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After working with dozens of small companies, I discovered that the successful onesshare some common traits. Here, then, are the 14 qualities I've witnessed in many of the thriving small businesses I've worked with:
Company culture. Culture is defined as the "integrated pattern of human knowledge, belief and behavior that depends upon man's capacity for learning and transmitting knowledge to succeeding generations." For successful companies, culture is aboutattracting and hiring the peoplewho would be most successful in that specific organization. And it's about driving the behavior that makes the company successful.
Customer service. Simply defined, customer service means taking care of your customers. Many companies integrate customer service into their business culture through training and the design (and frequent redesign) of relevant business processes. In most cases, the business plan dictates how they will provide quality customer service.
Business strategy. A complex strategy or business plan isn't necessary to achieve success. A simple one-page document will do, but it should be well thought out and well executed. A poorly crafted business plan that's well executed is far superior to the well-crafted business plan that sits on the shelf collecting dust. A good business plan defines and drives the activities and behaviors of the entire organization. Without it, the business becomes a ship without a rudder; it simply can't be steered and ends up going around in circles. A sound strategy should include a financial plan, marketing differentiators, and product strategy as well as a plan for employee retention.
Training. Because we live in a world of continuous change, it's more important than ever to implement a culture of continuous learning. For many successful owners, continual investment in training is a major contributor to success. For training to be successful, however, there must be a direct link back to the business plan and an understanding of how training supports the successful implementation of the business strategy.