Competition in the business world is always going to be fierce. Creating a successful model for running your business is not necessarily enough to be at the top of your industry. There are other important factors that go into what companies rise to the top and stay there.
Of all the companies in the Fortune 500 in 1955, only 61 (or 12%) were still in business in 2014. What set these companies apart from the ones that failed? Is there a formula for being on top and remaining there? Companies that have had a long run at the top of their industry are able to be successful when they do the following 8 actions:
1. Adapt
The business world is always moving and always changing, and it is up to you to move and change with it. A company (and the people who run it) needs to be able to adapt to both industry and internal changes. A company’s business plan needs to be flexible and be able to evolve quickly once the business environment shifts. This is the same for the individuals that run the company. A business owner or manager who cannot adapt when needed will not be successful.
2. Innovate
Along with adapting to the business environment, to be on top, you must innovate. While it can be tempting to continue with the status quo, the desire to improve existing processes is what sets a company apart. When faced with challenges, you must be innovative in order to not succumb to these challenges. Find solutions to either do a process better or offer something new to your client base. Continual innovation is the key to long-term success plan.
3. Differentiate
With so much competition, the only way to stay ahead of your competitors is to differentiate your business. Most consumers will pay a higher price when they feel they are getting more value. For example, providing clients with an exceptional level of client service will bring your business to a higher level than your competitors. This should be clearly communicated to clients in all forms of marketing, so potential clients are aware of the difference between you and the competition.
4. Provide Superior Client Service
This is one of the most important characteristics of those businesses who are at the top and remain at the top. They provide superior client service to their client’s day in and day out. These value-adds go a long way in getting new clients and retaining current ones. Think about the manager who hand-writes personal thank you notes after every client meeting as compared to the one who leaves the client’s office and does not touch base again for months. This is especially important when prices are dictated by the market and most competitors are at similar rate levels. Clients do care about what they are getting for their money, just like you do.
5. Speak your Client’s Language
Businesses that rise to the top and stay there understand their client base. Those companies that do not understand what their clients need and want, and how to fulfill those desires, will never succeed to the level they desire. When you can fill the void that is not being met by another company, that is when your company will succeed and rise to the top. Make sure that your marketing materials are aligned with this message of how you can service the client even better.
6. Use Content
Relevant content is another way to add value to the client and keep your business’s momentum strong. Find out what your clients want to know and then provide it. Position yourself as the industry expert by posting videos, sending articles, and using social media, etc. A regular blog is another way to give your clients free content that will be useful to them. They will come to regard you as a well-informed authority.
7. Keep Learning
Businesses that are at the top are led by those who have a thirst for knowledge. Read industry publications, check out your competitors’ websites, and attend conferences and meetings. Being able to take new information and use it effectively in your business will keep you ahead of the game. This creates a flexible business that will remain at the forefront.
8. Take Risks
You are going to fail at something in business. Accept it and move on. If you need to, put your big boy/girl plants on and have a five second pity party and move on. If you do not take risks in your business, you will remain stagnant, which is the downfall of any business. Risky decisions should be well-researched (as you would expect) and calculated, and taking chances now and again is the only way you will propel your business forward.
Getting to the top is not an easy road and staying there is even harder as all eyes are now on you as the target. Once you have found success, it is not time to lessen the pressure. Continue to work hard to stay at the place that you worked so hard to get to.
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