The business bug has bitten human beings from ages. And the same bug has been scattered uniformly across locations, religions, demographics and languages too. A smart add on to the business bug is Entrepreneurship which has originated a couple of decades back and is striding forward with unlimited speed. Not only professionals, not only students, not only the family business owners; infact everyone is now trying to reap the benefits of business and entrepreneurship and this has lead to a multi fold increase in competition thereby powering the need to build a great company that everyone may love above others.
Here is a 4 point strategy to understand what makes a great company
1. Building the Brand
A great company must have a brand that stands out in the limelight. From the logo from a logo maker to the workforce setup everything must reflect the brand strongly.. The employees need to speak for your brand. The brand shall set you apart from competition and will not only help you hire the best team but it will also help you sustain your talented workforce. The perfect company brand will also assist people in shaping their destinies in a way they actually needed thereby establishing a never ending connection with your company. If you are communicative enough with regards to your brand, even your clients will be your brand ambassadors automatically. Big CEO’s have always focused on the importance of branding in business and one should surely keep learning from their experiences.
2. Fixing the Growth Mindset
Great companies always focus on continuous growth. You as the CEO or founder and your salaried team both need to fix up the growth mindset as a sticky note which can never be torn. Your revenue must grow, your employee productivity must grow, your client count must grow, your product features must grow and so on. This has to come from the top and must be pumped up within the mind of each & every team member. You also need to track your team’s progress often to maintain the growth mindset across. Frequent team meetings showcasing your growth plan to the employees, inter–department discussions to understand individual growth plans and thereafter mapping employee plans to your vision will be pivotal in keeping your team productive and aligned to the organizational goals.
3. Caring for your People (The team)
Great companies always care for their employees. Its your team, your people which make your company. The day they are detached from the company or lose focus, you lose on revenue. Several practices come into picture when a founder or a manager wants to care for the team. Manual interventions work greatly but when the team size is large, you need simple and effective tools to manage your employees. Tools can help you gather employee data, their focus towards the work and their productivity levels. Once you have the data, you have the context around which you can plan your talks, team meetings and motivation methodologies. Its straight and simple. The more you motivate your team and keep them aligned, you actually give them what they want, the better they execute their work and the better your revenue is. Many a times you may need to go the extra mile or spend some dollars extra to make your employees happy but the small spend reflects upon greatly in the long term. So, to keep your company in the race you need to keep your team on top gears.
4. Supporting & Servicing the Clients
Great companies not only build great products but also provide awesome service and that’s the key. Even if you have a mediocre product, excellent client service & support can do wonders for your brand. Just like your team, your clients are also your people. Your clients are the ones who fund your firm and help you grow. You need to have a specific section of your team dedicated for client service and customer success. This department needs to maintain a constant connect with your customers to understand their pain points, resolve queries or issues wherever needed and also keep on adding value to your brand by helping them in certain aspects related to your product. This department needs the best training out of all departments within your business and perhaps the best attendance and leave management is needed here too as the support team may need to work in multiple or rotational shifts to service clients 24 x 7. A pumped up and motivated support team with a positive mindset can turn up bad product days to good ones just by good client conversations and that’s the key factor in measuring productivity of the customer support team. You as a founder or the top management may also need to pitch in multiple times to support or service your clients perfectly whether directly or during an escalation.
Surely there is more to building a great company but the above four points need to be the prime focus to trigger a successful start. Great companies assure a great future for the business and the economic ecosystem. Here small practices work bigtime and create destinies.
We360.ai has always been inspired by great companies & thereby supports potentially great ones.