What Makes Successful Companies Successful?

"If you want to be successful, you must think outside the box."

"The key to a successful business is always to be innovating."

"The most successful companies are the ones that can adapt to change."

These are all phrases and steps to success you might hear thrown around in business circles or Fortune magazine, and for a good reason. They contain a lot of truth. If you want success for your company, if the business is booming, you have to be a business owner willing to think differently than the competition. First order of business: Always be on the lookout for new opportunities, and be prepared to change course when necessary. What makes a successful company? Is it the product they're selling? The way they market themselves? The people they hire? While all of these things play a role, there's one ingredient that all successful companies have in common: innovation. Innovation is what allows businesses to succeed where others have failed. It enables them to create new products and services that customers love successfully. And it allows them to stay ahead of the curve when times are tough. When you're thinking of how to start a business, it's essential to keep innovation in mind. It's the key to success for any company, no matter what industry they're in. Keep reading to learn what makes successful companies prosper.

What Does A Successful Company Look Like?

How do you define success? For some, it may mean making a lot of money. Others may define it as being happy and fulfilled in their work. No matter what your definition, there are certain qualities that all successful companies share. In the HVAC industry, a successful company might look like one that's always on the cutting edge of new technology. They might be the first to offer a new type of energy-efficient furnace or air conditioner. Or they might be known for their excellent customer service and fair prices. Are you ready for your business to scream success? Start with overhauling your marketing strategy. If you're in the home services industry, book a call with Ryan Chute of Wizard of Ads® today.

Asking 1000 People

If you were to ask 1000 people which habit is shared among 93 percent of successful companies, what do you think they would say? Roy H. Williams, founder of the Wizard of Ads™, didn't get to ask 1000 people. He did ask Google, though, which is sort of like asking the whole world. The results?

"'Successful companies focus on what they do best.'

'They invest in their people.'

'They're passionate.'

'They anticipate the future and stay ahead of the curve.'

'They never quit learning.'

'They have discipline and a financial roadmap.'

'Blah, blah, blah.'"

— Roy H. Williams

Basically, the world told Roy a long list of characteristics relating to their values and beliefs. It wasn't focused on the facts.

A Book Review

In his review of "The Origin and Evolution of New Businesses," Eric Barker of Time magazine said this.

"In other words, successful companies don't succeed because they have the right strategy at the beginning. But rather, because they have money left over after the original strategy fails so that they can pivot and try another approach." — Eric Barker, Time magazine book review

It's an interesting perspective and one worth considering. The world is constantly changing and evolving, and so are the businesses within it. What works today may not work tomorrow, and vice versa. The key is to have the flexibility to adapt and change as needed. Successful companies are those that can pivot when their original strategy fails. They have the financial cushion to try new things and experiment until they find something that works. Mary Whaley said of the book that the winners in business "survive and prosper because of an ongoing ability to adapt to opportunities and problems, are subjected to many detours, and stumble often along the way. "So if you're ever feeling stuck in a rut, remember that it's always possible to change course and try something new. You never know what might be the next big thing.

The Ability To Improvise

"Successful companies can improvise. Unsuccessful companies blindly 'stick to the plan.'"

— Roy H. Williams

The key to success for any company is the ability to improvise. A successful company can adapt on the fly and change its plan as needed. They don't blindly stick to the plan for success but are always looking for ways to improve it. This flexibility is what makes companies successful and allows them to keep growing. Entrepreneurs need to be aware of this quality to create a successful business. It's not enough to have great products with high-profit margins. You also need to market effectively, manage your finances well, and constantly innovate for your business to know how to run a successful business. These are just some of the qualities of a good company. So why do some businesses succeed while others fail? It all comes down to the individuals running the show. They have the vision, the passion, and the determination set up for success no matter what. A good team of leaders will always find a way to navigate difficult times and emerge victorious. If you want a successful business, start by building a solid team of leaders who share your passion for success. With their help, you can overcome any obstacle and achieve great things.

Adapting

Businesses gain a significant advantage over their rivals by being more capable to adapt to the current economic circumstances. Companies must constantly adapt to stay ahead of the competition and thrive. That can be anything from using big data to improve customer service to implementing evolved concepts in communication. Of course, adapting comes with its own risks. There is always the potential to move in the wrong direction and the business to lose money. However, companies must take these calculated risks to stay ahead of the curve.

Perpetual Innovation

Being continuously innovative is a strong character trait for success. Innovation is making iterative improvements to your products and services, but it also means innovating your businesses systems and processes. Many companies become bogged down in their ways, only making changes when they are absolutely forced to. This means they are constantly playing catch-up with their more nimble competitors. To disregard innovation is to choose to lose sales and employees to businesses that look and feel more relevant and healthy. Instead of seeing change as a threat, companies need to embrace it and continually innovate. That means anything from developing new products and services, to finding new marketing and selling strategies for customers. By constantly pushing boundaries, businesses will stay ahead of the competition.

Lamp Unto My Feet

"Your word is a lamp unto my feet, a light unto my path." — Psalm 119

Roy H. Williams reflects on a time when he was a boy, and his teacher told him how a foot lamp only provides enough light to see the next step. It reminds us to take one step at a time, even in our business endeavors.

"And when something unexpected appears in the light, always be ready to improvise."

— Roy H. Williams

Do You Have Something in Common with Successful Companies?

What do successful companies have in common? There are several key traits that many of the most successful businesses share, but the one we mentioned the most in this post is the ability to adapt. One of the greatest innovations I discovered was from a study of thousands of successful companies. Since the onset of the first Industrial Revolution, powerful people have manipulated their power and and authority in a bid to control their workers. In modern business, successful companies have adapted from the old ways with new outlooks on how to increase productivity and morale. All hugely successful companies have abandoned old philosophies on leadership and management and embraced a workplace culture that helps people win in a trustworthy and grateful manner. This innovation has vastly accelerated their success, making room for exponential, profitable growth. Innovation is key to success for businesses in every industry. It allows companies to create new products or services, leveraging innovative systems and processes that customers appreciate and buy. Innovation is a significant differentiator between successful and unsuccessful businesses. If you want your company to be successful, thank about how you need to adapt to the world around you. That means thinking outside the box and being willing to take risks. It also means looking inside yourself and figuring out your responsibility to make it happen. Always look for ways to improve your products or services, too. Encourage your employees to be creative and develop new ideas. When you show your willingness and commitment to innovation and change, you make way for your team to as well.

“Everyone things of changing the world, but no one thinks of changing himself.” — Leo Tolstoy

Book a call with Ryan Chute of Wizard of Ads® today. We are more than happy to show you the most innovative ideas we have experienced with our vast network of clients and experts.