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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.

Customer-Centric Strategy

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.

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Understanding Consumers and Market Segments

Is your organization customer-focused? As the economy regains strength, consumers will feel comfortable spending more. By fortifying your customer engagement approach now, you can position your organization to take full advantage of the eventual upturn. Fostering customer engagement is also the most effective way to recover lost customers and acquire new ones. This is because fully engaged customers recruit new customers for you - they are enthusiastic about the service you provide and recommend you to others. If you can create a customer-centric organization, you can successfully generate fully engaged customers (as well as higher profits).

There are two key variables in engineering a customer-centric organization: customer engagement and employee engagement. Through Customer Engagement Management (CEM), you can take practical steps to increase customer engagement. Although nearly any organization can improve customer engagement through CEM, we have found that customer engagement scores improve even further when organizations also use Employee Engagement Management (EEM). EEM practices create a healthy organizational culture in the workplace so that your employees feel passionate about their work. Although some immediate actions can be taken to improve employee engagement, EEM will likely involve a longer process of internal change and growth.

Customer Engagement
Generally, an engaged customer is one who actively supports a service or product. Customer engagement is more than just brand loyalty where customers are simply making exclusive purchases; instead, engaged customers are supporting the company by buying more products and services and telling others to do the same. In short, the key to a successful business is engaged customers -- people who enthusiastically endorse what you do.

Unfortunately, many organizations fail to recognize how their own procedures create apathetic customers. For instance, many organizations suffer from a lack of consistency regarding customer contact. Nothing is more frustrating for a customer than having three different encounters with three different employees in three different ways over a single issue. It's easy to see how customers are willing to switch brands when faced with such poor customer service.

A customer-centric organization wouldn't expect its customers to navigate such complex communication structures. Customer-centric companies focus on the customer throughout everything they do. A CEM solution for such a problem would begin with getting feedback from customers to find out how they feel, ideally at the individual level and through statistically reliable market research. To do this you must identify the customer touch points within your organization and contact customers after an experience with these touch points to get their feedback. If you do this, you will have both individual customer feedback and begin to see larger trends and areas for focus. View your product or service as a real customer would. Don't generalize or stereotype; instead, recruit actual customer to help you accurately visualize your product. By doing this, you'll remove the focus from "the company" and put it on the customer--exactly where it needs to be.

Employee Engagement
Whether they realize it or not, customers make most of their decisions based on their emotions--how they're feeling at a given point in time--which is why employee engagement is a crucial ingredient in creating a customer-centric culture. If employees are engaged, their interactions with customers will be genuine, not coerced or forced. Customers recognize and are pleased with such sincere service. As such, one of the major factors in increasing customer engagement is employee engagement.

The first step to engaging employees is realizing that there is not a one-size-fits-all solution for every organization. Since every company's organizational culture is different, every company's employee engagement solution should look different as well. Your employees are unique, so your EEM solution should begin with asking staff about their experience at the organization and then incorporating a management solution that allows managers to take action to meet employee needs.

With an increase in employee engagement, you're likely to experience an increase in customer engagement. And with that, you'll no doubt enjoy success.

~Monica Nolan, 2009

Business Resilience

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.