This is the second installment in this series countdown to 49 Secrets of the most successful companies in the world by world acclaimed business consultant, Jay Abraham.
Secret #8: Team Member Training
The most successful companies continually and progressively train and re-train their team members. They do this because there is research that proves most companies only get one-fifth of the performance capability, result and productivity from team members. This is simply because team members do not know how to perform better even though they have the ability to produce. If you regularly and progressively train and re-train them, you can get your team members to be five times more valuable. This is akin to getting five times the team members with no more money. However, you have to commit to continuous training and re-training.
Secret #9: Strategic Integration
The most successful companies are strategic, proactive, and critical thinkers. They have hedge strategies. They don’t do things randomly or erratically. Everything they do is very integrated and it’s designed to stick to the end game. Their end game is this: To find the most desirable buyers, make the most powerful and irresistible proposition to prove their value and get people to start a relationship. They then turn that relationship into a purchase, and subsequently turn that initial purchase into larger purchases or ongoing purchases. They are very strategic about focusing on sequential, connected activities that have the highest probability of producing this outcome
Secret #10: Outside-The-Industry Thinking
The best companies constantly study, monitor and examine the marketing, selling, and positioning approaches that companies in totally different industries utilize. They look for ways to adapt, adopt or borrow these approaches and apply them to their company. This means you have to be committed to research and discovery. You have to think creatively about how to translate other people’s approaches in different industries and then modify it for your business. You and your team need to constantly pay attention to what other people are doing outside your industry.
Secret #11: Breakthrough Testing
The best performing companies are always trying to reinvent themselves. They are always testing new approaches. They are always testing new markets to penetrate. They are always testing new ways to position themselves. They test these things conservatively; they don’t waste money. They are looking for breakthroughs. Breakthroughs are what catapult you to the next level or beyond. However, you will never get a breakthrough if you don’t go out and try and engineer them, and you can’t engineer them if you’re not monitoring what other creative thinkers, strategic marketers, and inventive sales organizations are doing and then modifying it to your business.
Secret #12: World-Class Company Culture
The best companies in the world have very strongly defined cultures, ethos, and purpose. Everybody that works for the company feels a part of the purpose. Everybody that works for the company is there to support and collaborate with one another. Everybody in the company sees they are making an impact – from the delivery person and receptionist to the CEO. They see they are not just static workers; they are part of a bigger vision and commitment. The organization has more passion, purpose and performance because of this.
Secret #13: Advanced Growth Strategies
The biggest, most successful performers commit to do three things every year. First, they look at new markets they can penetrate or go into. Second, they look for new products or services they can introduce either as a backend, frontend or package to their existing markets. Third, they buy at least one company every year that is in the same business, OR a complimentary business offering something people buy before, during or after they buy their product or service, OR a company that offers an alternative version of their product or service. They buy these companies on a basis where they pay for it almost totally out of the profit so it doesn’t cost them cash.
Secret #14: Masterminding
The most successful companies have mastermind groups they are a part of that have very bright people from different industries or the same industry but in non-competitive parts of the country. They have powerful boards of advisors with talented people they meet with for guidance. These board members give them ideas and perspectives from an outside point of view. They have people who interview all kinds of successful people and learn lessons they can share with the company. They do all these things continuously and in an organized way. This layers and multiplies the power, profit and impact of what the company does. Getting a mastermind or advisory group, and/or going to experts and picking their mind and interviewing them – this alone will give you so much expanded understanding that it will give your company great advantage.
Watch out for the next tips in this series.
Which secret is your favourite? Leave a post in the comments.