure that all the orders and plans get communicated to the lowest level of workers and functionaries. Think of the champagne tower that are found at parties and weddings, follow the same rule and make your instructions flow down the same way across all departments, and operations.
Successful business owners have people around them who criticize their ideas, contribute effectively to their goal and vision, and bring results.
They are always willing to include their employees, peers, and partners in discussions, decisions, and policy making and even motivate them to be active, involved and contribute to the mission.
3. Priority Actions Not Busy Work
Business people tend to make things more complicated than they need to be sometimes. This is apparent in every industry. One of the ways to make sure that your business is striving is to remove as much busy work as possible and replace them with quality tasks.
In a Business Insider interview, Founder of BlueGrace Logistics, Bobby Harris states that keeps meetings as short as possible. He also never schedules a meeting unless there is a clear agenda and always asks how long the meeting will be. Then he reduces the time! “Whatever time they request, I cut it in half!”, Harris states.
Keep emails short, get rid of products that aren’t selling and improve the ones that are, and instead of hiring two 40 hour employees that will do 25 hours of work, hire 2 part-time employees and give them 25 hours of ACTUAL work. Look high and low at your business and its process and find ways to cut the unnecessary.
This sounds like a cliché but time is money, and yes, time is the most valuable asset that people have. Ask any successful person and they will tell you that the most important management for them has been the management of time. Good businesses always value time more than any other asset.
4. Viewing Setbacks as Opportunities
Glenn Phillips, owner of Forte Inc, used his obstacles as an opportunity to learn. During an interview with Entrepreneur Magazine, Phillips told the story of how his company was $300,000 in debt and on the verge of bankruptcy. It wasn’t until he sought help from another successful entrepreneur who tore up his business plan and helped him see the changes that needed to be made, that enabled him to get out of the hole he was in. The company now enjoys sales of $800,000 annually.
We all take setbacks as failures but winners take setbacks as opportunities and areas of improvement. This gives a chance to improve and learn to handle the tough days and embrace them as a learning opportunity.
5. A Patient Process
Patience is something we entrepreneurs will have a hard time bragging about. Persistence; yes. Patience; not so much. In a contributing article in Forbes Magazine, Award Winning Author James Blasingame admits “While impatience with ourselves can be productive, it can create adverse results when directed at others.” Blasingame goes on to speak of the importance of communication in business that will combat the impatience of entrepreneurs towards their self, employees, and critics.
We NEED patience. Patience to hear what people say, listening to every criticism, every opinion is important, as you will find naysayers, harsh critics, enemies, bitter competitors and even a group who is always trying to pull you down. Your life will have all these elements and it is important that you develop the ability to take it all in a stride and gather the useful tips, lessons, and discard the rest.
You have to stand apart from all the negativity and understand things at the level of logic and experience. Make a choice based on the analysis and confidence that you have gathered. You cannot do any of that while riding the wave of hastiness.
6. Multi level leadership
The best strategy is to have leaders at all the levels. That doesn’t mean that you recruit managers for all levels, but the right thing to do would be to recognize leaders and good administrators and managers and depute them with responsibility and accountability. Any power with accountability is bound to create trouble. So find the leaders, give them power and responsibility. The leaders will show you what they are made of and will be motivated to succeed.
7. To Race and Rest
All the successful organizations know when to race along the path of growth and when to slow down. There is something called “doing the right thing at the right time”. Based on the indicators of internal plans, industry oriented phenomenon, processes of growth, sales, and other mechanisms, you can easily figure out the right time frame to achieve optimum success.
Good companies find ways to generate revenue where others do not. You have to be innovative about ideas of money so that you do not look like a thief who is out to rob people.
No matter how long you have run the business as an entrepreneur, there is always something to learn and the key to success is to be a learner and use all your past experiences and to keep learning new ways to grow.
Now think about all the points and analyze what all you already have and what you need to inculcate. The analysis alone will tell you what to implement and what are the areas of improvement.