Valuable lessons can be found everywhere — and they can also be found in a number of today’s successful companies. Here are three worthwhile business lessons to consider applying to your own company.
Virgin Airlines founder Richard Branson has taken plane travel to new heights. In fact, the English business magnate and investor is in a space race with Tesla Motors CEO Elon Musk. Both Branson and Musk are launching spacecrafts into orbit with Virgin Galactic and SpaceX, respectively, and are hoping to one day make space travel something attainable for everyone here on Earth. But that’s not the reason we have included Virgin Atlantic on this list.
In addition to its innovative and futuristic approach to business and travel, Virgin Atlantic was included due to Branson’s decision to allot unlimited vacation time for his employees. It’s a policy that has left many business owners to scratch their heads, but one Branson has fully embraced since announcing it in 2014. And it seems to be working. Businesses that adopt unlimited vacation time policies cite upward spikes in productivity and morale. In a society of overworked employees and 60-hour workweeks, it’s a breath of fresh air to see some of today’s top companies offering flexible working hours to their most important assets. And it’s something any business in any industry can apply. After all, it’s your employees who make your business.
While Nexen is not yet a household name like Goodyear, Firestone, Michelin or B.F. Goodrich, the company is gaining notoriety and has been recognized as a standout amongst others in the industry for its innovative approach to selling tires. In its 15 years in business, Nexen has never had to recall a single tire. Whether you’re selling software or tires, other companies and business owners can take note from Nexen by selling quality, well-made products and standing by them. In the end, it all boils down to customer care. Down the road, Nexen plans to expand into the OE market, otherwise known as the auto manufacturer market, and create a high-performance tire that can be used for competition.
The widely successful start-up, 2U partners with universities and colleges to bring its degree programs online. In the beginning, the company raised nearly $100 million in venture capital, which fueled the start-up and allowed it to become one of the leading, worldwide players within the education-tech sector. The company offers marketing, infrastructure and SaaS to help a number of universities scale and digitize their degree programs.
So, what can you learn from 2U? The company hires the best talent, which directly impacts its product and makes it outshine other offerings on the market today. With the right people in the right positions, your company, whether it’s a tech start-up or brick-and-mortar shop, can benefit from having the right people. Look to promote from within and be sure to provide your people with the tools and education they need in order to succeed with your company.