What does it take to make a successful company?

The boom in the Indian economy and GDP touching 8% will see rise in new entrepreneurs. It could be easily said that there's never have been better time to start your own company. But more often these companies have glorifying start but very soon fades into non-existence. What is it, which make a business successful rather than having a mediocre existence? There are some practices if followed can tilt the balance towards success.

VISION- The first important factor for a company to succeed is to have a clear vision. It should clearly define where exactly the company is headed. A vision will enable the employee to know as to why they are working, what they are working for. It should be one, which gets everyone excited about his or her work. A "Vision Statement" handed down from the top is less successful than the built from the ground up by the people who will do the actual work to make it happen.

CORE IDOLOGY- Instill employees with core values and core purpose , as they are the principal to guide decisions and inspire people throughout organization over a long period of time.

RIGHT TEAM – Anothor important ingredient for a successful company is to get right people in your team, than placing those right people in the right position. Select people who share the same drive and passion for work as you do. These people would not be requiring tight management or firing up, they will be self-motivated by the inner drive to achieve best result. A good mix of people is selected as the future of your company is directly determined by the quality of your people.

ALIGNED GOALS – the goals of the company and goals of the employees should be aligned in the same direction. If there is conflict of goals, dissatisfaction among employers will increase resulting in low productivity as well high probality of losing your star players .

COMMUNICATION - The ability to communicate, to create understanding between yourself and your employees is one key factor for the success of a company. People without access to good information cannot take responsibility for their decision as Clear and specific communication is the corner stone of delegation, empowerment and fast action taking, all key components of building a great company.

CUSTOMER SERVICE- the focus of company should be to achieve excellent customer services. The company should train the employees to go above and beyond to serve customer.

These are some pointers which may seem significant but plays a important role in deciding the fate of a company.