Ever wondered what separates the good from the great when it comes to business or why some enterprises seem to handle the challenges of any market with ease while others find themselves on the back foot or under-performing?
Here, we take a look at the five traits of high-performing businesses and how you can set your business up for continued success.
What is a high-performing business?
As Indeed explains, “a high-performing organisation is a framework that leads to a business performing well in comparison to its peers or competitors”.
It’s an organisation that has achieved sustained success via good management decisions regarding hiring, marketing, selling and pitching, resulting in excellence in both its output and in the employees who work there.
That makes high-performance a competitive advantage, and it’s a title many businesses hope to attain.
But what exactly are the traits of a high-performing business, and how can you replicate them to take your business to the next level?
Clear guiding principles
One major trait that most high performing businesses have in common is that they are clear about the principles that underpin the organisation.
Not only do they know all these elements, every decision made within the business is based upon these identifying traits and guiding principles, keeping them true to their origins but giving them the ability to evolve.
Strategy not reactivity
High-performing businesses do not occur by accident. They are strategic in everything they do. From start-up to expansion and growth, they have a clear plan and path forward.
Every decision is weighed against their guiding principles, every move is carefully researched and planned. They are proactive, not reactive and they dedicate time to the important questions of ‘where to from here?’ and ‘is there a better way?’
High-performing businesses understand the power of their employees. They know they are the face of the business and indeed the people who can make or break an organisation.
In a high-performing business, people are not just employees, but team members who are empowered to help take that business to the next level.
This culture extends from the people a high-performing business selects to how they are on boarded and trained, the way that they are involved in strategic business decision making, and the processes and procedures that guide everything they do.
A customer-centric ethos
A high-performing business never loses sight of the reason they exist: to create and keep a customer.
They understand customer service is not a department but an organisational ethos. In fact, the customer lies at the heart of every decision a high-performance business makes.
They know this customer intimately, regularly engage with them and consistently seek their feedback.
Consistent learning and improvement
A growth mindset tends to underpin all high-performing businesses. They know yesterday’s home runs won’t win today’s game and learning and improvement are key to sustained success.
This mindset also allows the business to learn from mistakes, see challenge as opportunity, create a clear vision of a positive future, and embrace a culture of innovation.
The final word
A high-performing business involves great leadership and great strategy, but when you find that sweet spot it leads to an organisation with a clear competitive advantage.
Talk Strategy with Clive
With more than 30 years’ experience in mentoring small to medium-sized businesses around Australia. Clive works with company owners and their teams to grow their business and achieve goals through strategic coaching.