School of Thought: Why 6 Best Business Practices Work

Companies succeed for many reasons. They create products that are in high demand or find niches that have more customers or need more new ideas. But while the causes for initial successes may vary, it’s usually not enough to sustain any business without the right corporate culture and strategies. In addition, any successful company must implement certain policies and procedures to ensure their longevity. That said, here are six common practices you can use to better ensure your business success and why they work for most.

Create a Business Plan

A solid business plan is your blueprint for success. It outlines all the key pieces you need to get started and sustain your company. Some key facets of a workable business plan include outlining your organizational structure, analyzing your markets, and projecting your earnings. The business plan sets your sails straight from the get-go, then you can adjust strategies as needed.

Stay Customer-Focused

Always provide your customers with what they need most, whether it’s extra services and specific features, or maybe even new flavors or products in your product line. When you stay focused on your customers, you align your marketing and strategies around them. And this most always leads to increased sales and profits. Use what you know about your repeat customers to get a head start in building a good product or service.

Learn to Adapt

Technology and consumers’ tastes change over time, and you need to be able to adapt to both of these. One way to accomplish this is through marketing research, where you can continually obtain input from customers on their preferences. When you learn to adapt to market and technological changes, you have a better chance to grow your business.

Encourage Participative Management

Don’t make unilateral decisions. Harness the talents of your employees and allow them to voice their opinions regarding strategic actions. Participative management works because it melds the synergistic efforts of your staff, which yields far greater results than any individual effort.

Communicate All Actions

Keep your workers informed about policy or strategic initiatives in your organization. Employees like to know what’s going on in the company and can get worried when they’re in the dark on important issues. Good communication also motivates employees to work harder, especially if they know why certain projects they’re working on are important.

Encourage Employee Develop

It’s a lot cheaper to develop existing employees than to hire new ones and train them. Encourage your staff to take courses or go to seminars if it can improve their productivity. You may even suggest that certain mid-level managers pursue higher education. Some online colleges offer courses that can be taken on the side of a full-time job. Employee development plans encourage employees to better themselves, which motivates them, and enhances their performance.

Start implementing some of these “best practices” today and see for yourself how they affect your employees and improve your bottom line.

Author: Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking and gardening. For more information on getting further education on business from one of the best MBAs online, check out Norwitch. Contact Brooke via Twitter @BrookeChaplan.