Valuable Lessons You Can Learn from Fortune 500 Companies
The list of the Fortune 500 is not long, but it includes the names of brands that have been doing business for years and doing it well. These massively successful companies provide plenty to learn for any small and growing business. So here are five valuable lessons that you can learn from Fortune 500 companies to improve your business strategies and increase your chances of success.
Process Improvement in your startup
Startups have more growth potential now than ever before. With technology and the Internet, small companies can reach a great audience, gain important feedback and use data gathered to improve their products and various processes.
According to Peter Peterka, the president at 6Sigma.us, By using the Six Sigma method like many Fortune 500 companies do, you can further improve your processes to reduce product defects, improve the company’s reach and have a smooth-functioning system.
You can equip your teams with the Six Sigma method and create a hierarchy that recognizes problems and defects while constantly improving the products as well as the manufacturing and marketing processes based on internal and external feedback.
Most Fortune 500 companies spend significant time in developing a brand, its identity, and its audience. By building a distinctive brand, every time you create an ad, your customers will be able to recognize the brand easily.
A recognizable brand is also crucial in attracting new customers that may not have been interested in your services before. Successful branding relies on the right use of colors, voice, graphics, and logos just as much as it relies on good marketing. By building a brand that is easily recognizable and is known for good customer experience
Great customer service
Customer service is a determining factor for customers to decide if they want to continue purchasing from a company or brand. Fortune 500 companies are constantly improving their customer service and experience to ensure that each customer is turned into a long-term consumer.
Instead of focusing on expanding and reaching more potential customers, you must set a foundation for good customer service that will fix any problems that might arise while also personalizing their experience. Once a system to retain customers is established, you can experiment with your customer experience methods while trying to reach other potential customers.
A clear mission
While every product or service is driven by a vision, every company must be driven by a strong, clear mission. Companies set their mission while establishing their customer base and brand identity to have a clear idea of how every service will help solve their customers’ problems.
With a clear mission set in place, every customer interaction, every product innovation, and every collaboration will be guided by that mission. It will also give employees an idea of the company and make them feel more connected and accountable to the company. This aspect is integral to successful companies and every employee is made aware of their purpose in the company.
Companies rely on their leaders for making key decisions. Fortune 500 companies have strong visionaries at the top of the ladder who guide the decision-making of each team. Responsible leaders shoulder the weight of the organization and attempt to maximize every employee’s potential.
Such leaders are well-versed with what makes companies successful, mistakes that can be avoided, and how a business can thrive. Thus, a key aspect of learning from Fortune 500 companies is that there must be visionary, experienced, and responsible leaders at the forefront of the company to make sure that the company grows while using the unique skills of every employee.