Look at the most successful businesses in the world today.
Why have they flourished when so many others fail?
We attribute it to three factors.
A business doesn’t succeed through mediocrity. It won’t succeed by copying the products and practices of other businesses around them. A business succeeds through innovation; being both better and different to the rest. There will be some you will have heard of, such as Apple who innovated with touchscreen technologies on their smart devices, and some you will be less familiar with unless you are part of their particular industry. Take Statewide Bearings, for example. This company has been open for nearly 100 years developing innovative and effective solutions for a variety of industries, including the production of innovatively designed high-grade steel used in roller bearings for machinery. Let’s just backtrack in case you missed something we said. They have been open for nearly 100 years!! The survivability rating for most businesses today is 5 years on average, so it’s clear that innovation is key. So, no matter what business you are involved in, make sure you always have innovation at the forefront of your mind.
A business can live or die on its reputation, partly thanks to social media and the glut of business review sites online, as well as the attention of both local and national press. A bad reputation is gained through poor quality products and service, a damaging eco-footprint and other unethical practices, and a general lack of care for customers, employees, and local communities. In short, when it comes to success, image is everything. Look at the worldwide success of Giorgio Armani, for example. They have cultivated a luxury brand with high-end and much-desired products, and while that partly accounts for their strong reputation, it’s also their commitment to charity and sustainability that have cemented public favour. Then there’s Microsoft, who not only produce well-built and highly functional computers and pieces of software that appeal to the masses but who also place employee wellbeing at the heart of their company. Again, this cements their strong reputation. These businesses will carry on for years because they are committed to excellence, and their reputation is proof of this.
To avoid failure, businesses need to move with the times. Sadly, we are seeing many examples, even among bigger businesses, where this isn’t the case. Consider the rise and fall of Blockbuster, for example. They may have weathered the storm in the transition from VHS to DVD, but they failed to understand the impact of companies such as Netflix, who not only led the way with a movie delivery service but who also dominated the streaming world online. The chiefs at Blockbuster probably assumed their physical stores would last forever. You already know the outcome! There are other examples of companies who failed to adapt here. Some have clawed their way back but with a decline in profits and popularity, while others have fallen by the wayside. You need only look at your local high street for evidence of this. So, think about your business. You need to look at the changes in consumer demand and take note of newer businesses who innovate with technology. You need to keep up with any changes, as like Blockbuster, you may struggle to stay alive in business if you don’t.
Innovation. Reputation. Adaptability.
Looking at each of those factors, where does your business stand?
Do you innovate or could you be considered generic?
Do you have a good image or are you otherwise unknown by many?
Have you adapted or are you struggling to stay with the times?
To succeed in business, you need to focus on each aspect. You are well aware of the alternative if you fail to do so.