Every company employee wants their business to succeed and make a lot of money.
However, not every company does. It is estimated that only 20% of startup businesses succeed over a 10 year period.
So, let’s talk about what separates highly profitable companies from failing companies.
Have a Passionate, Reliable, Experienced Team
First and foremost, you need to make sure you have a good staff. Having flighty and unreliable employees will break your company and cause big problems. When hiring, you need to find passionate employees that will put their all into it. Having employees that look at your business as a 9-5 job only and do not really care whether your company is growing or not will inevitably put in minimum effort and get you nowhere. You want people that work hard and really care about your company; Someone who is constantly thinking of new ideas and strategies. Having poor, low-quality employees will result in your company not getting you to where you want your company to go.
When you are expanding, hire and make partnerships with people with experience. Having people on your side with experience can show you the ropes of what they have found to be successful, so you can avoid making mistakes that can be detrimental. These people can help direct your company and open opportunities you would not have been able to find before.
Continue Employee Education
We have all heard the saying “knowledge is power”, and it really is. You may have a college degree, but that should not mean you stop researching and reading about ways you can improve your company, and what other successful companies are doing to be successful. 80% of U.S. families did not buy a book in the last year, and over 45% of people never read a book again after college. Being well informed about what other successful companies are doing similar to your company, will only help you learn. It is important to constantly be improving yourself and your company and being educated is the best way to do so.
We interviewed Val Hale, Director at the Utah Governor’s Office of Economic Development, and he said something that should be reiterated. He said, “Learners are earners, readers are leaders”. When you are constantly reading and looking for ways to improve, you will start to results as you learn things that experts have learned and avoid making the mistakes uninformed companies make.
Our CEO, Cody Broderick, interviewed Val Hale and gave some insightful advice about what companies should do to be successful in our Global Growth podcast. Give it a listen!
Constantly Look For New Opportunities
Even if your company is doing well and making good revenue, you should still keep looking for ways to expand and grow. The IBM Global C-suite Study found that executives of successful companies are constantly looking for growth. Social networking is crucial in the business world, making connections and meeting potential new clients or business partners can be a great way to expand your business. It is important to not be afraid to ask for resources, whether it is from other companies to the government. If you don’t ask, the answer is always no. It is very difficult to be successful (especially in the beginning) without the help of important contacts or partners. Keeping your door always open will help you be able to grow and create business relationships that will consistently help you.
It has been found many times that expanding globally will start the increase of sales as there are so many new markets. As globalization continues to progress more and more every year, people are starting to grow more and more. This will give you a leg up on your competitors, and open doors for you that you never knew were possible. When you are expanding globally, it is important that you do it right. Luckily for you, we wrote a blog post about our top tips on going global. Check it out here.