The Three Rules Of Companies That Succeed Today
The companies that succeed today are the ones that have best adapted to changing times; they do so by following three rules.
Before the crisis, if you followed these five points, it was possible to maintain a successful company for a long time. Everything, all the techniques, and knowledge were applied within these five aspects.
Today everything has changed. Everyone can buy equally cheap or not. Competition makes it difficult to sell high. Paying late depends on your negotiating power and getting paid soon too. And finally, the structures have grown to meet the growing demands.
And yet some companies succeed. How do they do that?
We are in luck. The companies that succeed today, those that have best adapted to changing times, do so by following three rules.
1. Hire Talent, Not People.
“Today, even the dumbest man makes watches.” Your company’s secret is no longer in what you do or how you do it; it is in the information you handle. Knowing what the client wants before he knows it is what he counts. Innovate, create even in how you take your products to your markets.
We are no longer talking about product lines but about business lines. Creativity and real-time information networks will make your company agile and efficient.
You will not need hands but brains.
The key to attracting the necessary and appropriate talent to take the next step is to make the candidates fall in love; it will be one of your biggest challenges.
It would help if you seduced your candidates by making them see that in your company. They can have extensive development and professional growth. To achieve this, the company must define its objectives, both in the short and medium term, for the organization and the position itself.
You must sell your project very well, your growth strategy, your product, and the company’s long-term vision so that talent sees that they can grow professionally within your company.
There is no single formula, but analysts agree on the following:
- Based on that, identify the company’s needs and look for the right talent.
- Allocate talent effectively across the business and achieve an ever-improving balance.
- Make sure that talent is being developed within your company to allow you to retain them and, at the same time, take advantage of their acquired skills.
- Have a succession and career development plan to help attract, retain, and grow talent.
It offers personal development through flexible schedules and professional development; it allows the collaborator to continue studying or for the company itself to take care of improving the work performance of workers.
2. Invest In Technology
Technology advances with us to make our lives easier and more comfortable; it allows us to have everything of our day-to-day interconnected and be more productive. It is a technology that guarantees survival and competitiveness. And this investment is always long-term.
Technology does not only consist of new “toys”; technological progress includes new ideas, new forms of organization, and previously unthinkable ways of dealing with old problems, all aimed at increasing the productivity and efficiency of your company. For this reason, within your company, some professionals could disappear, and others, on the other hand, will start, thanks to the new era of technology.
SMEs can have the same technology as large companies at ‘SME prices and with payment schemes through leases or monthly payments. There are five reasons why small and medium-sized companies should invest in technology:
To be more competitive. Undoubtedly, SMEs need to have an integrated and robust information system or adequate technology.
- To grow. Technology is vital as a leverage mechanism for the growth of a business.
- To better position the brand and have greater visibility
- To provide support and better service to customers.
- To diversify the markets and expand the business to other latitudes.
- In this scenario, the companies that know how to adapt faster to changes will survive.
3. Digitize Your Company
We live in a world of continuous change at the technological level where all we have to do is turn on the computer or mobile device and check the things we can do with it. The Internet is the medium that makes some things communicate with others, that transfer data from their state and receive others from the environment, thus creating an information network that can be used in different ways and that makes up what we call today. The first thing to note is the significant impact that will occur in all sectors of activity.
Thus, for example, it is estimated that “approximately 13,000 million connected devices will belong to the consumer sector, which will mean new opportunities for companies to create new services and business models”.
Along with consumption, the “other” big hit will be the industrial sector: public services, manufacturing, and transportation will be the key markets for this technology. Companies will be forced to find a balance between the data collected and stored on the network by connected devices and sensors and the analysis of all that information with the risk of its loss or misuse.
For this reason, to achieve successful digitization, the first thing to do is develop a digital culture and adequate training to transform teams and business models and implement the necessary enabling technologies.
Management leadership will be vital to achieving this digital culture.
Today digitization is decisive; if you do not do it because you think it is not essential for your activity, your competition will, and you will lose your customer base. You must initiate the following steps to carry out such a relevant change successfully.
- First Analysis: Before thinking about what tools you will use to manage your business over the Internet, you should do self-criticism and assess which aspects have the most significant room for improvement. Analyse the internal processes and determine the most repetitive and tedious ones. In this previous phase, observing what the competition is doing is essential. You can find great ideas by going to their website or looking at their social media profiles.
- Areas To Digitize: Any aspect of your business is susceptible to being digitized. However, to avoid being overwhelmed by the wide variety of practices you can automate, focus on those that can be transformed the fastest. They are also usually those that are carried out in a more mechanical way, such as the management of customer portfolios, the monitoring of orders, or the list of invoices and budgets. Another technology that you can rely on is cloud solutions, which allow you to store customer files and create communities. This option provides access in real-time and from any device to all contacts. You will find in this line multi-channel platforms. These tools serve both to individualize a company’s marketing and facilitate access to payment on any device that a customer uses.
- Awareness: It is useless to waste time and money on digitizing if, after a few months, your workers need to learn how to manage the changes you have introduced. That is why the staff must be aware of the process. The best way to involve the workers is to appoint one of them as the person in charge of digitization and who is in cost for training them and controlling that the tasks are fulfilled.