What Makes a Good Company “Great”?

A good company is hard to build. There are a lot of boxes to check if you want to make sure your organization satisfies your customers’ needs and creates a positive culture that attracts and retains top talent.

Despite the challenges, there are a lot of good companies out there. The even bigger obstacle is taking a good company and making it great. Good companies are always a step behind the great ones, always playing catch up and always striving improve. But what makes a company truly great?

#1 They Have Solutions

Great companies are proactive about solving their customers’ problems. They anticipate pain points and offer solutions and ideas without needing to be asked or prompted. They know what their customers want and need before their customers do.

A good company is invested in making sure their customers are happy and appreciate the service they’ve received. A great one wants to know where it fell short. It listens to feedback and responds by improving its processes.

#2 They Empower Customers

Empowering customers is about more than putting customers first. It’s about putting more information and power in their hands so that they can make better decisions for themselves.

A great example of a company that empowers customers is Nobul. Nobul is a dynamic digital marketplace that has made it radically easier to find a real estate agent. It gives consumers an unprecedented level of transparency and puts them in the driver’s seat before they agree to work with a real estate agent.

According to industry maverick and founder Regan McGee, “You have full transparency. This is what people are demanding these days, especially Millennials.” He explained to BNN Bloomberg that “They want information, they want transparency, they want it tech-enabled.”

#3 They Change Industry Standards

While good companies follow best practices, it’s great companies that establish them. Whether it’s through innovative technology or inventing better processes and practices for doing business, they change the playing field.

Today’s startup companies and disruptors are going to become tomorrow’s industry leaders. The greatest companies among them will define their industries for years to come.

#4 They Learn How to Fail

Great companies aren’t afraid to take big risks, but that comes at a cost. Risk-taking means failing sometimes, but a great company knows how to land on its feet and how to take away valuable lessons from failure.

A bad company avoids risks and failure. That keeps them stagnant and resistant to change. Learning how to fail and take lessons away from the experience is a key organizational skill.

#5 They Have Strong Leadership

Great companies need great leaders. Great leaders are decisive about the organization’s direction, they’re skilled communicators who are able to bring others on board with their vision, and they motivate their team to hold themselves to a higher standard. World-class organizations take their cues from positive leaders.

A great company is hard to come by and even harder to build. But they’re the companies that will see high growth, better customer retention, and the respect of their peers.