For a business to be successful, especially during a recession, it needs to show a number of different attributes. The business world is notoriously tough and we are constantly reminded of recent failures just by walking down the local high-street and looking at the empty shop fronts. An alarming statistic states that almost half of new businesses fail within the first year and that figure is sure to increase during a touch economic climate.
A business will always reflect the attributes of its employees and therefore it is important to make sure you have the right people that will give you the success you desire. Businesses across the world display many different characteristics but here are four main ones you will need in order to pave the way to success.
In a competitive industry creativity is what will set you apart from everybody else and that is why creative thinking for businesses is so important. By being creative and constantly coming up with new ideas for products and services a business can develop and move forward, but without this it will remain stagnant and be surpassed. Creative thinking comes from the employees but if it is encouraged by the business as a whole then it can be bred from within.
Some businesses are far too busy shouting about what they can do and what they have come up with that they forget to listen to what their consumers really want. In the twenty first century it is easier than ever to build relationships with your consumer base and use this to provide what everybody really wants. Without listening intently to what your target audience wants from their experience with your company you aren’t likely to ever succeed.
Knowing When To Be Cautious And When To Take Risks –
It is a difficult balance to strike, but it is so important for a business to know the situations in which a risk should be taken and those in which caution should be shown. To be able to do this effectively shows great intuition and your customers are sure to react well to this. Being overly cautious may cause the business to miss out on valuable opportunities but taking too many risks could leave you exposed to damages in your reputation and profit.
Integrity is usually something that an individual shows that they have but it is also important that your business shows its consumers that it has integrity too. Behaving irresponsibly or acting in an immoral way is a sure-fire tactic to build a bad reputation. Moral integrity also becomes important when talking about world issues such as being sustainable. If you are willing to show that you take things like environmental issues seriously then you will build better relationships with your consumer base and show that you are the sort of company everyone can do business with.
Chris Mayhew knows what it takes to be successful in the business world. He is working for Now Go Create who offer creativity training to businesses who want to improve their ability to be innovative.