A number of my clients have grown from ‘start up’ companies with an annual turnover of less than $300,000, to enterprises worth millions. It’s always a fascinating thing to observe, and raises the question: What makes a business thrive?
There are, of course, many online articles expounding theories as to what makes a business successful. However, from my observations, I have concluded that the path to success is actually relatively straightforward. It boils down to just 4 fundamental traits.
Successful small businesses usually have stakeholders who are purposeful about driving their business forward. They believe in their product and what their product can do for the market. I have never encountered a business experiencing rapid growth that has stakeholders who are unenthusiastic and lethargic. However, I have encountered businesses whose growth has faltered due to the stakeholders losing their focus and purpose.
People are instinctively drawn to leaders with passion. Likewise, clients will naturally be attracted to companies who display a passion for their business, their products, and the interests which support the business. It is challenging to work on something and nurture its growth if you lack the passion to do it. If you are in a business and hate it, you might have lost your passion along the way; and it’s important to fight to regain it.
Exemplary customer service
Most successful businesses have grown on the back of offering a great client experience and exceptional customer service. Organisations gain the trust and appreciation of their customers, which in turn, encourages repeat business.
I have encountered a few businesses who have grown with a non-existent level of customer service, but that is only when they sell well-known brands at rock bottom prices, with razor thin margins. However, after a certain level of growth, they tend to allocate resources to support customer services operations, in order to expand further.
Great Culture and Fun
One of the less talked about traits that successful small businesses have is the ‘fun’ factor. The stakeholders of such business enjoy the process of working in, and working on the business as it grows.
Such organisations, with the right hiring practices, tend to attract employees who are like-minded, which then feeds into the culture of the organisation. The most desirable businesses to work with are generally those who value their team. Take Google as an example. The company demands a lot from its employees, but places focus on making their working environment a relaxing and fun place to be in.
In my book ‘$20K to $2 Million in 2 years”, I go into more detail about the common traits of successful business that I’ve worked with over the years, and the psychology of what makes them successful. You can get a free preview here . If you want to get a copy for yourself, you can purchase it here .