Five Qualities of Successful Businesses

Business experts recommend that businesses should not stay in startup mode for too long as they may just remain in this mode forever.  While there is really no defined time limit; signs of growth or attempts at establishing itself should begin within two years. So whether it’s increased awareness, improved revenue or the inking of a major contract, a strong signal is required from the business to show its seriousness about growing the business through its many stages to maturity.

We are all familiar with the big names and even bigger brands of the successful businesses of this world.  From Amazon to Apple and Nike to Starbucks, startup companies are encouraged to adopt some of the qualities that have allowed these businesses and brands to achieve the success they have experienced.

1.       They know their market – What they like, where they eat, where they shop and everything in the middle, these businesses know their audience/s.  They also know their income levels, occupation and can quite possibly put a face to exactly who they are targeting.

2.       They know their business – These businesses invest in research.  They know their competition and the industry within which they operate.  They are fully updated on the current and future trends and how to mitigate against challenges and capitalize on opportunities which may arise.

3.       They are experts – These businesses are built by persons who also know how to position themselves in the market.  They are influencers, opinion and thought leaders and their expertise are sought within and outside of their industry.  People generally listen to them and make decisions based on their word.

4.       They have a clear competitive advantage – These businesses have a unique selling proposition.  In other words, they can clearly differentiate themselves from the competition, even if they sell similar products; and they make no bones about pushing their difference. 

5.       They have a good team – There is an old adage which says ‘no man is an island’ and it has proven to be true time and again.   All successful businesses boast a good team.  The team may consist of family members or friends but the common trait is that they are loyal, have good business sense and are committed to the good of the company.