Ideals of an Outstanding Company

While it is not difficult to set up a company, it requires work, planning, perseverance and much more to achieve the status of an outstanding company. That is why every nation may have tens of thousands of companies, but only a handful of them are excellent.

What then are the ideals that make for an outstanding company?

There are no set answers, and therefore, let’s look at some examples.

TCS, Maruti, HUL, are companies based in India, which we would term as outstanding. This year’s vote for companies operating in India by Asia Money’s 2019 poll awarded the top spot to TCS – the list comprises companies not solely based on their profit-earning capacity but on developing trust and setting up procedures that allow it to succeed in different environments and at different times in the economic lifecycle of a country. An outstanding company would then be one that:

• Consistent performance: It meets the business objectives of the company again and again over the years. Its goal could be one of many – earning profits, providing employment, providing a particular service, etc. After all, sustaining margins and profits through varying business cycles over many years is what has made companies like HUL or Reliance or TCS achieve a hallowed status in India.
• Probity and fair play: Consistent performance alone does not make a company outstanding. The means it adopts to achieve these objectives are also critical – they must be honest, compliant and fair, both for customers and employees. The reputation that the Tatas have built over the years in India (and abroad) for fair play, strict compliance of the laws of the land and the abjuring of bribery and corrupt practices has contributed a lot to their continuing long term success.
• Rooted in its milieu: An outstanding company is one where “the seed does not fall far from the tree.” It is critical that the company remains rooted in the community within which it operates and adapts to its cultural and social practices. McDonald’s is an excellent example of this – it did not sell beef instead introduced vegetarian burgers and other vegetarian products due to a large number of its customers being vegetarian as well as being sensitive to local sensibilities.

Being Indian, the values we hold dear are trust, flexibility and hard work. An ideal company should also display the values of the culture in which it is situated. While all Indians appreciate a good product or service, we also want a personal touch, a special discount or an additional service free. Maruti has recognised this very well.

• Strict adherence to quality parameters – Ever company that is aiming to grow and become a company to reckon with has to have carefully laid down quality standards and processes. This enables companies such as HUL, L&T and ITC to consistently offer the same quality of products and services to its customers across regions and at different points in time.
• Building trust with customers and employees. One way companies do that is by meeting all commitments to its customers and employees – whether they are delivery deadlines or committed quality of product or service delivery.

A company that consistently meets its committed deadlines for new products, technological up-gradation and meets its client’s needs earns the respect of clients. Builders like Amrapali or many others who promised to deliver projects of a certain quality and within the committed timeframe but didn’t deliver on their commitments have been dealt a death-blow and will no longer be able to command the trust of its customers.

• Innovation: a company should be quick and nimble and be able to adapt to change as and when required. When the Government of India announced demonetisation on Nov 8^th 2016, which company was first off the block? Paytm sensed an opportunity to get the highest visibility for its nascent digital payment platform at a time when online payments were newly emerging. Its bold moves for visibility and expansion at that juncture gave it a headstart over the competition.
• Agility: In today’s business environment, there are rapid changes in technology and in the way of doing business. An outstanding company is mindful of changes in its environment, keeps abreast of them and takes steps to adapt and change if it finds it necessary. When the safety of lady travellers became a concern, Avis set up a Secure Desk Protocol for women travellers, using the latest technology to address this need.
• Quick resolution of issues – Whenever an issue arises within the company or with clients, prompt resolution and redressal are crucial. Issues may be small in the beginning but, if allowed to fester, may spiral out of control. Zorba Books being in the service industry takes special care to resolve all issues quickly and fairly for all parties concerned. The reason it has some of the best testimonials.

These ideals of an outstanding company are the ideals that Zorba Books, a self-publishing company, endeavours to uphold.