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Habit is the backbone of consistent success. This is especially true in the business world. One of the greatest truths is that successful companies thrive on corporate habits and culture. It is these habits and corporate culture that form the north star of their operations. Habits help these businesses stay on track and enjoy lasting success.
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Habit is very crucial for growth and development, so it is crucial in marking an individual or a group. Successful business leaders understand that habits are very strong and important determinants in building powerful and effective businesses. What do efficient businesses mean? Efficiency, in the business world, refers to the level of quality with which a task or process is performed, which ultimately leads to better overall business performance. From a managerial point of view, a company is efficient if its employees perform the required tasks. The most consistent employees perform tasks correctly. Therefore, top business leaders design their businesses around a series of habits and cultures. In this article, I will share with you 5 habits of highly effective businesses.

  1. Build A Culture Of Trust And Support

Highly effective companies create a culture of trust and support. They thrive on transparency, truth, and support. Leading companies that are known to be highly efficient create a culture of healthy rapport among their workforces and as well support them with opportunities and rewards.
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In an efficient company, there are tools and state-of-the-art facilities and equipment that help employees perform their tasks efficiently. There is a supportive culture of training and workforce empowerment in these highly efficient companies. Finally, highly effective companies give their team members some autonomy to contribute their ideas.

  1. Collaborate Across Board

In highly effective companies, they collaborate rather than compete. They understand the power of unity and leverage it through collaboration. Furthermore, they collaborate in various ways such as engaging in a group project and outsourcing certain tasks to talented people rather than being stuck in problems. Highly effective companies seek to collaborate with other companies that share similar values and goals. When there is an opportunity to collaborate with perceives competitors, they seize it to get ahead. Although, they are careful with their competitors, they are open-minded. 

  1. They Are In The Present But Live In The Future

Highly efficient companies are futuristic in their approach. They foresee the future and work on it right away. Being futuristic, highly efficient companies, cuts out any form of distraction from their competitors. They look to the future and shape the latest innovations and present them to their audience.
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Highly effective companies are solution-oriented and are always involved in the next big thing. They have a fetish for trends. These companies invest in research that projects the future.

  1. Carry out Risk Management Across Board

Highly effective companies create a culture of risk management in their operations. They encourage risk-taking across the board, but provide safety nets. In addition, they are strategic in their approach to risk and know how to survive in times of crisis. They put in place tools and models that help them stay afloat. They know how to distribute risks among stakeholders where they can pool their talents and resources to manage them.

  1. They Are Open-Minded

Effective companies are known to be open-minded and ready to adapt to change. They are quick to make changes, which makes them known as “agile companies”. They create a culture that makes them receptive to change and instill a culture of receptivity in their team. These companies, rather than being rigid, are flexible in their operations. They also remove red tape and bottlenecks, so that their workforce can enjoy a degree of autonomy to experiment with their ideas. Finally, these companies design playbooks that are useful in emergencies so that employees can make independent decisions without having to report to higher authorities. Featured Image Source: Businessday.NG
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This article was first published on 14th July 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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