If you search the internet for the 4 pillars of business success, you’re going to find many different opinions as to what the 4 pillars are. This our list of the 4 pillars of a successful business and it is more than just our opinion. It is based on almost a decade of experience working with successful businesses. Let’s get started with the first pillar.
The 4 Pillars of Business Success
1 – Quality Employees
A lot of businesses pride themselves on hiring the best talent. There’s good reason for this, as we’ve found that having quality employees is essential to business success. But there’s more to it than just hiring the best. The workers must be placed in positions that are appropriate for them. This will enable the employee to better accel in their work. There’s also the matter of making sure that the employees are well informed, which brings us to our second pillar of business success.
2 – Effective Use of Information Technology
This is the information age, and technology is fundamental to making sure workers get the information they need when it is needed. It’s not just a matter of a company having the latest technology, but instead it comes down to the effectively using the technology to empower employees. This allows all members of an organisation to communicate and collaborate in ways never before seen in business. Effective use of IT is fundamental to business success.
3 – Planning and Execution
Planning and execution are two sides of the same coin, as a good plan is necessary for successful execution. It is the ability to anticipate different possible outcomes and plan accordingly that makes a company flexible. It is also being able to fully execute plans that is a good induction of a company’s success. Any company that puts a lot of effort into planning and execution is going to find that success will not be difficult to come by.
4 – Customer Focus
A business without customers is not much of a business at all. It is for this reason that we selected customer focus as being the fourth pillar of business success. Customers generate revenue for a business, but they do more than just that – they also act as guides. Customers will tell you what they want and need, which can lead a company in profitable directions. Companies also have the responsibility of educating customers about what they need, which also helps to point a company in the direction of success.
Get the Advice You Need for a Successful Business
We hope that this list of the 4 pillars of business success was interesting and informative. At Taggard & Partners, we provide accounting services and business structure advice. We’re happy to talk more about keys to a successful business, or discuss any of the services we offer to help your business succeed. Please get in touch with a business growth advisor by calling (07) 3391 1188, e-mailing enquiries@taggartandpartners.com.au, or you can contact us online.