Key Takeaways from the World’s 10 Largest Businesses
Some of the biggest lessons in life, leadership, and business can be found in the success of the world’s top businesses. Looking at the revamped list of contending global enterprises in 2018, here are a few of the top business lessons to use in your own business strategy.
Keep It Simple, Apple
With Apple’s minimal and clean aesthetic, it’s no wonder why they are one of the top businesses in the world. From their products, stores, and corporate offices, Apple has made sleek simplicity part of their brand. They emphasize the user experience at every aspect of the customer journey, where the open spaces and clean look help keep people relaxed and happier. This results in lasting impressions that can turn into lifelong loyalty.
Experiment Often, Amazon
According to Jeff Bezos, “If you double the number of experiments you do per year you’re going to double your inventiveness.” The importance of experimentation is critical to the continued success of Amazon within the global economy. To stay competitive with tech companies like Google, Amazon’s experimentation and willingness to invent has become a staple for their overall culture, from programs such as Super Saver Shipping and Amazon Prime.
Know How To Deal With The Bad Customers, Microsoft
One of the most challenging tasks any entrepreneur faces is figuring out the best methods for properly treating their unhappy customers. Bill Gates considers dissatisfied customers a huge asset, saying that, “Your most unhappy customers are your greatest source of learning.” Taking the time to listen and value what your disappointed customers are saying can help push your business in the right direction.
Delegate and Reformat When Necessary, Alphabet
Through Google, Larry Page and Sergey Brin have provided businesses to reach unbelievable scale through the inner workings of the Internet. However, when businesses grow to a certain point, sometimes they reach an avenue where it’s simply impractical to handle everything in one pool, an issue that Page, Brin and the other minds at Google have handled remarkably well through their umbrella company, Alphabet. A corporate restructuring of previous Google interests – such as Google, Calico, and Google Fiber – within Alphabet has allowed the business to have a greater overall impact, and increase the amount of work that can be accomplished.
Never Borrow Money To Invest, Berkshire Hathaway
Warren Buffet, CEO of Berkshire Hathaway, provides advanced knowledge to his investors every year at his annual meetings to provide better opportunities for Berkshire. He stresses the importance of utilizing money you’ve earned, not borrowed, to invest properly. Buffet’s simpler strategies have allowed him to dominate the investment category for decades. In regards to stocks, he mentions in his report that “There is simply no telling how far stocks can fall in a short period…even if your borrowings are small and your positions aren’t immediately threatened by the plunging market, your mind may well become rattled by scary headlines and breathless commentary. And an unsettled mind will not make good decisions.”
Understand Your Customer, Alibaba Group
According to a CNBC article, Alibaba’s current dominance in China with its online payment system, Alipay, accounted for more than half of the country’s digital payments in 2017. One of the elements to their success is their goal of constantly staying updated and understanding what their customer wants at the appropriate times. As a result, data analytics has become a crucial element at Alibaba to generate momentum and repeat sales for the business.
Be Accountable, Facebook
Coverage of Facebook’s most recent scandal with Cambridge Analytica sparked buzz across many headlines, yet Facebook remains a prominent social enterprise. This is partially due to the fact that CEO Mark Zuckerberg presented a level of accountability on behalf of the company and helped move the company in a different direction than before. Accountability is important, as we all make mistakes. It is what helps shift the energy from blame to rebuilding trust and finding solutions. Solutions can often result in great business products – such as Facebook’s Newsfeed and Messenger – that end up benefiting the company in the long term.
Market Yourself Well, Tencent
Within the last few years, Tencent’s most recent addition to the top tier of businesses is a result of their expanding social media presence, which has been essential to its growth strategy. Tencent’s strategy involving WeChat, a multi-purpose messaging, social media, and mobile payment app, and integrating its services with a growing list of online and offline retail partners have popularized the company in China. In addition, Tencent holds other services and apps such as QQ music (an iTunes equivalent) and QQ (a Facebook counterpart), increasing the number of social platforms for greater outreach and visibility.
Know Your Business for Long-Term Growth, Johnson & Johnson
A strong competitor in the pharmaceutical and medical arena, Johnson & Johnson has grown significantly in the final quarter of 2017 due to its products ranging from new drug treatments, over-the-counter items, and other consumer packaged goods. One of the key drivers for this success according to CEO Alex Gorsky is “the continued success of our new products and the strength of our core business” and how they “are making deliberate portfolio choices, positioning [them] well for achieving near-term priorities and long-term growth drivers.”
Be Transparent, JPMorgan Chase
JPMorgan Chase (JPMC) is the largest bank in the US, and the second largest in global marketing capitalization. To maintain that stronghold in the banking industry, JPMC deploys a financial and job deployment strategy complete with operational transparency from leadership that results in building that honest culture. According to Jamie Dimon, Chairman and CEO of JPMorgan Chase, sharing information such as financial strategy and new initiatives help the various levels of the workforce feel more involved in the overall success of the business.
