We’ve all done business with enough companies to know there are distinguishing differences between a good business and a great business. Good businesses do the job they say they’ll do when they say they’ll do it. They answer the phone when a client calls and offer solutions when problems arise. They “check off all the boxes” of what it means to be successful, including a quality product or service offering, profitability, satisfactory customer service, productive employees, etc. However, success doesn’t always equal greatness.
Great businesses stay in touch with their customers and reach out regularly to provide solutions before problems arise. They ask their customers if they are satisfied with their service, even if it means hearing bad news. They listen and respond to feedback, and learn from it to improve their business. Great businesses are led by great leaders who motivate others around them and build relationships that create trust and open communication.
Good businesses often fall short of the extra effort it takes to become a proactive, innovative, goal-centric great business. Because of which, good businesses will always be a step behind great businesses, and for growth-minded business owners, “good” soon becomes “not good enough.”
Both good businesses and not-so-good businesses can all become great businesses. Break free from mediocrity by honing these defining traits that can transform your business from good to great:
1. Great Businesses Make Conscious Choices:
Great businesses have strong clarity of who they are and what they want to become. They have a purpose that goes beyond what they sell and defines the value they create in the world. With the whole organization buying into their purpose, each and every decision is made strategically towards reaching the goals of the business. Their purpose and core values shape their culture, how they hire, develop skills and make decisions.
Do you have a purpose and clear core values for your business? Do they drive your every choice and decision? Defining and articulating your purpose and core values will act as a “North Star” that keeps everyone clear on the direction of the organization.
2. Great Businesses Take Decisive Actions:
With their purpose and core values in mind, leaders of great businesses not only make decisions that will get their business closer to their goals but see them through from inception to execution. They take calculated risks to further their success, but this also means they often fail. Leaders of great companies understand that failure is just a learning experience. Instead, they talk openly about their failures company-wide and determine what they can do differently next time. Great companies celebrate employees who take smart risks and adopt risk-taking and experimentation into their core values.
The world is moving too fast to avoid taking risks and decisive actions altogether. A great way to evaluate the success of a new initiative is to establish Key Performance Indicators (KPIs) that can help you track metrics and measure results. Before implementing a new initiative, define what success would look like (X% increase in leads, new customers, repeat customers, total sales, positive customer reviews, etc.). Measure the KPIs monthly to evaluate if the tactic is a success.
3. Great Businesses Are Led By Disciplined Leadership:
Leaders of great businesses keep the focus on what really matters – working towards the company’s goals while keeping the bigger picture of the company purpose in sight. They meticulously follow an action plan that identifies their annual goals and defines clear priorities to help eliminate distractions. They set mini-milestones for the team to help them stay motivated and focused.
Do you have an action plan set for 2019? Make your purpose and core value come alive by creating annual and quarterly goals that help you stay on track and continually work towards greatness. A written action plan will highlight what you need to do this year to get to where you want to be in one year, five years and even ten years.
Are you a good business or a great business? The choice is yours! Start striving for greatness today by focusing on making conscious choices, decisive actions and disciplined leadership. To help you become a great business, CONTACT ME TODAY for a complimentary strategy session.