3 most important keys to a successful business

It is generally hard for company leaders to keep their teams engaged and focused on the company vision at all times. However, leaders of successful companies managed to accomplish 3 things differently, thereby, reducing employee turnover, churn rate, and loss of money. Let’s discuss the secrets they applied to achieve this success.

1- Successful business clearly define their visions and missions

A well-crafted vision and mission statement can help align your company’s efforts and focus its strengths on goal achievement.

A vision is a set of ideas that describe a future state. A vision statement should be an audacious dream of a future reality based on the work you do. It should be bursting-at-the-seams with possibility.

A mission is a statement of why an organization exists. It should be short and very clear.

Sometimes, even big companies confuse vision and mission.

Let’s take the case of a big and successful company, “The Walt Disney Company’’. Disney used to have a very clear mission statement: “Make
 People Happy”. Now their mission is “to be one of the World’s leading producers and providers of entertainment and information’’.

Disney obviously hired a strategic planning consultant to help shape its mission statement.

2- Successful business hire the right person

Most of the successful companies, when they hire new employees, don’t expect to develop weak areas of performance, habits, and talents within them. Rather, they think about areas where the company can improve, and recruit talents with the capability to make an improvement on those potential problem areas.

When Richard Branson was asked how he manages to lead so many diverse businesses to success, he said: “I surround myself with people who have knowledge and talents in areas where I might not be so well versed”.

Therefore, successful companies anticipate their need for the right and smart people for the company’s growth. These are some steps they go through while recruiting the right person:

  • Invest time in developing relationships with university placement offices, recruiters, and executive search firms.
  • Enable current staff members to actively participate in your industry professional associations and conferences where they are likely to meet candidates they may successfully woo.
  • Watch the online job boards for potential candidates even if they’re not currently looking.
  • Use professional association websites and magazines to advertise for professional staff.
  • Look for potential employees on LinkedIn and in other social media outlets.
  • Evaluate their best prospects sagaciously before being in need of them.

In The Human Capital Edge, Bruce N, Pfau and Ira T.kay said “You should hire a person who has done this exact job, in this exact industry, in this particular business climate, from a company with a very similar culture.”

Pfau and Ira T.kay believe that “past behavior is the best predictor of future behavior”.

Moreover, Pfau and Ira T.Kay could emphasize the fact of letting people know that you are a great employer. This is how you build your reputation and your company brand. Google, for example, receives around 3,000,000 applications a year, which helps Google to choose the best employees.

The tactics of successful companies detailed here are your best bets for recruiting the best employees.

3- Successful business maintain their teams focused and engaged

Behind every successful company stands a flexible team that can efficiently turn a vision into a growing business. Successful companies like Google, LinkedIn, Twitter, Uber, MongoDB, and many organizations across Silicon Valley use the OKRs methodology ‘’Objectives and Key results’’ to make sure their teams are focused on what matters and engaged for the purpose.

OKRs (Objectives and Key Results) is Google’s approach to goal setting. OKRs aim is to ensure everyone is going in the same direction in companies, with clear priorities, and at a constant rhythm.

The OKR methodology is made up of three simple parts:

  • Set inspiring and measurable goals.
  • Make sure each employee is making progress toward the goals.
  • Set a cadence that makes sure the group both remembers what they are trying to accomplish and holds each other accountable.

OKRs help big companies in six core ways.

  1. Keep the company aligned
  2. Focus on what matters
  3. Increase transparency
  4. Empower people
  5. Measure progress
  6. Accomplish the unexpected

It’s wonderful to have ideas of impacting the world in any domain. But it’s worth a lot to have a clear vision and mission that will help you not to have a pipe dream. Hire the right persons to build your team and make them engaged and focused on your priorities.


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