There are so many lessons we can learn from successful businesses, and by looking at some of the world’s leading companies, we can borrow some great ideas to improve our own operations. From customer service to online marketing to logistics, we look at four lessons from successful companies that you can learn from.
Keep Your Website Safe and Updated
The shift to online business has completely changed the way global business works. Now, keeping a website up to date and free from any bugs or issues is paramount to success. Global leader Amazon once went offline for just 45 minutes – costing them an incredible 5.7 million dollars.
As businesses grow, it is vital that their websites grow too, with extra security and technological support in case anything goes wrong. With huge data breaches causing immense damage to online businesses, it is essential that companies invest in their online security and protect their customer’s data at all costs.
Think Long Term
For many businesses, generating a profit may take more time than you expect. Even some of the most successful companies in the world took years to start making a profit. Amazon, which is now the tenth most popular website in the world, took an incredible seven years to start turning a profit.
Other successful businesses like FedEx, ESPN, and Tesla, all took years to become the profitable major companies we now know. By thinking long term and not worrying too much about profit in the first year, businesses can give themselves the time and money needed to scale into a profitable company.
There are so many businesses out there which went under because their timing wasn’t right. Many of the most successful businesses around are there are so well known because they appeared at just the right time. In a world of constant growth and change, it is those who strike out and take a chance that has the best chance of success. Experts say that timing is everything.
Online businesses like Netflix, eBay, and Etsy have all seen off similar competitors by being the first and the best with their idea. If you have a great business in your mind, don’t let someone else with the same great idea beat you to it.
Learn from Your Mistakes
One of the most important markers of a successful entrepreneur is their ability to accept failure and learn from it. Failures are part and parcel of growing a new business, and there isn’t a global success out there who haven’t messed up and had to learn a hard lesson and move on. Elon Musk is a great example of this, with ten years of unsuccessful rocket launches, he has finally been successful in his mission, adapting his process and learning from mistakes.
Other major businesses which have learned from failures and grown include Facebook, YouTube, and Virgin, who have all stood the test of time because of their ability to do this. It is even wise to anticipate failure and view it as a way to improve your business radically going forward.