Question

Consider the characteristics of a well-established company that is operating successfully in its market.

Answer 1

Some of the Characteristics of Well-established Company

1. A Well-Conceived Plan

Good businesses need good plans. You don't need a complex business plan to make a business successful, but you should have a plan that is well thought out and executed. This includes considering your finances, product development, distribution and marketing plans. Develop a structure for your organization and then adhere to the processes you've defined.

2. Strong and Positive Leadership

Good companies have leaders that are decisive when it comes to steering the organization's course. They know how to build strong relationships and provide open communication with their employees. They motivate their team and hold everyone to high standards of responsibility and accountability.

3. Stay Focused on Strengths

One of the features of a good business is the ability to focus on the main thing for which they were created. The opportunity to expand and include new product offerings may develop, but the focus should always remain on providing your primary product or service without sacrificing quality and customer service. While product offerings can increase they should always be within your niche.

4. Willing to Take Risks

In addition, successful businesses have owners who are passionate enough about the business to take risks when they realize that these risks can lead to being able to do business better. Business owners must be flexible and ready to jump on board with technology and culture as it changes. However, they must also avoid taking risks without sufficient planning.

5. Inspire a Positive Corporate Culture

Also among the qualities of a good business is the motivation to do more than simply achieve financial success. Whether owners and their management teams are fueled by the love of business or the love of the product/service they are providing, they need to get enough out of the business to want to continue through tough times. This inspiration should be passed on to employees and encouraged as part of the company's corporate culture.

6. Encourage a Healthy Work Environment

A healthy company work environment is another important characteristic of a successful business. Workers should be suited to the jobs they do and policies should be designed to motivate them to achieve success. Businesses need to commit resources and time to training their employees, as well any independent contractors with whom they work. Because of the changing nature of business, continual training that is strongly rooted in the organization's business plan is essential.

7. Provide Assessment and Feedback

To be sure that employee are operating efficiently and meeting goals, companies must also implement frequent assessments of their training and procedures. If an assessment uncovers a weak area, businesses need to address it through revising their methods. Similarly, employees need feedback from managers so that they know if they are performing well and on track with meeting goals.

8. Effective Use of Technology

Successful business owners are aware of developments in technology and embrace those that can help them achieve their goals. While trying out every new gadget that comes along is neither an efficient use of time or money, new technologies can improve an organization's operational efficiency or expand their reach to consumers. For example, for minimal expense, companies can update their website or utilize social media to increase their brand awareness to the public.

9. Develop Social Awareness

Companies that are responsible citizens within their communities develop a positive image in their neighbourhood. Maintaining a production facility that is environmentally friendly, requiring employees to volunteer with local charities or providing internship programs are great ways to create good will.

10. Provide Excellent Customer Service

No matter how many of these good company qualities your business exhibits, if you don't provide your customers with excellent service, you may not be able to maintain a customer base. Be sure to pay attention to customer concerns and handle concerns quickly and fairly. It is also important to understand customers so you can anticipate and fulfil their needs. Customers that feel appreciated and cared for will stick with you and continue to utilize your services.