This article was taken from the Spanish edition. Entrepreneur contributors do not share our opinions. This article was last updated September 19, 2021
It is not a profitable company that makes a company truly successful. It is not the company that makes profits, but delivers value to customers with useful products and services.
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These are the 10 essential qualities an organization should possess to be successful.
1. It is focused on the customer. It is the main goal of any successful company to meet the needs (real and latent) its customers. It adds value to its customers and knows that they are the foundation of their business. All their strategies and efforts are directed at providing the best service possible and bringing some benefit into their lives.
2. Take care of your employees. The key to a successful business is its human capital. He offers his employees opportunities for growth, programs that encourage collaboration and balance in their personal lives, and techniques to keep them motivated.
3. Provides value to the supply chains. The most successful companies in the world are driven by their suppliers. They never stop paying for them or demand unrealistic terms. They know that the model must work if everyone involved in it is to grow and strengthen. They don't "abuse" their employees, but push them to be better and more competitive.
4. Protect the environment and use your resources wisely. Companies that succeed don't produce a lot of waste make it difficult to use their energy and resources efficiently. This ensures the environment has the lowest possible impact.
5. You are in control of your processes. It is crucial to lower costs and increase productivity in order to be more competitive. They have process indicators and methods that help them identify areas of potential and their strengths.
6. Your employees deserve a safe, clean environment. Companies that succeed recognize the importance of their workplaces as a part of their corporate culture are successful. Its facilities must be in good order to ensure safety and comfort. The machinery and equipment must also be maintained.
7. Innovate. No matter what industry or business line, the most successful companies look for creative ways to solve their problems. They are willing to challenge the status quo and revolutionize business models. They understand that their greatest asset is their ideas and that innovation is essential to keep them ahead of the rest.
8. Good cash flow management is essential. Failure of SMEs is often due to poor cash flow management. Companies that can transcend time are those who know how to manage their petty cash. They know that there will be lean seasons and have the cash to handle them without having to lay off employees or close down operations.
9. Invest in the important. Most successful companies invest their profits in areas or sectors that offer greater opportunities. They are open to new products and adapt to the environment.
10. It is a good corporate citizen and shows a genuine commitment to its shareholders. Companies that are successful "meet all audiences" are those that offer development, training, and fair salaries to their employees; customers; society; providing jobs options and fair trade; and shareholders who, aside from receiving profits, must gain value over time.
