Key Traits of a Successful Singapore Companies
Success is vital to any company. You won’t find one formula explaining to you what makes a company successful. Some companies are just better than others. Though you can’t completely quantify what makes a business successful, many of the most successful companies have the same things in common.
In this article, we’ll take a look at four key attributes that make a company successful.
A customer-centric company is more than a company that offers good services. Customer centricity is a way of doing business with your customer in a way that provides a positive customer experience before and after the sale in order to drive repeat business, customer loyalty and profits.
It means offering a great experience from the awareness stage, through the purchasing process and finally through the post-purchase process. It’s a strategy that’s based on putting your customer first.
The customer journey from start to finish should be designed so that all sales activities and communication are aimed at helping the customer achieve short and long-term success. To be fully effective, customer-centric selling should go beyond the sales department – to your customer service, marketing, and account management teams as well.
Suppliers Relationship Management
SRM is the discipline of strategically planning for, and managing, all interactions with third party organizations that supply goods and/or services to an organization in order to maximize the value of those interactions.
At CulturalManagement.org we believe finding good suppliers and maintaining solid relations with them can be an invaluable tool in the quest for business success and expansion. In fact, a business can only be as good as the suppliers with whom it works. The typical goal of SRM is to streamline and improve processes between a buyer and its suppliers – the organizations that supply the goods and services.
Suppliers are often a procurement organization’s secret competitive weapon, their hidden resource, their competitive edge. Leading companies develop tailored supply strategies that are directly linked to their corporate strategies.
Understanding Consumers and Market Segments
A recipe for successful outsourcing
Success in business relies as much on relationship management as anything, and when it comes to outsourcing this axiom certainly holds. The best outsourced team in the world cannot deliver excellence if projects are "thrown over the wall" with little communication or understanding between the parties.
You would think those of us in the IT world would know this by now.
After all, managing outsourced relationships has been a topic of articles, blogs and conversation since the nineties. Relationships are clearly NOT easy, which explains why everyone from Dear Abby to this newsletter keeps talking about how to handle them.
People naturally develop and work through relationships, but organizations seem to lose that ability. Between planning, flow charts, deadlines, etc., we forget that every project comes down to the people involved. And people are, well -- human. They need to be engaged and involved in their work. They need to feel like a vital part of the team and solution.
Bruce A. Stewart, management advisor and former columnist for Computerworld, wrote that: "Most companies put little time or effort into these (outsourced) relationships..." Yet outsourcing continues to grow, and, Stewart says, "Learning how to deal with the changes outsourcing brings can actually work in our favor." Stewart's article, reprinted on CIO.com, goes on to identify ways to optimize outsourcing relationships.
Our experience has shown a recipe for outsourcing success that closely parallels Stewart's suggestions, and goes a bit further by incorporating accountability as well.
Tips for Successful Outsourcing
- Formalize the outsourcing relationship - Create an organizational chart that shows who reports to whom within the scope of the relationship, and how teams and people relate to each other. Use Skype or other methods to meet regularly, share ideas and celebrate successes. Develop contacts deep into each organization so that cultural understanding is not isolated to just a few people.
- Commit to the relationship - Stewart rightly points out that commitment can only come with trust, but he also notes that, "... a failure to commit shows up as a lack of success--on both sides of the table." He suggests that companies determine upfront that they are committed to establishing trust, and work from there. What you want, ultimately, is an outsourced team that understands company objectives and can contribute initiatives and knowledge.
- Insist on accountability -- on both sides of the relationship - When given ownership of a project, people take responsibility for it.
- And with responsibility comes accountability. High-performing teams set guidelines and deadlines, and hold their members accountable to these. When practiced this way, accountability becomes an integral and positive part of team culture - not something that has to be constantly enforced from the top.
- Focus on the long-term - There will always be short-term obstacles and set-backs. A good outsourcing relationship can survive these when internal and external team members are committed to the same long-term goals and expectations. As long as these continue to evolve together, the outsourcing team remains valuable, bringing its own history and knowledge that contribute to the bottom line.
Business resilience is the ability an organization has to quickly adapt to disruptions while maintaining continuous business operations and safeguarding people, assets and overall brand equity. It is the process of creating systems of prevention and recovery to deal with potential threats to a company.
Business resilience planning at CulturalManagement relies on identifying essential functions and prioritizing what is critical to be performed in times of distress. A critical step in becoming a resilient organization is understanding what your vulnerabilities are so that you can prepare to stay in business.
Most concerning threats that lead to business disruptions include cyber attacks, data breach, acts of terrorism, fire, unplanned IT and telecom outages, and adverse weather among others.
Careful business resilience planning can mitigate the impacts of a disruption and allow your business to continue to function or to return to normal more quickly.
Employee Job Satisfaction
Job satisfaction is the feeling of contentment or a sense of accomplishment, which an employee derives from his/her job. Job satisfaction is all about an individual’s feelings about the work, work environment, pay, organization culture, job security and so on. Successful companies provide a high level of job satisfaction to its employees.
Fortunately, job satisfaction is dependent on a variety of factors, many of which are within an organization’s control. Key factors include engagement, praise and appreciation, compensation, motivation, culture and work-life balance.
While these traits alone don’t necessarily tell the whole story, at CulturalManagement they are important factors in evaluating whether a company might be recognized globally as a successful one.