What is the Formula for Becoming a Successful Company?
The formula for being a successful company requires first to define the concept of the characteristics of a successful company. The concept of success is a relative and subjective concept. A business can be seen as a success for me but a failure for another. These two views may be correct at the same time.
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The concept of success is actually related to how the person making the definition sees success. Whichever bowl of water fills the momentum of success in that person's mind, he or she will want to see the same shaped container for the characteristics of a successful company.
There are 5 formulas for the characteristics of a successful company we recommend as Prosoftly for a company to reach the success bar set by itself:
- Characteristics of a Successful Company = Installed System x Time
- Characteristics of a Successful Company = Delegated Job²
- Characteristics of a Successful Company = Right Person x Right Investment
- Success = Quality and Output of Work / Customer Expectation> 1
- Characteristics of a Successful Company = Correct Strategy x Effective Management
Characteristics of a Successful Company = Installed System x Time
A business needs a system and time to be successful. System and time must go together. For example; We have a company and we want to grow this company, to increase it to the level of success created by entrepreneurs, to make our name known in the world, or to be in the top three in our sector in the world. As the characteristics of a successful company, it is necessary to establish a system to achieve these goals and to have enough time to operate this system.
The system and time are at the same time and success occurs when they are multiplied with each other. As in the concept of flow, the amount of water flowing from a place is proportional to time. The point that determines the flow of water is time. It is also necessary to set up a system to find out how much water is accumulated in the reservoir. As in the example, there is a channel flowing at the flow rate. There is a pipe in the channel and the flow patterns of the water can be different. The flow may contract or expand. According to the Bernoulli equation, a serious loss of energy and success will occur if the flowing cross-section is enlarged.
Bernoulli equation can be defined in a simplified form as follows; static pressure + dynamic pressure = total pressure. Each point in a continuous flow has its own static pressure (p) and dynamic pressure (q) apart from the fluid velocity at that point. In p + q, which is the sum of these, the total pressure is defined as p0. For example; The longer water flows into the reservoir, the more water accumulates in the reservoir. Positive results will occur every second the system is started. A company that wants to achieve success should establish a system within its own structure and allow time for this system. Even setting up a system takes a lot of time.
As Prosoftly, most of our software is based on system establishment, which is the characteristics of a successful company. When appropriate, we establish a system related to the target marketing and permission process that will operate in the field of human resources, corporate, marketing. Each of these systems takes considerable time to set up. The system works and it takes time to be used efficiently and successfully.
Patience is very important in the system process. If the system has deficiencies, it must be completed. It is very important to be in the philosophy of continuous improvement. The necessary time should be given to the system and it should be expected to produce results. Even if you set up a simple permit process system, time is needed for all elements of the system to be realized in the form of technology and design and to be smooth. In short, the formula for success, the systems established and to be established pass through x time. System and time multiplication bring success to companies.
Characteristics of a Successful Company = Delegated Job²
When you square the delegated work, you see efficiency and success radiated by the multiplier effect. Well, What is a work delegation and how does it bring success?
The way to progress institutionally in a business is to classify the burdens on you as less and more value-creating. According to this classification, jobs that create less value should be delegated. In order to focus on value, more time must be spent on value creation.
No matter what position you are in, if you do not classify the jobs you have as more and less value-creating, and if you do not ask yourself questions about who will do the jobs that are classified, or by the technology, you will be stuck in the low-value job, you will not be able to devote time to the job that creates much value and you will get away from success. Based on the fact that a job delegated for the formula of success will create a time gap for you and the time gap will be filled with work that will create more value, the delegated job should be squared.
The common features of successful companies are here:
Here you will see a huge increase in the success of your company thanks to the delegation. Companies that generally failed to succeed, “We are too busy. We don't have time to scratch our heads, but we can't get out of it. We don't know what to do." Says words in the form. The reason for these words stems from the absence of delegated work. Consequently, when there is no delegate work, it becomes impossible to square it.
When you delegate a job to someone else, that is when you square 2, you get the result 4. If you square 3, you get 9. Based on this, each job you delegate returns to you as an increase in efficiency, positivity, and success. In short, the formula for success is the square of the delegated work.
While determining the strategies, the internal factors of the company should be considered together with the external factors. In order for all employees to unite at a single point and move towards the target as quickly as possible, the strategies determined must be adopted and applied in the company. Focus is one of the cornerstones of this process. We are no longer in a market where the big fish eat the small fish, but the small fish combine to eat the big fish.
How Should a Good Company Be?
"How should a good company be?" Let's explain the question with a scientific example within the scope of the formula of being a successful company:
When a cube is held in the direction of the light, there will be surfaces that will remain in shadow, but if a flat prism is held, the light can be directed to the desired point and with it, an energy that can be turned into the fire with the spark is obtained. The important point in strategy; is to make employees adopt targets and bring them together and focus them on a single point. In this way, the company can reach its goals faster, and since everyone adopts the goals and strategies, possible opportunities can be seized and measures can be taken against risks. Also; The company is thus enlarged; The profit of the company increases and a successful company structure is revealed.
Characteristics of a Successful Company = Right Person x Right Investment
Robots can work in businesses, but the main resource is people. A company needs the right people to succeed. Of course, the concept of right is relative. A person who is right for one job may not be right for another job. At this point, finding and attracting the right person suitable for the desired job is perhaps the most important feature of a successful company. After all, companies must become attractions.
When we examine the common characteristics of successful companies, we see companies that find the right people and constantly invest in those people.
The formula for being a successful company goes through these stages:
- Developing a person
- Passing that person through training programs,
- Including that person in talent development programs,
- Making talent development plans with the people you invest in,
- You place that employee in the competence matrix, and
- You have to invest in it in every sense.
Successful management, investment in people, and the right people come together, and success comes with companies. Even if you don't have the right strategy as a company, the right person thinks and finds the strategy in a while. In this way, it leads your business to success.
Success = Quality and Output of Work / Customer Expectation> 1
For example; Let's say you are selling a product or service, so you are doing a business. If the quality and output of this work are higher than the customer's expectation of that job, the customer will be your volunteer brand ambassador and this will bring you success. The formula for being a successful company is to create a brand ambassador.
Even if they aren't your brand ambassadors, they'll be more inclined to purchase from you. They will not hesitate to advertise you through word-of-mouth marketing. Because you almost fell in love with yourself, your company.
For example, you went to a restaurant. You sat in the restaurant, looked at the menu, and ordered meatballs. Let's imagine that your expectation is a meatball dish that tastes not bad, is fat, will not disturb your stomach, and is soft and affordable. When the meatballs arrive, you learn that the price of a portion of meatballs is $20 and you find it very affordable. You can also see that there are special sauces on the meatballs and you find the presentation very aesthetic. You immediately taste meatballs and you like it very much. You order another portion of the same meatball. After your meatball is finished, you order tea. Suppose you are looking for a close friend while drinking your tea. Call your friend and say, "Micheal what's up, how are you? I am at the X restaurant right now and this place makes very good meatballs. It is both affordable and tastes great! You must come here. " you say.
Common Characteristics of Successful Companies: Better Quality than Expected
We can understand the formula for success and common features of successful companies from this example. The job is to apply force to an object and move it a certain distance. If energy was expended physically but not converted into motion, then the work was not done. The work is directly proportional to the distance x traveled. The work done must have quality and output. If the quality and output of the work done exceed your customer's expectations, then you are successful.
Producing higher quality work than the customer expected will bring you success. The customer will be loyal and loyal to you. A loyal customer will make you your brand ambassador and make sure that others buy your products. When the other customer recommends your company to other people, you will see that this process is rooted like a tree within the common features of successful companies.
Characteristics of a Successful Company = Correct Strategy x Effective Management
If a business wants to be successful, it must focus on two issues and find the right spots there. Those two points to focus on are the strategy and management style that determine the characteristics of a successful company.
The strategy must be right for the company. There should be a correct strategy to ensure product and market harmony. If you, the product or service, which one you produce and sell, determine your right strategy about it and choose the most effective method to implement it, success will come to you. The right strategy is the first part of the formula to be a successful company that will keep us alive. The strategy is the tactics and methods you consider to do a job and achieve the goal. At this point, what you need to do is as follows;
- You need to find the right tactics and methods that will make your business a success.
- In order for the strategy you find as the formula of a successful company to be implemented, you must demonstrate effective business management.
- You must find a management philosophy that will run systems, organizations, and technology harmoniously and integrated.
- You must have an effective management style that constantly improves itself.
- You should make an effective management philosophy(Corporate Governance) that prioritizes investment in people.