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The Five Pillars To A Successful Business

Companies have undoubtedly experienced one of the most transformative years in recent history. While this transition has been challenging to say the least, Jeffrey Magee, an expert in Executive and Corporate Development, says there are five pillars that are key to a company’s success.

First, having a strategy or business plan that clearly defines your product and services is essential. Doing so helps companies establish goals that make operations more efficient and optimize earning revenue.

Operational structure itself should be completely planned out in terms of workspace, supplies, software and hardware and more. Doing so ensures that your team is equipped with the right tools to meet your company’s bottom line.

Tactics and behaviors help employees have a deeper understanding of the business model and skills used towards the company’s operational system. This means business leaders need to make sure that staff have sufficient training on the technologies and processes that the company uses every day.

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According to Magee, these three pillars have long been crucial to any healthy business. 

Now, businesses need to take the lessons learned from the last nine months and apply it towards improving their current model and strategy.

Execution and accountability are the fourth and fifth pillars that truly help businesses thrive in the long-term.

Companies must identify the best way to grow their talent in areas where they want to executive new projects. If workers are learning new skills to adapt to the evolving needs of the business, success is guaranteed.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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