Success Starts from the Inside
What do you think of when you define “success” within your business? It is obvious that you want to be profitable, at the top of the leaderboard in your industry and current with the latest and greatest trends. However, the key to success comes from within your company. If the inner-workings of your business are positive, this will translate to your customers and beyond.
At STORIS, we serve over 350 unique retailers and have noticed how they find success in their businesses. If you start from the inside and work your way out, you will spread the success of your business everywhere.
Think of Your Employees: You may not always realize it, but your staff is the glue that holds your company together—make sure you treat them right. A study shows that 39% of employees feel underappreciated at work, with 77% reporting that they would work harder if they felt better recognized. Offer incentives, activities and opportunities for your employees to learn and grow. A healthy relationship within your company will translate positively to your customers and is bound to make everyone happy. A study on employee retention shows that a 5% increase in employee retention can generate a 25% to 85% increase in profitability.
Lead by Example: You probably have high expectations for your staff, but keep in mind that they also have high expectations of you. As a leader, you want to set an example for everyone else to follow, which means you should be on the top of your game as well. A study shows that only 40% of employees are well informed of their company’s goals, strategy, and tactics. If you’re not doing your best, your employees won’t be inspired to excel either.
Be Honest: You probably heard your parents tell you as a kid that “honesty is the best policy.” This is advice still relevant in adulthood, especially when running a business. Tell the truth to your employees and make sure you have their trust. Being open with others establishes credibility for you and allows your employees to see that you care about being authentic.
Running a business comes with a lot of responsibility, pressure and hard work. Of course, you want your business to be successful, profitable and recognized. In order to achieve your goals, start at the inside and work your way out to find the most success.