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Characteristics of Today's Thriving Companies

Written by: Bill Tamminga

Article Overview: While there is a shortage of cash for many firms today, others are making more than enough to survive. What are the characteristics of the companies that thrive? What are they doing that others are not? Most importantly, can you duplicate these characteristics into your business?

Characteristics of Today's Thriving Companies

While there is a shortage of cash for many firms today, others are making more than enough to survive. What are the characteristics of the companies that thrive? What are they doing that others are not? Most importantly, can you duplicate these characteristics into your business?

Technology & Power Networks

The firms that are thriving today are using technology to quickly establish and grow relationships. The internet, with all its power and speed, has enabled the best companies to manage a massive number of client relationships with ease. Consider how many people can be reached through online video, podcasts, webinars, and long-distance teleconferencing. Even a small firm can build international relationships if they take the time to understand technology and its diverse uses.

This capability has led to the creation of Power Networks - hundreds or even thousands of high-end professionals who work together to increase each other's wealth and influence. Consider Amazon.com which continues to improve its financial standing - up more than 30% over the last two quarters. The company thrives because it leverages technology to manage a massive database of users and buyers.

Eliminating Intermediaries & Establishing New Distribution Channels

Today's thriving companies are evaluating the opportunity to purchase or even eliminate middlemen and streamline distribution. China has become a powerhouse in product development and many companies are now using Chinese firms to handle not only manufacturing but packaging and shipping as well.

Customization

As companies get better at using technology and customer data, they are able to customize products and services to fit the needs of specific consumers. Dell Computer is an excellent example. They allow customers to establish specifications for their own computer. Dell takes a couple days (or less) to build the computer and ship it out when it is done. The company has done well even in the recession. When I last checked their performance, they were up 9% year over year.

Merging Markets

The fences that once kept companies relegated to one geographic boundary or one type of product or service are dissipating. Disney, once just a player in cartoons and theme parks, has created a global conglomerate that now includes cruises, retail stores, major motion films, hotels, and education. Disney's revenue was up 7% year over year, a good performance in light of the size of the company and the difficult economy.

What can you do to take advantage of these trends? First, make sure you are using technology to your advantage. Your website should be a place where people can initiate or continue building a relationship with you. Once that process has begun, make sure client data is placed in a CRM system and that you have processes in place to move them up the sales ladder. Second, use your data to strengthen your relationships with customized product offerings. Finally, analyze the strengths of your firm and consider branching out into other markets.

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Article Tags: amazon, chinese firms, client relationships, computer dell, couple days, customer data, customization, dell computer, distribution channels, intermediaries, international relationships, massive database, massive number, middlemen, own computer, power networks, powerhouse, recession, using technology, webinars



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