Habits of Highly Successful Businesses

One of the greatest secrets of successful people is their pattern of behavior. A little study of successful people will reveal that there are certain habits, patterns, regular or repetitive and predictable behaviors.

Just as successful people are men and women of habits, certain habits are also common with successful businesses.

Highly effective and prosperous business organizations have great relevance and impact on people because they have developed habits.

What is habit? Habit is an action or pattern of behavior that is repeated so often that it becomes typical of somebody, although he or she may be unaware of it; somebody’s attitude or general disposition.

Every business has several habits, but not all repeated behaviours are of equal value. Some habits are detrimental and pernicious. For instance, someone having a drug habit (the repeated use of harmful drugs).

Most businesses have a number of harmful and unfortunate habits. To avoid creating and engaging bad habits, we must be very conscious of what we do, when we do it, why we do it and the outcome of those actions.There are habits that are harmful to businesses. When you engage any of these habits, to experience progress in such a business becomes almost impossible. Some of these harmful habits can ultimately destroy your business.

There are four elements that make habits desirable:

Intentional behavior: Unintentional business activity is not worth doing unless we can justify its implementations. All business efforts should be intentional and well directed toward the actualization of the goal and vision of the organization.

Strategic behavior: A habit becomes strategic when it is done purposefully and in relation to a specified desirable outcome. All habits should be consistent with the vision and purpose of the business organization.

Productive behavior: A habit is productive if it moves us closer to our business goal. Every habit that is not productive is counterproductive and therefore bad for the business.

Biblical behavior: It is possible for habits to be intentional, strategic and productive but to be outside the boundaries of Scriptures. Every habit must align with the principles of God’s word.

Successful businesses have numerous habits, but these habits are intentional, strategic, productive and Biblical. Here are some habits of highly successful business organizations:

Operate in large markets: Successful businesses operate in large and growing markets. The number of people that will need your product will determine how many sales you’ll make. It is wisdom to operate in large market.

Have unique products: Businesses that are making impact in the market place don’t go around marketing “me too” products. Their products are unique.

Have systems: Successful business organizations are known for their great systems. They have great structures in place.

Customer service: The real battle in the business arena is the battle for customer. As never before customers are surrounded with dozens or alternatives to choose from. Organizations that please customer well have upper hands in this battle for customer.

Not dependent on one person: Great businesses are not built around a person or personality. And this is one of the importances of running the business on solid systems.

Have great marketing: Every business thrives on good marketing. Successful business organizations know the importance of marketing. As a result, they invest money and time in their marketing.

They add value to customers: the number one goal of every business organization is to win and keep customers. Not really about making profits. Making profits might be the entrepreneur’s goal. But the business organization as an entity has one major goal, and that is to attract and keep customers. And key to achieving that is by adding value to their customer. So that, the customers can keep coming back. And also to refer their friends and neighbors.

They come up with new products: Successful business organizations don’t rest on their successes. They know that the success of yesterday will stink today. It is said that every product has shelf life of six months before becoming obsolete.

They have a big customer database: successful businesses keep good customer database. They know the importance of their customers. They keep good records of the customers.

They have high margins. Because their products are unique and they operate in large market. They have high margins. They can afford to raise the prices of their products without the fear of losing customers.

Take a few minutes to identify some of the many habits that define your business. Let’s meet in the comments!

To Your Prosperity

Sharon akinoluwa

Secret – Successful Business Teams Are Not Built Playing Golf

When I used to work in corporate America we used to have team building exercises during our meetings. These exercises were considered to be so important by upper management that they were mandated into every meeting. The goal was to bring the teams together so that they executed the plans with a sense of purpose; the team would rise or fall as a collective.

In my experience the team building exercises usually consisted of golf, bowling, or another event that was a “team event” in name only. The sports chosen were usually embraced by an enthusiastic few leaving the others bored and unengaged. The end result was a shared experience, but not one that built a strong team ready to seize opportunities and overcome obstacles. Instead a team in name only was built.

The Secret Trait To Successful Business Teams
Successful teams – in sports, business, the military, etc. – share one common trait or gene: they care about the other teammates’ success. Individuals who are part of successful teams know that their goals, desires, and dreams can only be achieved if they help the rest of team meet succeed. Everyone possess this gene/trait inside of himself or herself, it just has to be tapped.

How successful teams achieve this bond is through a shared collective experience. This collective experience is one that demonstrates to the other teammates the strengths and weaknesses of the individual members. Typically everyone starts at the same level of knowledge – there are no ringers – and the team faces unknown challenges that they must work together to overcome. In the military it is the initial training and common shared misery of the mud, lack of sleep, and obstacle course.

3 Ways You Can Tap The Common Experience Gene
In business your team most likely is not going to go running through mud or climbing over obstacles to get their shared experience. Then again… why not?

Golf does not build a successful team. In fact most individual skills – while learned and/or experienced in a group setting – do not build successful teams. Only events that make individuals work together, learn together, and overcome obstacles together will build stronger teams.

So the next time you are planning a team building exercise for your business meeting, why not give these a try:

  • Learn A New Skill. Whatever you choose as the new skill should have practical applications and if done improperly real consequences. A great one is learning how cook as a group, which involves communication, delegation, teamwork, chain of command, and listening skills. Sure you might have a budding gourmet chef in your team, but the reality is that most people only know the basics. The goal is to cook a meal for everyone. Get it right and you’ve got good food. Get it wrong and well…

  • Overcome A Problem With Many Possible Answers. These exercises usually have a stated goal and limited resources to achieve it. While there might be one best solution, there are many other solutions that could possibly work. A particular exercise I enjoyed was building a boat out of cardboard and duct tape. To be successful the boat had to pass a strength test on dry land first and then go around a buoy and back in the water: all under a time pressure. Teams that prioritized tasks, discussed possible designs, and staffed their boats correctly made it. Others that did not sank.

  • Scavenger Hunt. Break your team into smaller groups making sure to split apart any cliques you may have. What makes this a great exercise is the element of time pressure, getting everything correct on the list, and great stories everyone will have when they return about their successes and failures during their hunt. If built correctly a great scavenger hunt will have goals that will force everyone to stretch him or herself to achieve them.

Put Down The Clubs And Build Teams
What is great about the exercises above is they require your teams to work together to succeed. One person alone cannot do everything. Success means that everyone has to work together as a team.

While you may learn more about the three other chaps in your foursome on the golf course, in the end it is the individual who must swing the club or make the putt. It does not take a team to overcome the sand trap. Therefore the opportunity to build that common bond, to unlock the gene that brings teams together, is never to be had on the golf course.

What are some other events you have done that help build stronger teams?

Small Business Spending on Digital and Social Still Growing

2011 Outlook for Small Business Digital Marketing

Just received some updated statistics on Small Business advertising spend from the 2011 Outlook report from Borrell Associates. Borrell surveyed over 2,800 Small Business owners to find that, of the 84 percent who will spend on digital, 53 percent plan on increasing their budgets in 2011. Money invested in website development, social media and e-mail marketing will grow more than 30 percent in 2011. On the flip-side, local print media, newspapers, directories and radio will continue to get squeezed out of the budget with double-digit cuts across the board from most SMB’s.

According to the report, Small Business represents a huge growth market, and accounted for over 70 percent of all online advertising expenditures last year. Social media is especially interesting for SMB’s and most are interested in Facebook, Twitter, location-based services, and daily deals platforms. I think YouTube also makes sense for the right kind of small business so I’d expect to see some interest and spending there as well. It was interesting that Borrell did not include any data related to YouTube or Mobile marketing strategies. Despite all of the buzz around mobile and video, it seems that small business owners just have not caught-on the way larger brands and retailers have.

Potential Pitfalls

Despite all the data suggesting growth and willingness to spend, the reality is that there is still a lot of confusion as to who to work with to make all of this happen. There is so much noise in the market right now, with average small business owners getting 22 new media advertising pitches a month. These pitches range from local boutique agencies to national solutions like Yodle, ReachLocal and Web.com. It is this noise and shear amount of options that paralyzes decisions makers. With so many so called experts and best-of-breed technology platforms to review and analyze, making a decision alone can take several weeks.

Furthermore, many Small Business owners still lack a real understanding of digital. Website analytics, social media insights and search engine marketing tactics are still fuzzy. Due to this minimal amount of knowledge, SMB’s must trust the provider they partner with to do the right thing. Unfortunately, most of the “big-boys” of SMB marketing are focusing on market share and not the quality of the products or services they provide. This mentality leads to less than stellar results for business owners and a burned relationship for the provider – which ultimately hurts the perception of every SMB marketing company.

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