Many available articles talk about the nuts and bolts of a business and discuss how implementing various strategies will lead to business success. In this article, we are sharing something different. All of the principles are tried and true. They come from a recent interview on the Systems Simplified podcast with Ruth Domber, co-founder of 10/10 Optics. In this interview, Ruth shared the strategies and principles she used as she built her thriving brand.
Ten Principles for Business Success
Ruth is a very straightforward person, and she shared her straightforward methods for creating a successful business in her discussion with Business Success Consulting Group CEO Adi Klevit.
Here are Ruth’s ten tried and true principles for business success:
1. Deliver what you promise.
One of the critical elements of any business is delivering what was promised. However, many companies focus on providing a minimum viable product rather than the robust product that was advertised. This may work in some industries, but it can also breed distrust and cause resentment in clients.
The best way to do business is to do what you say you will and expect your staff to do the same.
2. Make accomplishing your goals a crucial part of growing your business.
Many business owners have clear goals they’d like to achieve. They may want to change the face of an industry, disrupt how things are done, or provide a fantastic service. Sometimes those goals get lost as one builds a company.
Keep your goals at the top of your mind as you build your company. How could you do business in a way that achieves those objectives? Find your way of doing things, and stick with it.
3. Make ethics a requirement for employees.
While no job applicant will say, “I am not trustworthy,” making ethics part of the company culture will help you determine who will work for your business – and who will not – as part of the hiring process. Include honesty, open communication, and trust as part of the initial training in your company, and find ways to keep your team on the same page. In a business built on moral behavior, irresponsible people often find they don’t fit and self-select out of the company.
4. Build policies and systems based on your priorities.
At Business Success Consulting Group, we recommend documenting existing policies and systems as part of systematization. Ruth provided an additional perspective and suggested that you build those systems and policies with a view toward your priorities. In her case, she prioritizes ethical work practices and ensures that her systems are built upon that principle. She then asks that her staff agree to the policies upon which these systems are based.
5. Set clear expectations for employees.
Setting clear expectations provides employees with a basis from which to operate. They can quickly implement your vision and grow your business as you intended. Additionally, explicitly communicated intentions provide stability within your business and give employees the confidence to work creatively because they understand the boundaries within which they work.
6. Support employees when they do the right thing.
At the end of the day, people want to do the right thing. Support and reward employees who follow your company principles. This could look like setting up a kudos system for employees to award to one another. It may be that you support the employee who is in the right – even when that right action annoys someone. Whatever the situation, backing up a team member who is doing the right thing will improve retention rates and, more importantly, make that employee more likely to do the right thing in a difficult situation.
7. Focus on staff retention.
Increasing staff retention percentages has many business benefits. These include:
- Keeping more institutional knowledge in the business.
- Reduced recruiting/training costs.
- Productivity delays.
- Inconsistent customer experiences.
Here are five factors that help with staff retention:
- A safe working environment.
- Proper compensation.
- Reward and recognition.
- A framework for accountability.
- Improved company culture.
8. Treat your customers with care and respect.
Your customers are your ambassadors of goodwill. They not only buy your products and services, but they also recommend your business to others. Treating your customers with care and respect will encourage them to stick with your business, tell others about it, and provide an excellent experience for everyone involved.
9. Reviews are great, word of mouth is better.
We recently shared an article about procuring customer reviews on social media, search engines, and elsewhere. While getting those online reviews is vital to business growth, gaining consistent word of mouth is even better.
Here are three methods for gaining fantastic word of mouth from your customers:
- Create a wonderful experience from the first contact to the final purchase.
- Provide such excellent customer service that customers can’t help but talk up their experience with your company.
- Remind customers about your business periodically.
You can read more ideas for obtaining excellent reviews here.
10. Use negative reviews to launch growth.
No one likes to receive negative reviews. But what if you used negative reviews to help your business grow? Considering negative reviews from that angle can help customers find you and allow the public to hear your independent voice.
Are you ready to build business processes, procedures, and policies based on your priorities? Get in touch with Business Success Consulting Group and start your initial consult.