When you think of successful visionary companies there are a few that immediately pops into the mind, such as, Google, Apple, and Boeing. These companies are leading innovators offering innovative products and services, they show consistent improvements in their market share, profitability, shareholder concern, and consistently outsmarting rivals.
Here’s a look at the successful habits of visionary companies.
Creating a vision.
Your business’s vision will act as the hallmark that people will identify you with. If your core ideology doesn’t go beyond the conventional monetary profits strategies, you’ll drown in a sea of other companies. Instead, if your ideology is tied to a greater cause, it holds a significance that is integrated into the company at all levels. In fact, many visionary companies that are thriving today like Hewlett-Packard and Sony did not have a ground-breaking idea or sturdy business plan in place when they started out. What they did have is a strong core identity that got them to where they are today.
The mission statement of your organization is just as important to build a strong foundation. In the book Built to Last-Successful Habits of Visionary Companies, authors James Collins and Jerry Porras say that nearly all visionary companies make their mission statement the basis to define the purpose of the organization. Such as, Disney aims toward making people happy while Marriot Hotels’ mission is to make their travelers feel comfortable as if they were in their friends’ company. All said and done, even an organization with a strong mission and vision will go nowhere without execution. Execution will give a realistic meaning to your vision and mission, and help you progress.
Nearly all visionary companies make their mission statement the basis to define the purpose of the organization.
Goals and risks.
It’s always easy to play it safe, especially when you are cradling your brain-child and protecting it from potential risks, but taking calculated risks can sometimes pay off. Set audacious goals for your organization and the sheer fear and excitement will drive it forward. Monitoring progress and not letting your business come to a standstill from complacency are just as crucial. Take Zenith for example; the company stopped at just manufacturing televisions. Motorola, on the other hand, expanded itself gradually from car radios and televisions to processors, cell phones, and satellites. Successful visionary companies challenge themselves every now and then, as it is one of the only ways to make quick progress.
Experimentation and innovation.
Visionary companies are not afraid to make mistakes, for you never know when one of these mistakes is going to translate into the next innovation! An interesting instance is how Johnson & Johnson went on to commercialize the Johnson’s Baby Powder. Back in the days, the company used to manufacture plasters for medical institutions. A memorable episode is when a patient came up complaining of skin irritation, J&J took up the complaint and worked around it by adding a tiny talc can to the packaging. It wasn’t long before requests started pouring in solely for the talc, giving rise to one of its leading products. Many such innovations have been recorded that wouldn’t have occurred if these companies had not gone the extra mile or gone past their comfort zone to try out something new and different. Another notable aspect of visionary companies is that they never settle down once they’ve made it big, as they constantly push themselves and their employees to innovate, that eventually leads to breakthroughs!
Leadership and people.
Visionary companies hire people whose values match with their core ideologies. These companies have unflinching standards set to take in new hires who can live up to these demanding standards. They don’t compromise on those who are unyielding or have their own agendas, that are not in line with the businesses standards. Hiring a pool of talented individuals can make way for a successful tomorrow. The team members in a visionary organization are also consistently put through professional training and development, to encourage learning and progress.
Leaders are the pillars of any organization. What a good leader does is to focus on building the organization instead of time-framing any progress that is made. This means that you, as the leader of the company, should be focusing on building it from scratch with perseverance and patience alike, rather than trying to achieve quick success with the next product that they launch. “Clock-building” can be far more beneficial to your organization than “telling time” in the long run. Also, as far as leadership goes, visionary companies boast of leaders who built their employees rather than themselves. Many leaders who were a part of these visionary companies, did not fill the shoes that a leader is typically expected to fill. Even so, they managed to empower their employees in a nurturing environment, and their work culture invariably reflects positively on their image.