Knowledge Base - Best Practices
Thrivers Vs Survivors
Over the years we have observed that while many businesses are surviving, some exemplify the model everyone else strives to be. Here is a list of characteristics we see separating the “Thrivers” from the survivors.
Sales & Marketing
- Create value for customers by solving problems
- Provide information to customers along with the product or service
- Know and capitalize on their competitive advantage
- Diversify products and customers
- Alert to new ideas, trends, competitors and technology
- Calculated response to select opportunities.
Finance & Administration
- Timely internal information.
- In-depth knowledge of costs.
- Understand the relative profit contribution of different jobs, products and customers.
- Projections and other metrics used to determine need for corrective action.
- Understand impact of decisions on cash and profits.
- Maintain a long range strategic perspective.
- Embrace the concept of continuous improvement.
- Willingness to take calculated risks.
- Attract and retain good people – Hire smart then empower.
- Decisive leaders who set the expectation for success.
- Able to react quickly to problems, opportunities and changing conditions.
- Foster a sense of partnership with customers, suppliers and other stakeholders.
Not every “thriving” company will exhibit all of these characteristics and I am sure there are a few that we have missed. However, I am confident a company that follows this road map will meet with success.