lessons from fortune 500 companies
How a company reacts during times of profit and hardship is a measure of its business leadership and sustainability. This applies to Fortune 500 companies as well as small startups. 2020 proved that crises can be used to break businesses out of a rut or put them into one.
If we wait for a global crisis to show us that we have become stuck in routines and have a mindset of “that’s how we’ve always done things”, then COVID-19 really did not teach us anything. we need to be innovative and constantly focused while being digitally able. To learn valuable lessons and insights, we don’t necessarily need to have lived through hardships.
To help us see where our companies have fallen behind, we can look at both the success stories and the stories of failures to identify areas that need to improve and how to grow. and what better way than to look at the Fortune 500 companies and learn valuable lessons that can help transform your businesses.
But Firstly, What makes a Fortune 500 company?
Fortune 500. This is the most coveted title, which may only be beaten by the Fortune 200. The meaning of the term is often forgotten by us. The Fortune Lists are a list of the largest U.S. corporations based on their revenue for the fiscal year. Some may be proud of these giant corporations while others might be annoyed. However, there are many lessons to be learned from them. We won’t minimize the difficulties of running a multi million-dollar business.
Here are some we found worthy for your consumption.
Efficient, Streamlined and Simple Processes – Templates for Emails, Standardized Workflows, and More!
Small businesses can learn valuable lessons about the power of productive processes. Although smaller businesses tend to be more flexible and operate free, uniform procedures are essential for maximising profits.
For any business, large or small, it should be a priority to have processes in place for all aspects of their operation.
Do you send many identical emails each day? These emails can be easily templated (think 5-10 templates), and it takes only 10 minutes to do. You can save over 20 hours per week if you send 50 emails each day.
Calendly is another way to standardize. This saves you a lot of time and can help you avoid missing meeting opportunities.
You should also look into your onboarding processes. Many platforms exist that allow successful onboarding. Even if you don’t have tech backing you, you can still consider practices like having one place where you store all your employee documents, pre-establishing a training program for onboards and a clear list with set-up requirements. This will not only save you time but it will also help employees get more done and be more productive. Get it!
Organization – also known as “ATS Software”
Did you know that 98% Fortune 500 companies use an application tracking system? Although it’s only one part of a successful recruiting process, it’s a significant indicator that almost all these high-profile and successful companies use staffing and recruitment software for their hiring decisions.
Many small businesses use applicant tracking systems, but not all ATS’s are created equal. Mindscope offers many useful tools to help you find, place, and retain better candidates faster. You can also provide candidates with a more enjoyable and productive work environment by using an ATS.
It is crucial to your business’ growth that you take the time to choose the ATS system that best suits you. To help you make the right decision.
Looking ahead – Take risks… but keep it calculated
Many Fortune 500 companies have been around for a very long time, which allows them to draw on a broad range of experience and staff. These companies have also been able to plan using industry patterns and past experience, in addition to trial and error. High-ranking CEOs will agree that planning for the future and looking ahead is key to long-term success.
It is easy to get distracted by the present. It is easy to get lost in the moment. However, it is important for both employees and managers to have a clear vision and focus for the future. According to research by Kinsey, operations managed for long-term success not only created more jobs over a 13-year period than their short-term counterparts, but also earned greater market capitalization.
It is easier to achieve ongoing financial success if everyone understands the long term goals of their company (and, importantly, their role in achieving those goals). Being open to changing professional landscapes and customer needs ‘future proofs’ your business. Your company can position itself for future success by rethinking its past strategies, managing risk and keeping up with industry trends.
Quickly respond to changes in consumer behavior
In response to the pandemic, Fortune 500 companies switched to ecommerce and curbside pickup. It’s also important that your business adapts to changing times. citing the example of headphones, to earphones the ear pods these clearly shows the shift towards innovation of similar products, brands should respond quickly to increased data usage due to Covid. there has seen a 47 percent increase in data consumption during quarantine with more gigabyte- and terabyte subscribers.
The increased use of data could be correlated with a direct demand for connectivity, such as online entertainment and online conference services. You might market headphones and earphones to be part of the new normal in times of pandemic.
Your headphones and earphones will be in high demand. Make sure your customers can easily find you.
Particularly this year, agile web development has been a strong reminder of the need for digital business strategies and digital business strategies. Businesses are now open to listening, so it seems.