Adams Financial Concepts

Three Characteristics of a Successful Business

I don’t have to tell you the Great Recession was scary. We all lived through it and saw businesses struggle. Many failed. Some succeeded. Over the past few weeks, I’ve been joined on About Money by several business owners whose companies weathered the financial downturn. I’ve noticed three main characteristics which separate those who closed their doors from those who didn’t. These characteristics are: innovative productivity, people focused management, and positioning.

Innovative Productivity
Increasing productivity decreases cost and improves returns. Businesses which succeed not only maintain the latest technological systems and products, they invent them.

People Focused Management
At the heart of every good idea are the people who discover and implement it. Successful businesses recognized their team’s worth and unique skill sets.

Positioning
Strong business plans look beyond the immediate feast or famine. They allow companies to look for future prospects and determine future needs. Companies which positioned themselves to provide for customers as the economy began to pick up, not only stayed in business, they grew.

 

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