Companies in Focus October2021 - Insights Success

 

There is no dearth of companies and entrepreneurs. The start-up culture only added to it. But only a few of them stand apart from the herd. In fact, they lead the flock. Ever wondered why? What puts some companies in focus?

Success is not a goal but a journey. Only those who continue with this journey hog the limelight - be it an individual or a company. No wonder some companies are better than others and go on to become household names.

A few components that every company needs to have to be successful include product, quality, market, money, goal setting, competitive advantage, innovation, service, and people. It is critical to maintain a competitive advantage in a highly competitive world where innovations and disruptions are a way of life. The competitive advantage includes standing apart by giving quality products/services different from others and cost advantage to customers. Such companies go on to become a brand of such stature that the product is recognized with the company's name.

Nothing can beat low-priced products or services. Customers are always attracted to low prices for quality products. Companies consistently indulging in this can ensure a fair number of loyal customers. These companies focus on retaining old customers and attracting new ones.

Most important is the company’s management, which is the most crucial deciding factor for a company’s success. A visionary leader coupled with an amalgamation of experience in management is the key to a company's success.

These companies hog the limelight with their sheer perseverance towards their goals and continuing with their success journey. The most important factor to recognize if a company is successful or not is if the talent pools stay for an extended period in the company. Talented employees can easily be wooed with attractive packages. When such talents stick to a company for a long time, they like to work there and believe in the management’s vision of success. Leadership, within the office or in the market, indeed is the most important characteristic for a company to be the show stealer.

It is not easy for a company to maintain the position of a market leader since competitors are constantly on the lookout for opportunities to grab that position. Hence, continuing with market dominance is another Herculean task after attaining the peak, particularly under volatile conditions and mergers.

Companies buy and merge with other successful companies to improve their market value. If a company has a competitive advantage, great management, and market leadership are crucial factors that give a company an edge over the others. Such companies come to the focus as they know the tactic of getting into the groove and remaining there.

High-performing companies are not only customer-centric but are also employee-centric and retain talent. They adapt to change quickly.

To laud some of these companies that have consistently remained on the top, we featured them in our latest edition of Insights Success, Companies in Focus.

Have an exciting read!