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The 3 Pillars Supporting Any Competent, Successful Business.

December 9, 2018 by  
Filed under Money/Business, Weekly Columns

(Akiit.comWhile business is heavily reliant on systems and the granular understanding of how they interact with one another, a functional business might also be considered an art form. While the esoteric mindset hardly helps you organize a balance sheet or research your best branding opportunities, it can help you assess if you hold that ‘x’ factor that often leads to success. Businesses the world over need to work to sustain their position, even if they are established and often a staple of the western mindset. For example, Coca-Cola, despite being one of the most recognizable soft drink brands in the world, spend hundreds of millions on marketing worldwide, are constantly attempting to refresh the promotions they offer among a range of other materials to help them continually stay discussed.

However, even a seemingly giant corporation like this can be toppled if enough negligence and rot is allowed to set in. Think of every business like a house of cards – some are perhaps sturdier than others, but knock the pillars out of play and the whole thing can come crashing down. New markets such as the video gaming industry are often susceptible to this. We have recently seen many big-name news stories about predatory selling practices and gambling parallels that have caused even some of the heavy hitters such as Electronic Arts lose millions to terrible publicity.

As a new business, you might be exempt from the far-reaching effect of a scandal, but that doesn’t mean that it can’t harm you, or grow to be debilitating down the road. For that reason, we’d like you to consider the eight pillars of supporting any competent, successful business, and hope these tips help you construct your business on the sturdiest roots possible.

A Strong Vision

Any excellent business requires a strong vision going forward. This means a strong, cohesive understanding of the branding you are to use, and how that will fit in your given industry. A business needs to know its place in the market, and where it can exploit the gaps not covered by other businesses. It needs to know how it plans to grow, and exactly how its finances are to be managed either with capital investment or private funding. A strong vision also suggests how the business is going to affect the market as a whole. Does it hope to be the most transparent and ethical business in a controversial market?

Does it hope to renew its efforts towards sustainable materials, becoming the first consumption-neutral firm in its environment? How does it hope to interact with the culture around it, even if just for promotional methods? A strong vision is often one unique goal, but splinters off into many subcategories quickly. Wording is essential. This pillar can hold up all the others, as even a somewhat failing business can sometimes be renewed by its strength of vision, providing the means of achieving that vision are multi-faceted or flexible.

This is the grounding principle of how your business is formed. Without this vision, you are going to struggle. Of course, it can be changed slightly over the years to best adapt with the current challenges and potential you face. But a strong vision is one made by a strong leader, so be sure to pay this process its proper respect through and through.

Excellent Management

Excellent management is essential to ensure that a business thrives. Perhaps the only way for a department to slowly disintegrate with much more predictability than employing a bad manager is to stop paying them. A good manager knows how to read those under them, how to effectively squeeze the most out of their staff, and how to keep morale high. They care about motivating results but also keeping their staff healthy and able to conduct their work. They care about the function of their department, and how it can synergize with others in the business.

A great manager also cares about constructing detailed reports on progress, and how to best push that forward. Excellent management is key for a business to thrive. You may consider hiring qualified and experienced professionals in the first instance to get the ball rolling, and then as promotions come through hire internally for those already deeply connected to your ecosystem to be given a chance. But be sure to take care of your managers too. They are also humans, with a need for a steady workflow, the ability to celebrate results and optimize their morale. If your manager is putting heavy energy into your department, you should be taking equally heavy care of your manager, through and through.

Optimal Suppliers

You need to find optimal suppliers. You need to find suppliers that are both specialized but also offer a range of products and services in their field. For example, Industrial Polymers Corporation operate this website which clearly states product series, lines and uses, to help you effectively familiarize yourself with the offering while also educating you as to their value. Forging sustainable relationships with suppliers like this offer you a means to both increase your understanding of your firm, ensure your products are top quality, and build a familiar business relationship that can help you sustain regular orders, or even custom solutions to your business problems. Having something as reliable as this in your corner lubricates the turning cogs of your business with much more security than you know, and this goes for absolutely everything you may need a supplier for. Without this, you’re going to be in the weeds wondering how to best and most effectively collate resources for your own offering.

From your actual business functioning to the products you offer, your business relies on excellent suppliers. Be sure to vet them thoroughly, understand their process, and perhaps their sourcing methods. All of this can contribute to a thorough sense of transparency for your firm, which is also an absolute blessing to your public relations standing.

With these tips, you’re sure to benefit from the three pillars supporting any competent and successful business operation.

Staff Writer; Doug Brown

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