The general belief of every new business owner is that their business’s success relies on offering a great product at a decent pricing strategy. Do you also believe this?
Although this is definitely a valid place to start. However, according to Amway, a worldwide leader in health and beauty, there are six additional key values that will guide your new business and encourage it to succeed.
To give your business (and role as head honcho) the best possible chance at success, consider investing more time and thought in these:
Always consider your employees as your partners rather than viewing your employees as mere workers. The fact is that viewing employees as partners who are investing in your company’s success is good.
After the initial training is over, look for ways to continually support and encourage them as they work with you—not for you—to help your company grow.
The key to acting with integrity is to know what your personal values are and then be true to them at all times. Once considered a scam, Amway proved it is not a pyramid scheme by taking the rumors seriously.
The company acted with transparency and educated followers about how its business model works. If you act with integrity, everyone will trust you, which will help to boost business.
This value will also encourage your team to do their best, as they will be happy to work for someone who is above-board and honest rather than shady and misleading.
#3]. Personal worth
This value does not mean how much money you personally have in the bank. Instead, it focuses on your self-esteem and how you know you are meant to do well in business.
As a business owner, you have put a lot of proverbial blood, sweat and tears into your company — by having a strong sense of personal worth, you will be able to keep going even on the days when there are plenty of challenges.
Remind yourself and your team that you all deserve to be happy and successful in your job; focusing on this value can help you get through any rough patches of self-doubt.
Successful companies are focused on achievement and will find ways to celebrate and encourage it with their employees. As a new business owner, it’s good to always be on the lookout for any type of milestone you have achieved.
Also, look into other achievements that you and your team have reached and applaud everyone for their efforts. Studies show praising employees for their work boosts productivity and decreases employee turnover.
#5]. Personal responsibility
After training your new team, allow them to take ownership of their jobs and responsibilities; be a good role model in this respect by never passing the buck and blaming others for any failures you might experience along the way.
Within that same vein, look to your employees for new ideas and feedback about current issues or processes. Doing so is what gave Google the top spot in Fortune’s “Best Companies to Work For” in 2017.
#6]. Free enterprise
Free enterprise is an economic system driven by supply and demand. This involves the freedom to choose how you want your business to operate and it is usually driven by the goal of increased profits.
As a new business owner, it is important to remember that your profit margin will help to make or break your new company. By supplying a product or service that is in high demand, you will embrace this value on a daily basis.
Let these values guide you every day
As you can see, owning a successful company involves a lot more than having a unique product or service. By following in the footsteps of these six enduring values, your new company will have a solid chance of succeeding.