10 Qualities Business Owners Need to Adapt for Success
NVFG partners with business owners across all spectrum’s, from family run to listed ASX companies. Often our team encounters businesses that have the potential to be successful however, lack the time and resources to implement change. When we consult with these businesses, the owners are typically aware of some areas requiring improvement, but are uncertain what action to take. That is where NVFG can help as your trusted adviser and business partner to ensure that your company has unparalleled access to the resources necessary to succeed.
The points below are drawn from our own observations, experience and readings. These 10 qualities are key attributes from companies that have excelled in today’s ever-changing business landscape.
1.) Build A Culture, Not Just A Company
Having a high moral and caring about your employees goes a long way. Feeling as though one is part of the vision you create in turn, brings their best self and ideas to the table. Co-founder and CEO of Airbnb, Brian Chesky is a good example of hiring individuals who are passionate about the company’s core values and mission. This culture was a major factor behind Airbnb being name the company of the year in 2014 according to Inc Magazine.
2.) Listen And Implement Action
Active listening is important, and putting that knowledge into action is equally so. Hearing feedback from those within the company ensures their voice is heard. AOL’s CEO Tim Armstrong spent his first 100 days taking over the company travelling the world, meeting in person with 9,000 employees. After listening to what they had to say, he reflected on the meetings and incorporated what was said into the new culture he wanted to create.
3.) Be Resilient
Understanding that there will be up and downs and not allowing the tough days to define you or your company is vital as a leader. Health care company Johnson & Johnson has raised its dividends 47 years straight by being able to weather economic downfalls and respond to changes in the economy. Resilience and strength at trying, turbulent times is fundamental for long term success.
4.) Have a Clear Vision
The ability to not only see where you want the company to go, but also express a clear direction and steps to achieving the outcome is critical. A vision expresses the “how” and “when” so that employees see where they can contribute to the ultimate outcome. Coca-Cola’s vision statement correlates with their desire to continue achieving sustainable quality growth. This broad statement is then broken down to a vision which inspires employees across the world giving them something they believe in.
5.) Customer Advocate
Understand that each customer is unique and deserves specialised service. No one wants to feel as though they are just a number. Putting the best interest of the customer at the core of your company ensures that they will be regulars and speak highly of your brand. This is how Costco has been so successful without paying for advertisements. All of their customers come back time and time again and refer others, solely on customer service, quality and experience.
6.) Integrity
Across all aspects of life, especially within the business sector, being able to stand by your actions and words is what separates the good from the greats. Sean Farrell earned the spot of CEO within the company Quality Data Systems and tripled his business with the simple concept of integrity at the forefront of every action he took.
7.) Convince and Inspire Others
People will not always see eye to eye with your decisions. Being able to explain your ideas while hearing alternate opinions will get even the toughest opposition on your side. It is easy to tell when someone is truly passionate about what they are preaching. A great CEO has charisma matched with facts to inspire and convince any criticisms that may surface.
8.) Time Management and Focus
Each day will bring new challenges and road blocks. It is important to have the ability to put precedence on the task at hand and have immaculate time management skills. Nissan CEO Carlos Ghosn ensures that he plans far in advance to heighten his focus for the week, month, and year to come.
9.) Speak Clear and Concise
Crisp, clear speech and communicating effectively ensures that you are quotable and keeps your audience engaged. What you say should leave an impact and allows people to share your story easily as a topic of conversation with peers.
10.) Effective at Hiring and Firing
Hiring employees who are passionate about the business ensures good moral and work ethic long term. In turn, being able to spot when changes need to be made and when firing is in order, is a make or break skill to have.
If you would like to seek advisory on how to implement change and take your company to the next level in becoming a leading business owner, don’t hesitate to reach out and contact us. We look forward to meeting with you, even it’s simply over a coffee, to discuss ways to reach your business vision and achieve long term success.
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