Successful organizations share key characteristics. They have strong leadership, open communication, and value their employees and customers alike.
More than 135,000 businesses start every day, but around 90 percent of them fail, according to Failory. Did you ever wonder about the other 10 percent, and what helps them succeed? Perhaps they've taken a page from the book of other successful organizations. Every organization is different. Those that are most effective and successful share several common characteristics.
It Has Leadership at Every Level
Entrepreneur notes that leadership starts at the top, but it must also exist at every other level. Successful companies identify strong leaders. They leverage their skills for the good of everyone. At the same time, the leaders of these organizations create an atmosphere of teamwork. They encourage collaboration for speed and efficiency. They celebrate team accomplishments. They also provide the necessary structure for everyone to be successful.
It's Clear About Its 'Why'
Effective and successful organizations communicate their values, mission, and goals clearly. These are what some might call its "why." These are key parts of the organization's culture that define its driving force. The mission is the company's reason for being. Communicating its purpose draws people to join in. Its goals and values describe how it will pursue its mission, according to the RAD Group.
It Fosters Effective Communication
Successful companies use open and effective communication as part of their strategy at all levels. Every person understands his role. Messages are transparent and clear. The organization makes courtesy part of the atmosphere. Taking a proactive stance is a regular part of making every discussion a productive one.
It Values Employee Engagement
A 2018 Gallup report revealed that the ratio of engaged to disengaged workers is 2.6 to one. That represents the highest the ratio has been since Gallup started tracking it. Additionally, it showed that 53 percent of workers are not engaged. That means that they're satisfied overall but not connected to their work.
More companies are catching on to what successful ones already know. Engaged employees are more connected. They're also more willing to invest in their workplace. These are the employees who tend to go above and beyond.
It Offers Room for Growth
Having a chance to learn and grow is a key factor in supporting employee engagement. It's equally important for teams and individuals. Upward mobility motivates employees. Opportunities to enhance their skills boosts morale. Financial growth is another motivating factor that keeps employees engaged.
It Uses Applied Wisdom
Applied wisdom is the practice of sharing information throughout the company. The best practitioners of this understand how to use it to get better results. These companies share best practices and consumer information with every department. They develop strategies to meet goals. They also communicate them from the top of the organization to the bottom.
It Values Feedback
Successful organizations understand the value of feedback. They appreciate internal and external comments. They use it to push for improved performance at every level. That feedback helps them better meet their customers' needs. It also contributes to creating a better company culture.
It Focuses on Customer Experience
No matter who the company serves, the customer is always king. Understanding what customers want, need, and expect is the foundation for success. Providing exceptional service is a priority. Successful organizations understand how to act on feedback to improve customer experiences. This helps successful companies outshine the competition.