In order to build a successful business, you need to focus on four foundational practices, ideas, and concepts. This is the only way to make sure that you are operating proactively as opposed to reactively.
Once you have an understanding of these pillars of business, you will be able to apply them to your company.
Identifying the Pillars of a Successful Business
So, just what are the pillars of a successful business? The pillars of a business are the four core areas that the company believes will give them the best chance for success. Some common pillars used by businesses include:
- Management
- Marketing
- Operations
- Finance
- Brand management
- Corporate social responsibility
- Customer service
- Distribution
- Diversity and inclusion
- Human capital
- Leadership
- Pricing
- Strategic planning
The pillars of a business will differ depending on your type of business and the customers that you serve. For example, someone who makes and sells products may choose distribution as a pillar, while a service-based company may choose leadership.
Choosing the Right Pillars for Your Business
The most important step to establishing the four pillars of a successful business is to choose the pillars that best suit your company. Begin with a list of the core areas that are required for your business to run successfully.
However, it’s worth bearing in mind that no matter what business you are in, you need management or admin, Marketing, Operations, and Finance. These revolve around the success of your business and how you offer your goods or services to customers.
Creating the Pillars of Your Business
Now that you know what your four pillars are, it is time to write out a mission statement. Your mission statement should explain the reasons that each of these pillars is foundational to the operation of your company. Key members of your staff will be able to help you determine the best way to implement your pillars.
Making Your Pillars Work for You
Once you have chosen your pillars of success and know exactly how to implement them into your business, you are ready to get to work. Create projects, set deadlines, and identify benchmarks in order to build concepts for each of the pillars. Write documents outlining and explaining the concepts of your pillars as well as the specific steps necessary to implement them.
When you have implemented the pillars into your business, the next course of action is to test them and communicate them to your staff. You must also familiarize your vendors, customers, and the media with your pillars. You can do this by posting on your website or sending a press release.