Four Factors that Make a Great Company

Every one of us would aspire to work at or create a “great” company. But what does that mean? Like beauty, greatness can be found in the eye of the beholder, or rather, employer. Many entrepreneurs and CEOs agree that the following four factors can be the foundation of a great company:

 1.      Meeting the Customer’s Need

Every great idea for a company originates by trying to meet a felt need of a consumer. This is foundational to a business plan, a vision, great marketing and even slick promotions. In order to have a great company, that business must meet a distinct need. Often the founder of the company is passionate about this because he had that need. Sometimes the need is not obvious, but a shortcut to give the consumer more time. Sometimes meeting that need means diversifying the products or offering top-shelf customer service. If you think about great companies that you use, you can easily begin to recognize their definition of greatness by naming the need they meet.

2.      Being Better Before Cheaper

Every company must make money to stay in business, obviously. But great companies have the foresight to invest in making the product or service offered the best one possible, not the one that is the cheapest on the market. A great company doesn’t try to sell more than their competitors by slashing prices. Instead, a wise business tries to consistently find ways to make the product better and more available.

3.      Focusing and Executing

After some companies attain success, they decide to diversify and risk new paths in their business. Sometimes this works but sometimes this move can end in drifting, waste and failure. Great companies focus on what they do well and do that even better. Along with focus, execution is a vital aspect of being a great company. Building a company’s capability to deliver makes the difference between turning a great idea into a business or a failure. Many thousands, if not millions, of people have original ideas. However, only a few of them execute those ideas and focus on making them excellent.

4.      Having Great Attitudes and Ethics

Thomas Jefferson wrote, “Nothing can stop a man with the right mental attitude from achieving his goals; and nothing on earth can help a man with the wrong mental attitude.” Attitude is everything in business. If you want a great company, then consistently choose a great attitude. As the CEO or leader of your team, your attitude will rub off on your employees. With the right attitude, a company can become and stay great. Along with attitude, great ethics are vital to developing a business that is trusted by your employees, your customers and the businesses you work with and compete with. If a company consistently makes ethical decisions, their reputation will lead the way to them being a great company.

Looking for a job? Think before you become an employee and look into the company you may join. Dig into how they handle these four factors, so you can make sure to sign up with a great company.

 

Sources:

http://www.businessinsider.com/what-makes-companies-great-2013-9

http://www.businessknowhow.com/growth/greatco.htm

http://smallbusiness.chron.com/ten-characteristics-good-company-23397.html

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