Growth is one of the keys to a successful business. However, it requires a constantly evolving strategy and weighs many different factors. Ultimately, growth is seen as the cornerstone of a thriving organization and is what makes a company successful.
According to a 2023 article by Forbes, three top challenges facing companies today include competitive hiring, retaining top talent, and increasing customer expectations. Having a robust training and development program is key to combating these challenges which have a direct impact on the success of a company. Employers who champion these initiatives can expect to see a direct correlation between upskilling their employees and the growth of their organization.
At BizLibrary we measure growth in several different, one being our core value of building partnerships that last. Our commitment to helping clients create long-term success is ensuring that our organization is structured to stand the test of time.
While longevity is just one important aspect of a growing organization, it serves as a key measurement of a healthy, thriving business.
When creating a roadmap to longevity for your organization there are several areas to consider. In “The Living Company,” Arie de Geus explores 3 key attributes shared by businesses with enduring success:
- Great vision
- Great financial management
- Great people
A Successful Business Needs a Strong Vision
Creating a vision helps define where your company wants to go, and where you see it going in the future.
Without a clear idea of where your company should grow, and a roadmap for achieving that vision, changes to the marketplace or outside forces can easily derail and knock it off course.
Consider the following keys to successful business planning and execute your vision.
- Establish Your Goals: Clearly articulate your company’s objectives. Define short-term and long-term goals that align with your vision, providing a tangible framework for progress.
- Collect Market Research: Informed decision-making relies on a deep understanding of the market. Conduct thorough market research to identify trends, customer preferences, and potential challenges, ensuring your vision aligns with market realities.
- Outline Supporting KPIs (Key Performance Indicators): Develop measurable KPIs that align with your goals. These indicators will serve as benchmarks, allowing you to track progress and make data-driven adjustments to stay on course.
- Present Your Roadmap to Key Supporters: Share your vision and strategic roadmap with key stakeholders and supporters. Garner feedback, address concerns, and secure alignment to build a foundation of support for your company’s journey.
By diligently following these steps, you not only create a clear path for your company’s growth but also establish a resilient framework that can adapt to market dynamics and external influences.
Smart Investments Allow for Growth
A common mistake is conflating “great financial management” with company profits; however, organizational growth goes beyond yearly profits.
When thinking about what makes a successful company within the realm of great financial management, it’s critical to make sure your organization is investing in the right places. Whether it’s in infrastructure, product development, marketing, distribution, or human capital, the key is to meticulously select investments that guarantee long-term sustainability. The focus should transcend immediate profits and instead prioritize strategic, well-calculated investments that contribute to the company’s enduring success.
People Are the Foundation of Business Success
De Geus’ final, but arguably most important attribute for what makes a successful business is great people.
Our most important asset, and ultimately what makes a company successful, is the employees. Engaged and happy employees take good care of customers, and in turn, happy customers take good care of the business.
It all centers on building a culture that supports and nurtures employees.
In an era where technological innovations have allowed for the automation of many business processes, nothing replaces the ingenuity and innovation that our employees bring to the table. This is why it’s critical to invest heavily in building a culture of learning that fosters learning and development.
Growing Business with a Learning Culture
Thankfully, creating a contemporary learning and development program and fostering organizational growth is made easier with the use of appropriate tools. A robust learning management system coupled with expertly curated content serves as the foundation for cultivating a learning culture. However, the real differentiator for what makes a successful company lies in optimizing programs. Tailoring upskilling initiatives and incorporating differentiated learning, such as cohort-based learning and gamification, can be the decisive factor in propelling your organization toward success.
At BizLibrary we practice creating a learning culture from the first interactions employees have here. To help onboard new employees, we’ve created an engaging and interactive “Bootcamp” that includes utilizing our own resources within The BizLibrary Collection. This first week provides them with immediate training on real, impactful things that they can put to use in their new role from day one.
The first impression that new employees have needs to be positive, and one effective way to achieve this is by showing an immediate investment in their learning and development. By instilling a culture of learning from day one, BizLibrary ensures a foundational element contributing to our company’s success. This commitment to employee growth not only fosters a supportive work environment but also sets the stage for continuous improvement and achievement within the organization.
Building a Company-wide Coaching Mindset
Coaching stands out as a remarkable tool for driving organizational growth, and at BizLibrary, we actively endorse coaching initiatives across various levels of our organization.
Presently, our managers and leadership are actively engaged in a specialized coaching and management training program known as “Velocity.” Velocity harnesses the power of BizLibrary’s cohort-based learning product, BizAcademy. This program is designed to elevate leaders’ proficiency in operational and leadership skills through an instructor-led coaching environment. Velocity aims to upskill our leaders, fostering a dynamic learning environment where practical expertise is honed and applied in real-world scenarios.
Nothing fuels business growth like having a strong coaching culture! Amp up your managers’ coaching skills with this free ebook:
Continuing the Cycle of Growth
Running a successful business not only contributes to creating more job opportunities but also plays a pivotal role in enhancing the lives of individuals within our community and beyond. As business leaders, it’s crucial to recognize and seize this opportunity to make a positive impact.
Investing in the continuous learning and development of employees doesn’t just foster long-term business success; it also directly enhances the lives of others. This cyclical process of nurturing employee growth, prioritizing customer care, expanding business endeavors, and subsequently hiring new talent lies at the core of what we define as exemplary business management. It’s a virtuous cycle that not only drives business success but also positively impacts the broader community by creating opportunities for growth, development, and a better quality of life.
Easy-to-use, online training solutions can help build a foundation of learning and development that brings greater success to employees, and directly to your organization.