7 Ways to Get Your Company to the Top (And Stay There)
Everyone wants to be the best in their field, but it’s not easy to achieve when there are hundreds of companies battling for the same position. Who doesn’t want to be number 1? When you’re on top, you set yourself apart, putting a demarcation line between the best and the rest. It simply means that all the hard work and effort you exerted have paid off, and others will be looking at you, aiming to emulate the path you have taken to reach the summit.
There are plenty of ways to climb the ladder. However, everyone is doing the same thing. You then have to apply the right strategies to go beyond reaching the highest peak, and further into staying up there for a long time.
Here are seven ways to get your company to settle for nothing but the best:
1. Set goals
Goals mold the frame of your company. It is the reason why you exist and continue on existing. Goals motivate everyone to keep doing their best, so it is necessary to have S.M.A.R.T objectives—specific, measurable, actionable, realistic, and time-bound.
It helps you find the direction you are going to take and be ready to face whatever challenges that may become an obstacle. Challenges will not become a hindrance once you have a clear, solid goal because it won’t let you ruin your plans for the company.
2. Achieve your goals
Now that you have established your goals, remember that there is no one way of getting to your destination. There may be different roads to choose from and the best path may not be the easiest one. Be ready to adjust and experiment.
There will always be unforeseen and unfortunate events that will happen to your company, not only once or twice but multiple times. It is only wise to be ready for these kinds of situations by creating a plan A, B, C, until Z.
If a client suddenly leaves while your staff is still working on the project, you should have a plan as to how you are going to revive the manpower you’ve invested. It could be that some of the unfinished deliverables can be tweaked to fit other clients so it won’t be a waste. You should never run out of contingency plans because business is a world of trial and error. Sometimes everything is all right, sometimes nothing is right.
3. Take care of your employees
Always take care of those working for you. From top management down to the maintenance staff, make sure that they are well-appreciated for the time they devote and effort they exert. Employees must feel that they are part of the company rather than just being mere machines working 9 to 5, five days a week.
Constantly remind them that they are valued. You don’t have to talk to every single employee especially if you are a big company, but holding regular meetings to voice out your gratitude is already a huge matter for them.
If you can’t give them monetary rewards, compensate it with incentives such as a small token of appreciation or even a certificate. As a leader, let them know if they are doing something good to motivate them to do better each day.
4. Go easy on spending
You can never take away money from the business perspective. Everything you do is anchored on revenue. Appropriate your budget well so that you won’t be short when it comes to salary, bills payment, operational cost, and other things you need to spend on.
Do not use company money to pay for petty items your business does not need. Know your priorities and use your resources wisely on important matters such as replacement of old, dilapidated equipment instead of investing in office renovation just to improve the aesthetic aspect.
5. Be constantly updated with trends
As the head of your company, you both have the privilege and burden of having all the knowledge presented in front of you. It is a privilege because you get to experience information firsthand and be the one to cascade it to those under your wing. However, it is also a burden because you have to filter knowledge, making sure that everything passed below is accurate.
You have to be updated with the latest trends in your field. Study industry reports and always be on the lookout on how to improve your industry and product knowledge. This way, you can keep up with competitors and the ever changing business environment. One strategy may work today, but it may not be applied tomorrow.
6. Train your talents
Again, your employees are important in the business. They are connected to each other and everything they do affects everyone, which ultimately affects the company. It is necessary to train and keep efficient workers, as they will help the company grow and develop into a competent institution.
Provide trainings and coaching to your employees. Some of them may have the potential to be an expert in their field or to be a leader; they only need the proper coaching to push them to be a notch higher than the rest.
7. Think like a customer
The adage “the customer is always right” exists for a reason. They may not always be right but you should always consider what they want and need. Clients run the business side by side with you and your employees. If you fail to give them what they expect, they will leave and go to another corporation who can provide better services.
You should think from the customer’s point of view. Be mindful of their needs and wants and not your own. Clients are vital in every business venture, so it is a must to keep them interested in your company by giving them exceptional service.
Nobody wants to become number two and everyone claims that they’re number one. If you want to prove that you’re number one, make sure you have the competencies to becoming the best. What are your strategies to reach and stay on top? Share them with us!