Business as a practice is constantly concerned with envy. You see the Apples, Microsofts, Googles, and Amazons of the world, and wish your company could grow into something as massive and impressive. What’s the secret to their success?
The fact is that there are countless individual factors that play a role in determining any company’s success or failure. That said, there are certain secrets to success which every successful company shares.
- Gaining an Advantage
It shouldn’t be too much of a “secret” to suggest that for your company to get ahead, you need an advantage of some kind. What may be more maddeningly secretive for you is how to find and identify an advantage you can use.
One key factor to keep in mind here is the fact that the advantages are nearly always fleeting. In the same way, a football team cannot keep relying on the same few plays or formations to work game after game, season after season, a company cannot rely on one advantage forever. The competition eventually catches on and catches up, either copying your advantage or finding a way to neutralize it with one of their own.
The biggest clue here is, thus, to keep looking for attainable advantages in elements such as price, customer service, and small innovations to give you brief edges that can be improved on or swapped out for new ones as the market adapts.
- Bar the Competition
Of course, it’s easier to maintain a competitive advantage if you thin or nix the competition. Capitalizing on things such as manufacturing costs you can meet which others can’t or technical expertise you possess which others don’t can ensure that your company remains ahead in the corporate arms race.
- Long-Term Leadership
Let’s return to football for a moment. Different teams win the Super Bowl because they are different from offensive explosions or smothering defenses and everything in between. What do nearly all Super Bowl winners have in common? Consistent long-term leadership.
Long-term leaders provide stability, structure, chemistry, insight, positive examples, and so much more to a company. It’s hard to keep ahead or even keep up with others if you’re constantly getting new managers and executives.
A successful company needs to be built on a firm foundation, not a revolving door. Those small, yet vital, ingredients help the best companies find and maintain success.