Key Traits for Thriving in Business Today
In this blog, we will explain what modern Business is and how you can identify them using – what we believe as the seven characteristics of a modern business.
Maintaining a contemporary business status helps companies stay relevant and more profitable in the market and grow and scale their company effectively.
Before delving into the seven traits, let us look at what sets successful companies apart from the rest in today’s fast-paced and ever-evolving business landscape.
Purpose of being a modern business
Becoming a modern business is not just about the latest technology or the trendiest marketing tactics.
Instead, to be a genuinely modern business, a company must be profitable today as well as agile and adaptable while focusing on sustainability and social responsibility.
We believe seven fundamental characteristics define a genuinely modern business. So, to keep companies profitable and relevant, let us individually review a modern business’s seven characteristics or traits.
Trait 1 – Visionary Company
The first characteristic is that a Modern business is a visionary company that alters how a business is conducted in an entirely new way.
In other words, a modern enterprise is a company that introduces new products and services to meet consumers’ demands more conveniently than the present situation.
Trait 2 – Fosters Innovation
Secondly, a modern business consistently leverages innovation to sustain profitable organic growth and improve its margins.
Trait 3 – Fosters Innovation
The third characteristic is that Modern Business is that the company or an organisation understands that the company’s consumers or customers are the bosses and not necessarily the company’s CEO! and focuses on work activities accordingly.
Trait 4 – Measure Key Outcomes
The fourth characteristic is that the modern Business is a company that uses measurable outcomes to drive every element of a business, from strategy to deployment and from budgeting and resource allocation to selecting, rewarding, and promoting people.
Trait 5 – Views Disruptions as an Opportunities
The fifth characteristic is that modern Business views disruption as a potential opportunity, not necessarily a threat.
Modern companies act to deploy innovation as a process that integrates the end-to-end business processes and not as yet another hype or another new tool.
Trait 6 – Rebuke Commoditisation and Encourages Differentiation & Value-add
The sixth trait is that Modern businesses strive to break the commoditisation of their products and services. In addition to rebuking commoditisation, they also innovate differentiated, value-added brands and companies.
Trait 7 – Understand the Value of Technology & Work Place Culture
Finally, modern businesses understand the value of technology in people’s day-to-day life. They use innovation as a social process. Meaning… Modern companies understand people’s social interactions and how people talk and work together. They also know that the key to innovation depends on the interplay between people, processes, and technology.
Conclusion
In summary, every Business that wants to continue to grow and scale has no option but to evolve into a modern business. If companies fail to do so, they will fall behind their competition.
Look forward to hearing from you
We hope you enjoyed our definition of modern businesses and their seven characteristics.
Please scroll down and leave us a comment or your thoughts below. We look forward to hearing from you.
