Businesses Are Under Attack: Fight Back!

The coronavirus has waged war. For some businesses, it will be devastating, for others an opportunity. Who will survive? What should we be doing now? How can we prepare for the continued battle? Now, more than ever, it's time to refocus on core company elements that will arm you with the tools to face continued challenges and change. 

Below, please find top traits shared by successful companies. How does your organization compare?

Successful Companies Have:
1. Clear Vision and Values
Successful companies have clear goals that are communicated and understood by all staff members. These goals are discussed, measured, and in-line with shared values that are accepted and appreciated. This enables staff to be empowered to make day to day decisions, as they all understand what is and what is not acceptable.

2. Decisive Leadership
Survival depends upon leaders who make wise, timely decisions based on experience and feedback from trusted employees and advisors. They learn because they are good listeners. These individuals are relationship-oriented, appreciative of employees, and hold everyone to high standards.

3. Positive Corporate Culture
Successful cultures are communicative ones in which employees understand their roles, goals, and value to the company. It's understood that staff and customer differences are essential to becoming the ideal organization. Employees feel like they have purpose and have a sense of accomplishment and appreciation that is self-perpetuating as they work closely with others.

4. Marketing Savvy
Marketing, including sales, advertising, public relations, and all aspects of communication with your publics, is not an optional activity for companies seeking success. Instead, it is a critical business function that must be embraced and folded into essential operations. Quality marketing will go hand-in-hand with the ability to sell, service, and succeed.

5. Continuous Improvement Goals
Successful companies are always learning, training, and changing as technology, markets, and demand evolve. Cultures that embrace the need for improvement and ongoing flexibility will always fair better in transitional times.

6. Opportunity-Oriented
Wise companies focus on core strengths and products while proactively seeking new opportunities. This may include new markets, products, or acquisitions. Not every opportunity should be taken, but the willingness to be open-minded to new areas that will not impede current operations is an important trait for survival and success.

7. Relationship-Centered
Companies that understand the importance of establishing positive relationships with employees, customers, and partners have a better shot at success. They invest in communication with all parties to ensure a two-way relationship where everyone benefits.

8. Financial Planning
Successful companies can create financial forecasts based on past success and known future concerns. They understand what is and is not profitable within their model and can make decisions based upon forecasted models. They have good banking relationships, access to cash if needed, and can weather storms as a result.

There is much uncertainty in the business world. Find comfort in the fact that the basics of good, successful business continue to remain the same. These principles can serve as your weapons to win the war and emerge even stronger. We wish you good luck in your efforts to enhance your success.