The Qualities of a Successful Business

At some point in your life, you have probably been told nothing comes easy—but who wants nothing? Building a successful construction business can be challenging. There are many moving parts that make a construction company work and need to be taken into consideration when setting up a successful business.

But what is success? It depends who you ask, but I like the Merriam-Webster definition of “degree or measure of succeeding; favorable or desired outcome." Though the benchmarks used to measure success may vary from person to person, successful businesses often share some common elements.  

Listed below are 6 qualities I believe nearly all successful businesses have.

1. Clarity of vision. Successful businesses know where they are going. Developing a clear vision will help set in motion the activities needed to achieve your goals. Ask yourself questions to help clarify your vision. What type of business will it be? Do you want to do residential or commercial construction? How much work do you want to self-perform? In what geographical areas will you work? Do you want it to be a union company? Your vision may change as your business and clarity develop.
2. Business plan. It does not have to be elaborate or expensive, but it is important to have a plan. It is a snapshot of your business and should touch on your profile and goals. Include a description of your company as well as your marketing, sales, services, product lines, and management structure. Set goals that outline where you want to be in 1 year and 5 years. If you need help, have someone ask you the right questions. Keep in mind that you can always tweak your business plan.
3. Integrity. Great reputations are often based on trust and integrity. When your word is your bond, you follow through with what you say you are going to do, you take ownership of your mistakes, and you have a willingness to correct situations, people take notice. Integrity is one of the most important characteristics in developing business relationships. When people trust you, it takes those relationships to a higher level.
4. Strong skill set. Great satisfaction comes with being considered one of the best in the industry, but it takes a lot of hands-on experience and investment in your employees to reach that level. Properly training employees to follow in your footsteps and take pride in their work and the company are efforts that usually pay off. Striving to be the best at whatever you do is a foundation of success. To remain successful, it is important to be teachable and open to new ideas and technology.
5. Great customer service. Regardless of how you define success, great customer service and business success often go hand and hand. The customer service your business provides represents your brand image, purpose, and values. Be proactive with customer service—promptly notify customers about any mistakes or glitches, reach out to introduce new services or products of interest, and always go the extra mile to improve the customer's experience. Customers with good service experiences are more likely to remain loyal and refer others to your business. 
6. Right team. It is important to put together the right team that understands your business and the values you represent. In addition to your employees, your team may include material suppliers, subcontractors, your banker, an attorney, your financial advisor, and an insurance company. Each one influences your decision-making, so take time to research and choose your team accordingly.

In these uncertain times, it is important for companies to adjust where and when needed. This can bring opportunities to those who are creative and keep an eye out for opportunities that fit their business model.