1. Treat People Well
There is no other sure way to succeed in business than treating people who are connected to the company. They can be employees, customers, managers, suppliers, and all other internal and external customers. The purpose of business is actually forming a community of persons with individual and family needs. John Zimmer, founder and president of Lyft said:
“Treating people well is great for business; it is complementary to doing well in business. What I do know is that most businesses require other people to help you get where you need to go. Whether that’s our employees, which we call team members, whether that’s in our case the drivers or customers, passengers who are using the service, great service, great hospitality, treating people well, having a good set of values. That is great for business” (Mazarais & Shotell, 2017).
2. Eliminate all needless busywork.
A highly successful leader in a hugely profitable business is usually well-organized and knows his or her priorities and hierarchy of values in the company. At some point they all wonder, “Why is it so impossible to get everything done?”
But the answer is stunningly simple: We’re doing too many of the wrong things.
“Several research studies have shown that people never get more done by blindly working more hours on everything that comes up. Instead, they get more done when they follow careful plans that measure and track key priorities and milestones. So if you want to be more successful and less stressed, don’t ask how to make something more efficient until you’ve first asked, “Do I need to do this at all?” (Quora.com).
2. Empower people in your company.
Doing business is a team effort. It is not a one-man show. The business leader must know this fact. To be successful, he or she must know how to delegate power and empower people to become leaders in their own departments or areas of responsibility. Jason Downes: managing director at Powownow said:
“We should all take some time to consider how our own words impact those around us, whether making someone feel more confident or helping empower your colleagues at work.”
3. Spend time to understand the organizational culture.
A good business leader in a highly profitable company must know the corporate or organizational culture. When a CEO or manager is appointed to a company, he or she must first take some time to study the corporate culture before he or she starts governing the business firm. The corporate culture refers to the entire way of life of the company that includes people and non-human components of business.
John Brennan, CIA Director under the Obama Administration says:
“The most important thing for anybody who’s going to be taking on that responsibility, is use your first period of time, whether it be six, nine, 12 months, to learn as much as you can about the organization that you’re running. Understand how it interacts within itself, how it inter-operates with the rest of the intelligence community and the US government. You really need to have that in-depth understanding and knowledge in order for you to have the wisdom … (Mazarakis & Shontell, 2017).
3. Be transparent in running your business.
As more companies open up about their processes and methods, customers are becoming savvier and hungrier for transparency. Fortunately, transparency does not require you to fork over trade secrets but it does mean being honest about how you conduct business. Your customers want to feel they can trust you. Openness and information sharing helps to build that trust (Ibid.).
4. Encourage employees to express their creativity.
“Profitable and sustainable enterprises thrive on original thinking while copycat businesses shutter their doors as soon as the idea they have stolen loses its relevance. Since the successful conception and development of viable business ideas takes time and requires a flexible corporate structure, try setting aside a dedicated amount of resources to allow your employees to be creative on their own terms” (Ibid).
“Google does this by giving its engineers 20 percent of their time to work on any project they want. This allows team members to develop products they are passionate about. Many times, that means more care and attention goes into each effort. Gmail is the most famous consequence of Google’s generous 20 percent time policy” (Ibid.).
5. Develop your business in line with technology.
In today’s business world, technology is king. With the advent of information and communication technologies as well as the Internet, a highly profitable business must use creatively the latest technologies. Physical stores, for instance, are now gradually replaced by online stores because of technology, traditional marketing with digital marketing, walk-in hiring by online recruitment via the social media. “As the world becomes more mobile, if you aren’t making your business mobile, every minute your potential customers are passing you by and using companies that do use the the new way to engage.”
GIF Credits: Giphy.com
Kittaneh, F. (4 May 2015). “6 Secrets of Business Leaders Who Built Hugely Successful Companies”. Entrepreneur. Retrived from https://www.entrepreneur.com/article/245268.
Mazarakis, A. & Shontell, A. (25 Nov 2017). “10 CEOs and top executives reveal their best leadership secrets”. Business Insider. Retrieved from http://www.businessinsider.com/top-execs-tech-ceos-reveal-secrets-to-being-a-successful-leader-2017-11.
growthbusiness.co.uk (3 Oct 2017).”10 business leaders share their secrets to success”. Retrieved from http://www.growthbusiness.co.uk/secrets-to-success-business-leaders-2552460/.
Quora.com (13 March 2015). “12 best-kept secrets of successful business people”: Answer by Vivik Raj on Quora.com. Retrieved from http://fortune.com/2015/03/13/12-best-kept-secrets-of-successful-business-people/.