Most businesses are built around problems; the bigger the problem it solves, the bigger the business it builds. A great company is the best investment for the future generations. It takes courage to build an enduring organization that caters the needs of people and society. It is intriguing that some organizations have been in existence for centuries while others last for less than a decade. What differentiates the companies that stay vibrant and alive from those that die early? Why some organizations scale and transcend the limit of time whereas others fail to expand? What does it take to build an organization that constantly evolves with time?
Building an organisation is a tough job, really tough one. Building one that stands the test of time is even tougher. It seems interesting, yet the most successful companies that stand amidst economic downturns, fast changing business scenario, competition and conflicts are governed by timeless fundamentals. These fundamental principles enabled these companies to evolve with time and endure during adverse situations. Here is a look at some of the governing principles that the greatest organizations follow:
A visionary company is built around principles. The underlying core ideology or the vision of the company is the foundation on which the organisation grows. While adapting and evolving as per the market needs, the brand values remains consistent. Coca-Cola has been in the market since 1886 and performed remarkably well maintaining its brand positioning.
2. A great workplace with best practices
The best organizations are built around frameworks and systems. These companies are built around processes and frameworks that enable them to scale, replicate businesses and stay as market leaders. Some of these large incorporations have well structured and documented processes that made it possible for them to create a global footprint for a sustained period.
3. Method over Charisma
Great organisations are built on methods rather than individual brilliance. These systems are incorporated into the heart of their business and responsible for their strong positions for long time. They focus on knowledge sharing and building a continuity culture. These organisations like 3M, coca-cola, GE etc have processes in place that make succession planning smooth.
4. Building Trust
Trust is built when customers are able to derive value from companies’ products and services over a sustained period of time. An amazing success story in recent times is that of Amazon. It started in 1994 and has redefined the way people purchase things. The trust has been built steadily by empowering the user with the power of informed decision making and feedback.
5. Realistic Approach through marketing
Great companies are ever vigilant to keep track of the changing market. They not only adept to changes but also create a viable market through proper channels. Corning, a manufacturer of speciality glass products for last 160 years, analysed the fast changing market opportunity. They are now one of the major suppliers for smartphone and tablet screens. Most of the old companies do not evolve with time but the leaders emerge even stronger by creating opportunities.
6. Innovation and understanding the dynamics of the market
Creating an environment that promotes and encourages experimentation. Great innovations are results of endless experimentation and great companies prove it time and again. 3M started as a mine and failed miserably. The first president could not get a salary for 11 years. Yet with time it became one of the most innovative companies, with more than 60,000 products to its credit.
7. Satisfaction of the customer
Any business revolves around the customer. The idea is to make the customer happy with the best products and services. Innovation that does not provide value to the end user is not worth it. GE has introduced goodwill and customer satisfaction program wherein GE Six Sigma black belts/management experts assist their customers in streamlining processes, cutting costs and resulting in optimized businesses for their clients, all free of cost. No wonder GE leads the pack among companies that score high on customer satisfaction. Technology giants like Google, Amazon are other great examples of companies wooing the customers by the excellent services.
Top organizations are built with timeless principles. What is needed is the top leadership to influx a need for improvement and growth. The most important thing is to stay ahead of your completion by constantly making changes as per the demands of the market. The most successful organisations of the world are built around innovation. The business leaders not only innovate but also seize the market opportunities. They create a culture of continuous innovation and stay ahead of the competition by being different.
Author Bio: Apoorve Dubey is the founder and C.E.O of Kreyon Systems Pvt. Ltd, an IT and mobile application development company. He is the co-founder of Master Mentors Advisory Pvt. Ltd, a premier consulting organisation with global footprint and collective management experience of over 300 years. He is the author of the international best-selling book, “The Flight of Ambition” published by Macmillan and co-author of “Successful organizations in action”. To know more about Apoorve and his work, you can visit www.theflightofambition.
Category: Startup Advice