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We know from the fewer job postings available for the unemployed that American companies appear to be on the decline. We also believe that the available jobs pay less than what they once did. The average 30-40 years old has lost 12% of his purchasing power in the past 30 years and this trend doesn’t appear to be declining. A few companies have maintained a strong presence in the U.S. and overseas and haven’t succumbed to global competition. What makes these companies so different? They Hire The Best: Successful companies know that finding the right person for the position is more important than filling the spot. They are willing to pay a little extra to find that right person instead of being “penny wise but pound foolish”. The right manager will save the companies hundreds of thousands of dollars worth of productivity. Ensuring the right candidate does require background checks, employment checks, drug screens and references. They Don’t Micromanage: If you have hired the right people for the position you don’t need to micromanage them. Micromanaging causes employees to be less creative and less productive. Successful employees know how to do their jobs and can be creative if they are given the opportunity to be so. Micromanaging only forces them into a little bottle where little new and innovative approaches can be developed. They Live Customer Service: The industrial societies of yesteryear have been replaced by the service society. Thus, customer service is hugely important in attracting and maintaining customers. Successful companies treat customers well, resolve their issues quickly and fulfill their promises. They Have a Culture: Strong companies have a strong “can do” culture which encourages people to get the job done. They don’t say “we can’t” but prefer to say “how”. Encouraging this culture come from the company literature, through verbal communications and the expectations of employees. They Know their Customer: Most successful companies don’t try and sell to everyone and their brother. Instead, they conduct market research on their most lucrative customers and sell to them. They target their marketing to attract the most lucrative customers who are likely to keep returning. They are Globalized: Even though a company can function pretty well in a national economy the most successful companies can compete worldwide. They do this through the use of telecommunications strategies, virtual offices and catering their services to the culture they are selling in. They are Price Sensitive: Strong companies know what they can charge and offering premium services for their premium products. They earn a higher margin of profits and brand their products. Having a brand name allows people to recognize their products as superior. Murad Ali, a two-time published author, writes articles and offers advertisement space for businesses. Visit http://www.thenewbusinessworld.blogspot.com
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