As reported on Entrepreneur:
A truly successful company is not one that is profitable. It is the one that receives profits , but also delivers value to consumers with useful products or services for their lives, cares about the development of its people and brings benefits to society.
Here are 10 key qualities that an organization must have to be considered successful:
1. It focuses on the customer. A successful company always has as its main objective to satisfy the needs (real or latent) of its consumers. It is one that adds value and is aware that customers are the basis of its business; all their efforts and strategies are directed towards providing them with the best service and bringing some benefit to their life.
2. Take care of your people. Every successful company knows that the main difference with the competition is in its human capital. Therefore, he constantly offers his employees development opportunities, schemes that encourage them to collaborate and have a balance with their personal life, techniques to keep them motivated and fair compensation.
3. Delivers value to the supply chain. The best companies in the world drive their suppliers; they never stop paying or ask for unrealistic terms. These companies know that for the model to work, everyone in the chain must strengthen and grow. And not only do they not "abuse" them, but they push them to improve and be more competitive.
4. Use your resources well and protect the environment. Successful companies do not generate tons of waste, but rather use the energy and resources they have efficiently, ensuring the least possible impact on the ecosystem.
5. You have control of your processes. The best companies know that it is key to reduce costs and increase productivity to be more competitive and offer fair prices in the market without losing quality. Because of this, they have process indicators and methods; they know where there are areas of opportunity and what their strengths are.
6. Provide a safe and clean environment for your people. Successful companies recognize that their workspaces are a key part of their corporate culture . That is why its facilities are in good condition to provide safety and comfort, and its machinery and equipment are constantly maintained.
7. Innovate. Regardless of the line of business or the industry, the most successful companies are the ones looking for ways to improve and creative solutions to their problems. They are ready to revolutionize models and challenge the status quo. They know that ideas are their best asset and that innovation is necessary to stay ahead of the competition.
8. You have good cash flow management. Incorrect handling of cash flow is one of the main reasons that lead SMEs to failure. For this reason, companies that transcend time are those that know how to take care of the “petty cash”. They understand that there are lean seasons, so they have reserves to deal with them without laying off people or closing operations.
9. Invest in what’s important. The most successful companies reinvest their profits in the same organization in areas and sectors where there are greater opportunities. They are also willing to launch new products, to change to suit the environment, and to think long-term.
10. It gives back to society and has a real commitment to its shareholders. Successful companies are those that "meet" all audiences: their employees, offering them development, training and fair salaries; its customers, delivering value and quality; with society, providing job options and fair trade; and with its shareholders, who, beyond receiving profits, must obtain value that increases over time.
Author: Belén Gómez Pereira
Date: September 19th 2021
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