All successful businesses are based on the solid foundations of age old principles. New ideas, commitment, attitude and perseverance are all very important for the success and growth of the organizations. In the context of the challenges faced today, we need to shun the easy steps and short cuts. Today is the time for us to reinvent ourselves. For a successful and sustainable business we need to bring our focus to the core principles. We have listed here some important pillars of the business that you can take care of:
1. The Leader
Any business that goes on and become big and successful owes a lot to the man on top. Great leaders are rare and any company which is blessed to have a great leader at the top will succeed for sure. A leader is the visionary who sees in the future and gives a direction to his company. He is the one who create the big picture. The fundamentals and the values that company follows irrespective of the conditions and circumstances are the brain child of the leader. He is the one person who ensures that these set of values are not to be compromised at any cost.
He guides his team and develop success mindset in them. Leader has to be honest who is fully transparent in his actions and practices. The trust a great leader is able to generate in his people is the main driving force in the growth of the business. A leader who is firm, honest, visionary and lead by example is the great motivation for the employees who are prepared to give their sweat and blood to the organization. Do You Have What It Takes To Be A Leader
2. The Manager
A leader is one who is visionary but for the day to day working any business require to have the services of a good manager; A person who is responsible for the actual implementation of the strategies and vision as decided by the leader. The manager is the action man but he is more often concerned with the short term priorities of the company. He is required to oversee or administer the operations he and his team is responsible for.
A good manager should understand that he is measured more by his ability to get work done by the team than by doing the work himself. He is required to have the skills of genuinely praising the deserving person and effectively reprimanding their behavior (not the individual) if it is not aligned to the vision and policies of the company. He should have the necessary skill of delegation important work to his staff and then follow up on a regular basis to ensure time bound completion of the tasks. Delegation helps manager to leverage his resources and devote more of his time depending on the importance of work. Best managers are always proactive and have clarity of goals. They possess the essential 3 Qualities of an Effective Manager
Customers are the back bone of any organization. A business that does not take good care of its customers is doomed for failure. Keep in mind that it is all about them. For any company to be successful it has to see with the view point of its customers. Their needs and values have to be most important and it should be ensured that those requirements are met at very reasonable cost point. Stand out from the crowd and tell your customer clearly how your company is distinctly better in meeting their demands.
Every organization has its own customer base which has the capacity to make or break the company. It is always advisable to stick to your existing customers and think in terms of their satisfaction more before reaching out to the new customers and markets. Customers are most loyal to the businesses with which they can relate individually.
Finance is the extremely important resource for any company to survive and grow. The strong treasury is the backbone for any organization. When finances are concerned remember bottom line or the profits are more important than the top line or the turnover. As the famous quote goes, ‘turnover is vanity, profit is sanity but cash is actual king.’ The liquidity or the cash position gives the company a tremendous edge as they are able to take advantage of any new opportunity that comes their way. If a business is not cash rich it will not be able to grow with these new opportunities.
A good business leader has the sense that they are not seduced by just the numbers but they keep a strict vigil on the actual profits and liquidity. Cash flow implications of any deal has to be very carefully worked on before starting and getting struck later in the cash crunch.
5. The Team
The team or the foot soldiers of the company who actually do the tasks are another vital pillar for the company. It is said that there is a difference between building a team and creating teamwork. A successful business will keep big focus on developing good teamwork. The team members should have the sense of unity and enthusiasm to make good of the opportunities that comes their way. When individual team members see themselves a part of a bigger unit they are able to create synergy where the sum is greater than the parts. When properly managed teamwork has the capacity to bring out the best in individual team members and increase the strength of the organization.
A good business ensures that its team members are taken good care of and they feel like family. A bonding has to be developed for higher productivity and response from the individuals. To develop this camaraderie and keep the team motivated, leaders need to make them feel secure in their job. Team members when they believe that they have the back of their management they get creative and their capacity to work with higher output increases.
Another vital pillar for any business is the consultants it hires. Most of the time the managers of the company have a single way to look at the problems at hand. When a company hires outside consultants it brings in a fresh perspective to the table. The professionalism and competitiveness is increased.
Many a time there are some specific challenges and situations in the business for which there are no qualified people on the company’s payroll. At such time solution can be best provided by outside consultants. Also these professionals can give their expert opinions on the various ideas that are organically created in the organization itself. Management consultants can provide information and opinions that may be critical to the success.
Businesses in this age are constantly changing and the business owners have to remain totally alert to the these requirements, but if these few segments or the pillars are taken good care of, then success and sustainability of organizations is very much ensured.