Six characteristics are common among successful businesses - Washington Business Journal:

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If you see your own companyy reflected in allof them, be proud of your achievements. If you see your company in only a few ornone — of thesew characteristics, then you have some importangt goals to work toward. • The solid, successfuol company capitalizes on its strengths and acknowledges its It flexes its strong competitive muscless oftechnical knowledge, efficient processes, employe e loyalty, a precise pricing formula and family interesrt and support. But the companyt also knows the limits of its strengtb and workswithin them. For instance, it does three thingse well but not the It covers one region effectively butnot two.
• The companu welcomes individuality, promotes organizational and family cohesivenessx and practices transparency and integrity in all of its interna andexternal dealings. This is characteristic of a companuy that is grounded in and poweredby well-articulatede personal, family and business values. The company rewards employees on the basis of merig and performancenot relationships. Run a business as a businesds and a charity asa charity, and keep the two with their two distincy purposes, separate.
A business should strive to meet the needs of those who benefitfrom ownership, but it shoul never be sacrificed to those That includes insisting that every employee, regardless of the family pull his or her own • The company clearly describes jobs and defines responsibilities and requirezs accountability from each person at every There is zero tolerance for featherbedding or for a 50 percent effort that expects a 100 percent salary. This compangy grows and thrivesbecause mature, responsible peoplee work together — each contributing abilitty and commitment — to achieve shared goals.
Therr are written policies on business behaviofr and unpleasant consequencesfor misbehavior. • The company is a satisfying place to work for ownersand employees. The hourx might be long and the jobs might be but there is a team spiri t that keeps everyone pulling in thesame direction. Credift is given where credit is due. • The compan y is able and willingy to change to meet changes in the marketplace and infamilh circumstances. Changing in anticipation of marketplace and family changesx produces an evengreater advantage, of course.
But even reactivwe change is better than sitting with eyes shut andears Solid, successful family-owned or other closely held companie s are led by people who keep up with customed and industry trends, work to improve their own skillse and support employees’ professionalk development. They take their responsibilities seriously, they deal and they love whatthey do.