Success can be defined as the achievement of an aim or purpose.
Traditionally, our success in business is defined by the revenue generated, the market shares or the increases in profits. Globalisation has allowed businesses to reduce costs through supply chains, however it has increased pressures on profits as more competitors enter the market, offering products and services at lower rates.
Customers have traditionally been satisfied with the options available to them. With reduced barriers to entry in the market, the competition has increased, providing more options for customers, meaning risk to revenues. One of the approaches in response has been to leverage credibility built from the long history and expertise that have been strengthened over time. Another has been to emphasise the ability to deliver quality products and services consistently. Through these habitual approaches, the focus has been to improve the bottom line. What customers are interested in, however, differs.
With customers evaluating their increasing number of options, the financial consideration is becoming a smaller portion of the deciding factor. More customers are gravitating toward businesses that are going beyond the product by investing in their employees, the community, and the environment. What was previously considered success is now transitioning from a bottom line perspective to a triple bottom line approach.
There is a growing threat of being left behind and businesses can no longer be satisfied with the status quo. With so much potential to gain, it is time to shift the focus, stand up and take the steps toward continuously reinventing, reformulating and redesigning success.