Every company aims for stability. However, it does not happen overnight. Some entrepreneurs take a risky plunge without realizing that business success comes with strategic planning, exceptional organizational skills, and a long-term professional network.
All companies should follow a few fundamental propositions to give themselves the best chances of good fortune. Let us explore four of the most relevant ones today.
In the age of digital technology and all things internet, companies often fail to recognize the importance of structural security. In Layman’s terms, this entails the physical protection of company premises from outside intrusion. And while an office situated inside a corporate complex by definition is safer than a standalone location, there is no such thing as being too careful with what belongs to you and your organization.
As such, one of the best things you can do is make sure your security systems are airtight and impenetrable. This includes utilizing Euro cylinder door barrels and locks for all entrances, visual and touch screen password access to facilities, a well-designed breach response plan, and even safety deposits for your most precious items.
Keep in mind that the money you spend now is a low price to pay to avoid an exorbitant loss or complete bankruptcy if something unexpected were to happen.
All About Information
Once you’ve taken the necessary steps to ensure you are physically protected, the next step in the process is putting in place mechanisms to safeguard that which is most valuable to your firm. In case you haven’t guessed it already, we are talking about information.
No cybersecurity system is perfect. Accidents can and will happen regardless of how cutting edge it is or how much money has been spent creating it. But that doesn’t mean you should ignore this issue altogether and hope for the best. This would be not only ineffective and counterproductive but also reckless and irresponsible.
Whatever cybersecurity system you choose is up to you. Some businesses have an in-house strategy in place that includes company proprietary software. Others prefer outsourcing to experts in the field with a track record of success. Still, what’s important is not how you do it but that you engage in it. Similar to structural security, prevention, no matter how costly, is oftentimes much better than the cure.
The Man at the Top
Starting a company doesn’t necessarily imply you should be the de facto boss. In the United States, many wealthy athletes start their firms upon retirement but have others run the day-to-day operations. For instance, a former pro basketball player with a lot of money will set up a sports management agency under the stewardship of an experienced lawyer with a degree from Harvard, Yale, or Florida State University.
Needless to say, if you are responsible for the creation of a revolutionary product or service that will completely change the industry, you should be the CEO. After all, you are the person with the most knowledge and can lead the organization in the right direction.
But if your enterprise is in a well-established industry, food or retail, for example, you should consider hiring someone else to guide the ship. Maybe you can interview one or two candidates who have run a franchise in the past. Or you can employ a top graduate in marketing or communications with the personality and vision to help your company prosper.
The Japanese Miracle details the unprecedented, unexpected recovery of this East Asian Nation after World War II. Left devastated by the effects of the only two atomic bombs ever dropped as an act of war and with little to no natural resources, few would have expected Japan would become the economic powerhouse it is today.
So how did they do it? How could they accomplish such a feat? While there are many ways to tackle these and other questions, one of the biggest reasons for their success was what is commonly known as lifetime employment. In essence, companies promised their workers that they would be rewarded with the financial means to live for the rest of their lives if they gave them their utmost effort and dedication.
Naturally, the people you hire at the beginning stages of your organization will probably not stay there for 30 years. Nevertheless, you should strive for long-term stability by treating your staff fairly, paying them what they deserve, and doing the best you can to make the work environment as good as it can be.
As we have seen, there are four fundamental principles all companies should be aware of if they are to excel in a competitive marketplace. The first two are structural security and the safekeeping of corporate data. The third is choosing the right person to preside over the organization. This could be you or somebody else better equipped to handle the running of operations. Finally, enterprises should aim for long-term stability and as little turnover as possible.
By looking into them, your firm will slowly find itself on the right path, leading to an increase in sales and growth.