11 Strategic Ways to Build a Great Company by Design
Great companies don't come about by accident. They come about by people bringing unique and creative business ideas to life. Every great company has a strong growth strategy in place. If you're looking to make a great company and you're willing to put the work in, there's an already proven path to success that you can follow.
Strategic Ways to Build a Great Company
The information I'm sharing below are concepts that you can implement to start making a difference in your business today. I've made it easy here for you, so don't take this information for granted and do nothing with it. Study this information and implement the strategies that you learn here at your company to have the best results.
Create Amazing Experiences
Like with everything in life, "Once you know better, you do better." Gaining knowledge for employees is easy when they work at a great company. All you need to do is create amazing experiences where employees can show up and take everything in, maximizing their learning potential. Providing peer-group studies and mentoring is a great way to build leadership from within a company. Testing different methods out on your own and figuring out what works in your specific environment is always recommended, as what works for one company may not work for you. Whatever approach ends up working best is the method you'll want to go with for the near future.
Do the Best You Can With Hiring
Making the best new hires makes total sense. It's harder to do sometimes because you may not have the resources to find the right person or the money needed to pay them. Don't let this get you down. You need to go with what you have and do the best you can to get the best people in place. Employment is not forever. As your business grows, people will change; you're going to change, so look to get the best you can, with what the resources and money you have today.
Make Technology Simple to Use
If there's one area that I see more companies making big mistakes in, it's in the technology purchasing segment. There's a lot of flash in technology, and it looks great, and you may think it's going to solve all your business problems, but chances are, it's not. Any technology that you implement at your business needs to be dead simple to have the most success. It's easy to get caught up in the next greatest thing, or next trend, only to find out that you're paying for a service that doesn't work well in your environment. Installation needs to be simple. Making tweaks needs to be simple. Making connections needs to be simple. Minor customization needs to be simple. Costs need to be low for continued maintenance. I think you get the point by now.
Communication is Critical
In today's business marketplace, excellent internal and external communication is critical. It's safe to say that the better you communicate, the more successful your business will be. Customers want to know what's going on and be able to quickly access their information. Be sure to tie-in any technology that you implement so that anyone can have access to the information they need at any time of the day or night. Being able to communicate well from a verbal standpoint, as well as in email, chat, or text format, is essential as well. Put your best oral communicators in positions where they can succeed. Put your best-written communicators where they can have the most success.
Build Strong Corporate Culture
Top talent is going to stay where there's the best culture. Create a brand and work environment that embodies a positive and enriching culture, and watch how top talent flocks to your company. Winning culture drives revenue growth, winning culture encourages innovation, and winning culture drives crazy loyal brand advocates. New college graduates want to go to a winning culture, so make sure you're providing a positive work environment where they can succeed. Take care of the people that take care of you.
Be In Front of Business Trends
Let me say it this way, "If you're not out in front of business trends, you're going to flat out get smoked by the brands that are fast, agile, and quick to adapt." It sounds harsh, but it's the truth, and if you want to be successful, you're going to need multiple people in your life that are telling you the truth. Sitting back and relaxing, thinking that what you do today will still work in the future may not be the best option. Always commit to being way out in front of trends, testing out new products and services, and being open to new revenue streams of income.
Provide Value and Be Unique
Be unique and provide a value that no one else is offering in the marketplace. Add a little variety to your products and services to directly solve the biggest problems that your current customers and largest prospective clients have. The idea is to take down big chunks of business with key accounts by beating your competition in what they do best. Having variety in your product lineup protects your customer base. If you're the only one that offers something, it's pretty tough for someone to come in and beat you on price.
Be the Source of Innovation
The best companies have explosive amounts of innovation. You need to eat, sleep, and dream innovation. Business change comes from an organizational commitment to not settle for anything but the absolute best. It also helps to hire great people, which I mentioned above, and utilize technology, which I mentioned above, to assist in your innovativeness. Be smart about what products and services you plan to bring to the market. If it's not the best that you're able to produce, then don't bring it to market. Just wait until something that's going to make a big hit flows up in your organization and comes to fruition.
Provide a Sense of Fulfillment
People want to work at companies where they feel fulfilled and where they feel like they're doing something that's truly making a difference in the world. Never be afraid to incentivize your employees with opportunities to expand in their ventures while you support and fund them. The idea is to give back to employees, so they work at their maximum creativity and productivity levels, providing you with excellent results and a strong return on investment. One thing I'll say about employees is that it needs to be a two-way street. If they're always taking, and you're constantly giving, that's not a functional equation. Don't be afraid to walk away from an employment relationship if it's too unbalanced in any one direction. It needs to be two parties working together to achieve a common goal at all times.
Flexibility is an absolute must. The way we work today is so different from what it used to be years ago. There's no need for employees to drive an hour to work each day to sit in an office. Enable employees to work longer, harder, and smarter by dropping the commute. How long an employee works is not the idea here; it's how much they get done when they do work that matters the most. It's about productivity here, not wasting hours upon hours sitting around doing useless stuff.
Create a Great Company Story Online
I saved one of the most important ones for last, "creating a brand story," which is vital if you're going to have long-term business success. With social media and how people engage with short-form content posted online, you need to have a brand story that resonates with your current customers. Attracting prospective new customers via your brand story is vital as well. Filling your sales funnels with new prospects and growing revenues faster than ever before is the idea. Talk about your brand as a human being. Give insider tours. Let people know what you're all about, what your employees are passionate about, what you stand for, and invite people to participate in creating your brand story with you.
Next Steps to Business Success
There's enough information here to keep you busy for a while, but as the saying goes, "Just because you've bought the book, doesn't mean you're going to read it." Not implementing what you've learned here is a big mistake in your quest to make a great company. When you have an opportunity to learn, take full advantage of it.
If you're lucky enough to receive some real gems of helpful information, it's without a doubt, essential to take action on what you learn. It's like paying thousands of dollars at an industry conference to have a booth, spending a few days collecting a bunch of qualified leads, and then doing nothing with them. It makes no sense, and it's a total waste of time and money. Be the leader that makes your company great by design, and you'll reap fantastic rewards for years to come.