Small startups succeed without magic formula-except for these

Source: Internet
Author: User

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Lead: The success of small or medium-sized enterprises is not magic, only hard work and experience. But the 5 elements presented here can help you walk faster on the road to success.

Article | Robert Ride (Robert Reid), entrepreneur contributor, CEO of Intacct (American Anglo-Thai Software Co., Ltd.)

I've been asked many times what the magic formula is for building a successful small or medium-sized business. I usually answer that there is no magic, only hard work and experience.

Of course, the success of small or medium-sized businesses depends on the consistent implementation of clear tasks, finding the right people, setting goals, and measuring progress towards achieving goals-and then solving the inevitable contradictions that occur. The work behind this is the real tricky part!

For these reasons, here are five elements that I have given that are not magic formulas for small or medium business success.

1. Establish a compelling corporate mission. A clear, compelling mission can not only attract talent to the enterprise and bring a strong commitment to the team, but will also act as a binder over time to maintain team members ' unity. Start from "Why not, how to start" when setting a task. For example, ask yourself, why is the company in this area? Why can't other companies solve this problem?

2. Find the right person. It is important to find talented people with the right skills and experience, but this is the easy part. The hard part is finding people with the right personality. I'm looking for someone who likes to work on a team.

Many smart and successful people are not able to work well in a team, and it is harder to create successful businesses with them, in part because the contradictions become increasingly difficult to solve as the size of the business expands.

The people I want to hire also include the pioneers of change, who must have the instinctive ability to make plans, structures, and processes. These qualities are essential because people who lack this ability simply cannot support a fast-growing business. After all, employees ' personality traits (their attitudes, beliefs and behaviour) and their commitment to the Mission will foster a successful corporate culture.

3. Set clear goals. The process of building long-term goals and short-term goals to support tasks is also critical to successful implementation. Clearly articulating these goals helps ensure that your people and work will be driven in the right direction.

Imagine you are a group of fish or a flock of birds: If the goal is to move from point A to point B, then the group will not make any progress if each creature moves in a direction of its own choosing.

In a workplace, each member of the company's team should work towards a common goal.

4. Can measure progress in real time. If it is impossible to measure progress in achieving the goal, there is not much point in setting goals. Combine specific financial goals, operational objectives, and process-oriented performance goals with specific activities to support the goals.

These activities are measured against objectives and provide a clear blueprint of progress in reflecting long-term goals. Based on this blueprint-and with input from the team and the marketplace-continuously develops and improves goals, supports activities, and measures goals to ensure continued success.

5. Be ready to solve the problem. Regardless of how successful the company is in developing a compelling product, hiring the right people, and measuring progress towards achieving the goals, problems related to strategy, execution, and culture will also emerge.

To solve the problem, I like to start with empirical data. I will determine what the problem is, based on the progress made towards measurable goals. Do we have a customer profile that does not employ a company solution? Is it due to unexpected problems that lead to partners not moving together with the company? Finding empirical data points can help determine how big a problem is.

Then I solved the root of the problem. Is the company not seizing a particular opportunity? are team members able to communicate effectively internally or with the right workflow? Does the enterprise not provide adequate services to consumers? has the competitor ever successfully countered the company's information communication system?

By aggregating all the key stakeholders in a room, I asked them to write down the root causes of what they thought was the problem. We freely and fully express our views until every possible problem has surfaced. Then, I let you score 100 points for each reason. We focus our discussions on areas where there are differences.

This process allows us to first quickly uncover and solve the biggest problems. This is contrary to the practice in other enterprises (focusing on the same areas of opinion and ignoring outliers). But those who use the procedure say that while this is difficult, it can facilitate close cooperation.

After all, ensuring consensus on methodological issues from all stakeholders and encouraging their dedication is the only way to help companies implement their plans effectively and produce better products than any other company.

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