For over a century since winning the World Series in 1908, the Chicago Cubs struggled largely due to a lack of investment and commitment to create not only a team that could achieve success for one season, but could enjoy repeated success over many seasons. Every now and then the Cubs would have a good season, only to be quickly followed by many terrible years. That all began to change in 2009 when the Ricketts family purchased the Cubs organization and began putting the building blocks in place to create a team that would win not just one World Series as they did in 2016, but construct a franchise that is poised to enjoy repeated success for years to come.
As we work with entrepreneurial businesses, we see a collection of recurring attributes among the ones that are building a company to enjoy repeated success over many years. Here are seven of the most common traits.
1. An Emphasis on their People
Businesses that experience repeated success are incredibly disciplined in the art of practicing “first who, then what,” meaning they engage in thorough hiring processes to find the best people.
Successful companies go beyond just evaluating technical skills of the candidate; they utilize more qualitative assessments to discover whether the person has the necessary emotional skills and motivations to make them a well-rounded team member. Once they hire great people, they don’t let them get away. What that means is they show their appreciation to their employees. They also focus on helping their employees grow as individuals — this means making sure staff members know what is expected and receive frequent coaching and feedback as part of their development process.
2. Clarity of Purpose
Entrepreneurial businesses with repeated success are crystal clear about their reason for existing, their “why.” Such mission statements convey to staff a compelling reason to come to work each day and give their full commitment. Mission statements also serve as a filter for the organization to run potential customers against to keep the business focused on the work that fits it best. Great purpose statements also tell prospective clients why the business exists at its core, setting the stage for deeper partnerships. Businesses that achieve repeated success start with why.
3. Operationalized Core Values
Core values are the non-negotiable behaviors you want your staff to continually exhibit. Articulated and defined core values are the riverbanks of your company culture — they help define and defend your company’s culture as it grows.
4. Vision-Based Strategic Plan
Sustained, enduring success doesn’t just happen. The best leaders get the vision for their company out of their head, communicate it clearly and put a plan in place to make it a reality. Successful businesses devote dedicated, uninterrupted time toward evaluating where the company is currently, where it is headed and the plan to get there. As Abraham Lincoln said “The best way to predict the future is to create it.” The best business owners don’t just hope for their vision, they gather their team with an outside facilitator and work together to create an actionable plan that will turn their vision into reality.
5. Business Strategy Execution
Strategy creation without execution is pointless. We often engage with teams that have a list of strategic “to-dos” from prior meetings or annual retreats having achieved little to no follow through. A year or more quickly goes by without the time or focus to achieve these “to-dos.” The vortex of continual client projects presents a challenging and distracting environment to create and execute a strategy. The entrepreneurial businesses best at both strategy creation and implementation engage an outside consultant to hold them accountable and keep the team focused on vision until the goals and objectives are achieved. Outside objectivity and accountability are essential to teams creating and implementing their strategic plan.
6. Differentiation in the Marketplace
Entrepreneurial businesses with repeated success in the marketplace are able to swim away from the “red oceans” of competitors devouring each other, and instead are able to swim out toward the uncontested market space of “blue oceans.” This requires periodically assessing how they compete with similar companies and putting themselves in their customers’ position to assess how differentiated the companies are.
7. Innovative Culture
One of the key drivers of differentiation in the marketplace is having a culture of innovation that results in brining innovative products or services to market. Having a creative culture is dependent on a number of the preceding traits, particularly around people and strategy. When you have the right people in the right seats committed to a unifying mission, focused on the owner’s clear vision and executing a disciplined strategy, the way is paved for fueling a culture of innovation.
As an owner, are you building a company to achieve success for just one season, or are you building an enduring ‘franchise’ that will achieve success season after season?
Have you set your business up for repeat success?
Visit navigatethejourney.com and schedule a call with us for a complimentary Company, Team or Leader diagnostic.
About the Author
Tom is a Professional EOS Implementer™ and the CEO of Navigate the Journey, a firm that specializes in helping the owners of entrepreneurial companies improve at the company, team and individual leader levels.