In today's competitive business landscape, it takes more than just being “good” to be successful. To reach excellence, you need to start somewhere. Utilize these seven key principles to transform your business from mediocre to great. The first principle is trust. Establishing trust with investors, customers, co-workers, and business partners is essential.
When business integrity is deeply embedded in a company's culture, it can make the difference between success and failure. The second principle is quality. No matter what type of business you run, you need a good product or service to succeed. According to research conducted by the Institute of Business Ethics, companies that demonstrate a “clear commitment to ethical conduct” tend to outperform those that don't.The third principle is efficiency. From the initial department and staff structure to the way individual projects are managed, you must strive for maximum efficiency.
This will help ensure positive cash flow as your business grows. The fourth principle is community involvement. Participate in issues and activities related to the community to show that your company contributes responsibly. The fifth principle is innovation. Wealth-generating companies not only “work better” but also change the rules of success in their field or industry. The sixth principle is financial stability. Your company should start with a good financial foundation and maintain positive cash flow as it grows. The seventh principle is sustainability.
A small business that instills a deep-seated theme of integrity in its strategies and policies will be evident among customers, associates, and partners and will ultimately lead to profitability and success.
