At Accru, we pride ourselves on building great businesses. We love working with businesses of all different industries and sizes, helping owners achieve their goals and grow. And one of the most important things we’re learned over the years is that “growth” doesn’t necessarily mean getting bigger, hiring more staff, or adding new locations.
In short, size is not what makes a business great. And while different business owners have different ideas about what makes their business outstanding, we’ve found that there are common traits among our most successful business clients.
Here are four areas that great businesses have in common, and that they continue to work on and emphasize:
1. A clear vision, purpose, and identity
Most successful businesses have a clearly defined vision that helps guide day-to-day operations, as well as their short-, medium- and long-term goals. This vision is understood by and communicated to all staff, who also believe in that purpose and work together to achieve common goals.
2. A strong customer focus
As we saw during the height of the COVID pandemic, businesses that focus on customer satisfaction are more likely to succeed during tough times because they’ve developed trust and loyalty among their clientele. These businesses generally have well-established, open communication with their customer base and look for ways to delight their target market. They ask for and listen to feedback about pricing, products and services and use that feedback to improve by identifying activities that create value for customers.
3. Great staff
When asked what makes a great business, our most successful clients will likely tell you, “The people.” That sounds simple, but it’s about more than just having “good” people who are dedicated and hardworking (though that certainly helps!). More importantly, it’s having the right people in the right roles. This means finding employees who have not only the correct blend of skills and personality traits to do their jobs well, but who take ownership of their work and see a clear future path within the organisation. Many strong companies also develop in-house mentoring programs to help staff build skills and prepare for advancement.
4. Efficient systems & processes
Great companies continually look for ways to reduce waste, improve processes and increase efficiencies. For instance, they work with their staff to explore ways to cut costs, streamline production or identify where employees may be wasting time due to unnecessary or duplicate tasks. Often, incorporating automation or investing in technology leads to improvements. Companies that identify areas where resources are being misused become more effective, saving money and time in the long run while delivering higher-quality products and services.
If you need assistance in building a great business, contact the experts at Accru today.
