Seeing others having successful businesses may seem really inspiring for many up and coming entrepreneurs. However, building a successful business is definitely not an easy feat to pull off. Many successful businesses have their habits and strategies which allow them to be who they are now. Here are the things successful businesses do in Malaysia.
Things successful businesses do in Malaysia
Employing a great management team
Successful companies, big and small, need good management, from the top level down to people like foremen and shift supervisors. Quality leaders offer employee communication, a natural company culture, and clear goals and objectives. Criticism is constructive, and employees feel valued yet knowing where they need to work harder. A good leader lives the company culture, complies with standards and rules, and is an example for the employees. Ultimately, good leaders make employees feel valued.
Being a bad leader isn’t just about making poor decisions for the company. In fact, a bad leader can make good financial or marketing decisions, yet lead a team of miserable employees. From failing to empathize with employee struggles to communicating in an unclear or frustrating manner, bad leaders inspire employees to quit or switch departments left and right. Have you ever heard the saying: “Employees don’t leave companies, they leave managers”? It’s a cliché for a reason.
Focusing on customers
Customer service and customer experience are major focuses of the most successful businesses. The first step is creating products and services that customers want. But focusing on customers goes beyond your products. Customers are tired of dealing with companies through phone menus and automated chat bots. They want a human connection. For a customer, it’s important to feel like their business is valued, and that you’ll work to solve their problems. Just a few bad customer experiences can have a big impact on how others view a business as.
People will return to your brand because of exemplary customer service, even if you don’t have the lowest price. Amazon is always willing to send replacements for packages that are lost, without giving the customer a hard time. Costco has digital receipts, which makes returning items, even years after you got them, much easier. Customers don’t want to fight with disgruntled employees to prove that their problem is worth a company’s time. Even if you start small, provide good customer service and you’ll keep people coming back.
Keeping detailed financial records
One key component in what makes a successful business is the financial records. Businesses need a very clear idea of how much they make and spend. Keeping track of finances helps businesses spot good patterns and possible financial dangers. When businesses know their finances, they can choose to make investments, pursue innovations, or pay for new equipment or new suppliers. It’s also how businesses know when they need to hire more people.
Outsourcing some of the financial burden is a smart move for smaller companies. Successful corporations can, of course, afford in-house accountants and analysts. Smaller businesses with good success don’t take on more than they can handle. Plus, successful CEOs know not to get too bogged down in the nitty-gritty work, because it actually gets in the way of managing and leading effectively.
Continuing to innovate
When you create a quality product, people are going to copy you. That’s why the most successful companies are always innovating, whether it’s improving on products that already exist or coming out with entirely new stuff. Think about why so few people leave their Apple products once they switch over. Apple consistently manufactures the leading laptops, smartphones, and tablets. Every time another company catches up, Apple zooms ahead again.
Innovating at the small business level looks a little different, but still impacts the business. Improving a product, finding a way to offer a lower price, or discovering new ways to show customers you appreciate them are all powerful innovations. Never stop pursuing great ideas.
Retaining employee talent
Good managers are part of how a successful company keeps good employees on payroll. A mission with great core values that employees can believe in is another way. The most successful companies recognize the good talents they have, and work to keep it. That means more than a competitive salary and a few benefits. Employees need to fit in with the company culture and feel valued for their contributions.
Offering additional training opportunities and extra perks like telecommute days are popular ways companies keep their best talent. Benefits packages with flexible sick and vacation day options are another. Finally, employees need to know that development opportunities, including moving up the ladder or moving laterally within the company, are possible. That way you don’t lose someone to a similar position at another company.
By implementing the things successful businesses do in Malaysia to your own business, you may not be guaranteed to be equally successful. However, you increase your chances massively because these are good habits to embrace in a company.
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