Happy New Year! The new year is always an opportunity to reflect and, since I have the opportunity to work with many businesses and CEOs, the past few days I’ve thought about what makes a CEO achieve excellence. Considering what I observed the past year, here are 5 keys for business success.
- Companies cannot just cut expenses to achieve profitability. They must grow the top line, develop innovative products, meet marketplace demands and focus on growth.
- Any organization that lacks a clear and simple strategy is like being lost in the woods without a GPS; the organization must have a clear focus and understandable direction.
- The key to any business is its customers. It is essential to know who the customer is, what they need and want. Without a clear focus on the customer the business is subject to fail or significantly lose market share.
- Employees must know the industry, market, have sensitivity to competition and digital disruption and be able to rapidly react to changes. This requires leadership, talent management and clear communication of goals and objectives.
- From the top down, the leaders and employees of the organization must display integrity at all times. It is unfortunate when the leader of the organization lacks integrity; it cascades through the organization.
Boards of Directors have a duty to ensure the survival and health of the organizations they serve. I am on several Boards of Directors and I hold the organizations to these standards. I also use these as key considerations when engaging in new client relationships.
What do you think is key to business success?