The Seven Practices of Highly Effective, Rapid-Growth Businesses

There are no guidelines or an official rulebook for building and growing a successful business. It takes grit, a substantial amount of perseverance, and a dose of trial and error to make it in today's business climate. Common sense rules still apply, but the wrong move or position of stagnant complacency can be deadly. Surprisingly, despite the tumultuous economy as of late, we have seen the rise of a number of super-growth organizations, businesses that have truly set themselves apart from the competition and appear to be making all the right moves.

So, what is their secret? In examining the strengths and successes of some of today's rapid-growth companies like GoPro, Netflix, and Yext, we have identified seven practices of highly effective businesses. Consider this your official, "unofficial" rulebook to business success in the mid to late 2010s. 
 

1. Be Value-Added and Recognize Emerging Trends
   First and foremost, customers want true value from you, not perceived benefits. This may seem simple enough, but what makes being a true value-added organization difficult is that fact that customers are continually redefining their wants and needs. And where the customer goes, the market follows. Ultimately, this means you need to build a product or service that adds consistent and compelling value to your audience - beyond the competition - and recognizing emerging market trends can help. In the current Car Wars battle waging in a metropolitan landscape near you, the car service that will step out on top among Uber, Lyft and Hailo will be the business that capitalizes on the point where emerging trends and customer value meet.
    
2. Spot Growth Opportunities
   Businesses grow in two fundamental ways: to their existing customer base by leveraging new offerings or to new customers by moving into new markets or diversifying their portfolio. The key to success is identifying the largest potential area of growth for your organization and supporting that strategy across the business and continually reassessing the market and performance metrics.
    
3. Think Efficient
   Hyper-growth businesses are built on a foundation of brilliant processes. Efficient and scalable, these processes enable decision makers to make timely, informed business moves based on the organization's strategic direction to the benefit of the business, the team and the customer. Hand-in-hand with efficient processes come efficient technology solutions. It is more critical than ever that any system or platform you implement within your organization sets you up for growth and enables the scalability and flexibility you need, when you need it.

To learn the remaining four habits of today's successful organizations, head over to our blog and keep reading!