Leaders of successful companies are often asked what is the secret to their success. These leaders correctly answer that there is no one thing that makes an enterprise thrive. However, without a solid company culture built in from the beginning, no organization will last.I recently came across the story of two young entrepreneurs who founded a luggage company that sold $12 million worth of product in their first year. Steph Korey, co-founder and CEO of Away, writes in Inc. magazine that her company’s strong culture is the foundation of the business.
Even before Korey started the business with her partner, they both decided that if they emphasized their team and the company’s culture, everything else would fall into place automatically – and that’s exactly what happened.
A company’s culture has to be in place and known and accepted by everyone on the team – including those at the very bottom. When it is clear to everyone at an organization what they are working for, dedication and passion shine through.
Building a world-class team is also important to a company and Korey suggests that hiring those with passion can be more important than hiring for skills alone.
“As one of our investors put it, innovation rarely begins with the status quo, so when we’re looking to bring someone onto the team, we’re looking for something different: a mindset,” Korey writes in Inc. “We’re looking for people who aren’t afraid to take thoughtful risks, and who won’t rest on their past experience to approach their day-to-day.”
Turnover is a big problem at many companies, especially with younger workers moving on to new organizations frequently. One way to stem this tide is to invest in employees. That means keeping workers challenged and engaged. Invest a little time and effort in your workers up front, and employee retention will increase.
A company with a great culture always values its employees, especially those who rise to the occasion. Trust your employees and give them assignments and projects that they find challenging and exciting. Workers often get bored doing the same thing over and over and that is when performance declines. But when workers are continuously challenged, they feel trusted and will exceed your expectations.
A company must have a core set of values and these values must be understood by everyone at the organization. In order for the values to have any meaning at all, they just can’t be words. Values must be practised, reviewed and put into action. Customers and employees can see right through false pretences. So make sure that you review your values periodically and that your company follows them in every sense.
Company culture is a very important aspect of an organization’s success. Make sure your business establishes and embraces a solid culture so that everyone thrives. When this happens, the company is truly successful.