Do you aspire to build a business as successful as Apple or JPMorgan Chase? Here are five pieces of valuable business advice from these leaders and other successful CEOs of this generation:
1. Start By Becoming The Right Leader
As the head of your business, you’ll make many tough decisions. Ultimately, the best leaders make tough calls with logic and conviction. You may be afraid to make the wrong decision, but all good leaders understand that a risky yet reasoned decision is better than no decision at all. When a leader is indecisive, their company or business will lack direction. When you exhibit decisiveness to your employees or team, you’ll inspire them to work hard and achieve outstanding results.
In reality, there will be wrong decisions. You’re only human, so making mistakes is normal. What sets a good leader apart from a poor one, is the ability to recover from mistakes and failures quickly. It helps to show your employees that you’re ready to face any consequences, should they arise.
Never let failures define you because they’re only temporary. What matters is how you build yourself back again and apply the lessons you learned. Just as the old saying goes, failures are critical to success.
2. Get To Know Your Staff
Jamie Dimon believes that being successful is more than just doing a job well. For one to become successful, he asserts, they need to earn the respect of the people around them. Essentially, he believes you have to become the kind of leader people want to work for, and that it’s important to make an effort to know others on a personal level. When people feel like they matter to you, they’re more likely to work harder for your business.
Getting to know your employees is also critical from an operations perspective. Understanding each employee’s strengths and weaknesses will help you delegate tasks. You’ll also have an idea of who has the potential to become a manager or supervisor in future.
3. Put Focus On Your Business Strategy
Tim Cook’s advice on building a successful business is focusing on your business strategy. According to him, many business owners or companies get confused and think that the ultimate goal of a company should be to increase their revenue or stock price. However, to become a successful business, Cook believes you must focus on the steps that lead to those outcomes. For example, if you run a real estate company and want to increase your profits, you need to work on strategies such as marketing, price adjustments and property improvement. Formulate a clear plan on how you can achieve your goals and continue to work on those plans while monitoring and evaluating results.
Clearly Define Your Brand
Branding is an essential part of building any business. Your business brand is how your customers and prospects see you, so it’s important you get it right. Strong branding will reflect your products, company values, and culture. On the contrary, companies with vague branding or designs that mirror their competitors aren’t memorable in the minds of consumers.
After establishing a clear brand, you need to work on increasing awareness within your target audience.
Prioritize Customer Care
Many businesses invest heavily in customer outreach without ensuring the clients they already have are being taken care of. This often results in poor reviews and low customer satisfaction. If you want to operate a successful business with strong returns, your primary concern should be your clients.
By prioritizing your loyal clients, such as being available whenever they have an inquiry or purchase request, you’ll show them you care and that you’re not simply after their money. Engaging with your current clients will increase their trust in your brand, therefore resulting in greater profits.
Summary
Even with this advice from influential CEOs, you have to understand there’s no exact blueprint for success. The advice above should give you an idea of how to become a good leader and achieve strong results. However, your business’ success depends on your commitment and ability to get back up every time you fall.
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