What Are the Most Successful Businesses?
August 14, 2021
Sometimes measuring business success can be relative. Some people might consider their business to be successful, even if it's not a Fortune 500. Others might not see their business as successful until they see themselves at the forefront of their industry. Furthermore, there are many different kinds of businesses in various industries, making defining success across all these elements difficult. However, there are a few traits that most successful businesses share, but before we go there, let's take a stab at trying to define what it means for a business to be successful.
What Makes a Business Successful?
Throughout all the different factors that can influence what makes a business successful and the definition of business success, one seems to be shared by all creeds: Profitability.
Profitability should not be confused with profit. Where profit is a number determined by the amount of revenue above and beyond a company's expenses, profitability is the scope of its profit in relation to its size. Profitability measures efficiency, the efficiency of a whole company, from its services, all the way through the supply chain to the internal processes relating to the work of its employees, organizational structure, and more. All it takes to make that company's current and future projects successful.
By analyzing a company's profitability, investors can assess the value of an investment in that company. This value is regarded by many as a way of measuring a company's success.
Now that we have a better idea of what makes a business successful let's go over five traits most successful businesses share, which undoubtedly play a role in their success.
5 Traits of Successful Businesses
Successful businesses have management teams oriented towards the company's goals, objectives, mission and vision. Moreover, good management directly translates into better employee performance, which is the engine that will help the company achieve its goals better and faster.
Companies that are people-oriented and work hard on creating a good work environment and company culture will also see their employees increase their productivity. But it goes beyond that. A people-oriented company knows that it's all about the right fit, the right person for the right task in the right organization. Aligning all these aspects makes the building blocks of a successful business.
- Processes and Innovation.
Once you have the right management and people in place, having the most efficient processes throughout your organization and keeping a continuous flow of innovation both in the processes and in the products and services your company provides will guarantee your company's success. Visit our Product and Service Innovation page to make sure your company develops methods and skills for sustained innovation.
All successful businesses have on-point marketing strategies in place that reap them a strong ROI. All marketing strategies (and all strategies, for that matter) need to be evaluated and adjusted to make sure they keep on being successful. Visit our Marketing Data Analytics page to make sure your business succeeds in mastering lead attribution and maximizing the ROI on its marketing spend.
- Competitive Intelligence.
"Scientia potentia est," or "Knowledge is power." The information and analysis delivered by competitive intelligence services provide businesses with knowledge of their competitive landscape, where they fit, and how to get ahead. Visit our Competitive Intelligence page to see all the competitive intelligence service engagements that Peak Innovation can offer your business to make sure you are counted among the most successful businesses in your industry.
Making sure your business has these five traits defined above will go a long way in helping your business achieve success. Nevertheless, being part of one of the most profitable industries will undoubtedly make the job a lot easier.
Most Profitable Industries
According to IbisWorld, these are the Most Profitable Industries in the United States in 2021
with their total profits for this year:
- Commercial Banking, with $170.3B
- Life Insurance & Annuities, with $152.5B
- Software Publishing, with $115.8B
- Health & Medical Insurance, with $104.1B
- Trusts & Estates, with $86.4B
- Real Estate Loans & Collateralized Debt, with $75.0B
- Hospitals, with $68.1B
- Colleges & Universities, with $64.4B
- Real Estate Investment Trusts, with $59.7B
- Apartment Rental, with $57.1B
At the end of the day, it takes the right people, processes and innovation, marketing, and competitive intelligence to make sure your business becomes one of the most successful businesses in its industry. And whether your firm is a start-up or a Fortune 500, Peak Innovation is here to answer your toughest marketplace questions.
Every Peak Innovation service engagement is led by one of our highly experienced principals. We operate with a flexible, scalable staffing model leveraging subject matter experts as needed. We enable clients to generate profitable growth through the practical use of research, innovation, and technology. Please, visit our services
page to learn more about what Peak Innovation has to offer. Call us at (470) 273-7250
or fill out the form on this website for questions about our services or to schedule a time to speak.