The success of a business depends on its ability to consistently generate cash and keep revenue higher than expenses. Otherwise, the business will run out of money and fail. Simple logic, then, suggests that the performance of the business should be monitored exclusively on the numbers. However, profitable companies also consider many non-financial items essential to the overall health of the company. This subsequently helps contribute to the financial success. When you establish goals for your business, give attention to items not reflected in the financial statements.
Develop a Concise and Clear Mission
Many businesses dip their toes into different business activities during the start-up years. This experimentation helps the business evolve. The array of avenues a business first explores should be diverse and focus around the goal of identifying and developing a cohesive and clear mission statement that all employees in all departments can embrace. Certainly, a mission statement can leave room for growth and innovation, but it should also provide focus for the company as a whole. Make defining its mission a priority for your business; this will provide clarity to the company's operations into the future.
Create a Rewarding Workplace
Without a committed workforce, the full potential of a business model may never be realized. Employees at all levels and in all departments are instrumental to the success your company can enjoy. Aim to create a working environment and culture that rewards success and provides upward mobility. If employees frequently feel under-appreciated and unfulfilled, they will likely take their talents elsewhere. You will find it difficult to recruit and retain strong leaders.
Strive for Excellence in Customer Satisfaction
Companies that cannot attract new customers or keep existing customers are destined to fail. For each customer you service, make it a company priority to ensure he is satisfied with the work being performed, the value received for monies paid and the return on investment for the project. Satisfied customers not only lead to new and repeat business relationships, they also make work more enjoyable for executive management, employees and even the customer.
Transparency and Truth in Business Processes
The work your company performs and the manner in which it does so should be easily understood by your employees, customers and most importantly, shareholders and owners. If people following your company are having trouble understanding your decisions or are confused by tricky accounting gimmicks, evaluate if something is being hidden. Lack of transparency reflects on your company's reputation and weakens confidence in your employees.
Get Involved in the Community
Even if your company services customers nationally or internationally versus locally, getting involved with your community through volunteering, sponsorships or mentoring should be a company priority. Odds are, the bulk of your staff that helps make your company successful live their lives in the areas immediately surrounding your headquarters. Giving back to the community will increase awareness and local support for your organization.