Five Habits of Highly Successful Businesses

1) Profitability

It might be strange to think about profitability as a habit, but some business owners don’t discipline themselves to run a profitable business. They spend money and base their success as the promise of success rather than actual success. I always recommend that businesses build upon what I call a “core of profitability.” If you aren’t profitable, trying to grow and add business is often not the best answer. I even encourage new startup businesses to operate profitably instead of getting used to taking a loss.  

2) Accountability

Really good businesses establish an internal expectation that people will do what is expected of them. This is done by first communicating the expectations to employees. Then it is accomplished by checking back with everyone to make sure things are getting done. Finally, when all else fails and an employee just can’t get it done, healthy organizations move on. (Yes, I mean they fire the person.)  

3) Innovation

Successful businesses are always making things better. They are constantly thinking about their products, their customers and how they can become more efficient. Great companies don't innovate just to innovate. New isn’t always better. However, great company leaders are always working on the business as well as in the business.  

4) Focus

I seldom find a shortage of new ideas when talking to a company. It’s not the quantity of good ideas or even the quality of the ideas that makes a company great. Instead, it’s the company’s ability to focus on and execute the best of their ideas. Good strategic planning often isn’t about what the company should do next; it is often about what they shouldn’t do next.  

5) Expertise

Great companies don’t cut corners in terms of expertise. They find the best talent they can and when they lack knowledge or experience inside their team, they find outside partners to help them. Bring in the best in order to be the best.

 

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