The president and executive chairman of Veritas Global Protection, Elijah Norton, recently sat down for an interview with DotCom Magazine to reflect on his journey to transforming Veritas Global protection into the global giant it is today.
The vehicle service contracts industry is highly competitive. It has a lot of challenges, key among them being the fact that many people do not see the need to have a vehicle service contract when they have auto insurance and a valid manufacturer warranty.
He explained that vehicle protection plans are only helpful if they fill a coverage gap. If there is no gap in coverage, then such a contract would not be needed.
Otherwise, it would only create redundancy. After driving Veritas Global Protection to success, Elijah Norton has some fantastic insights to share with entrepreneurs. The following are the top 10 steps for creating a successful business according to Elijah Norton's business acumen:
Step 1: Have Patience
According to the business executive, patience is a crucial ingredient for business success. Success does not come overnight.
Some businesses might have become successful in under one year, while others might have taken two years. However, entrepreneurs should give their ventures at least five years to succeed.
Entrepreneurs who are not patient enough may get disillusioned and close shop when success is just around the corner. Unfortunately, many entrepreneurs expect to achieve instant success because they have a great business idea and passion for their business.
These entrepreneurs usually get demotivated when their business takes too long to become a success. It took three years, a lot of hard work, and perseverance for Elijah Norton's first venture to become successful.
Step 2: Assemble the Right Team
Employees are the key drivers of stability, growth, and success in business, so entrepreneurs need to hire the right team. Each team member should embrace diversity and other community values, such as teamwork and collaboration.
The ideal team member should be willing to work even when times get hard. Elijah Norton recalled how the first few employees of Veritas Global Protection stuck with the company even during the hard times to ensure long-term business success.
Step 3: Embrace the Grind
During the interview, Norton emphasized the need to work hard. When revenues stagnate or dip, entrepreneurs need to work hard.
When some growth is recorded, they need to make more effort to ensure the trend is sustained. The business executive noted that there is no substitute for complex words, so entrepreneurs need to embrace the grind.
This has transformed Veritas Global Protection from the small company that employs just two people to the industry leader it is today.
Step 4: Innovate Always
Customer needs are constantly changing, while competitors are always coming up with new products and better marketing strategies.
This means that it is easy for a business to lose its customers to the competition. Business owners need to constantly innovate to stay relevant, retain customers, and attract new ones.
Changes in technology and challenges in the industry should be looked at as stepping stones instead of obstacles.
The Elijah Norton business empire has managed to stay ahead of the competition by constantly reviewing its service contracts and coming up with new products to meet the changing needs of the industry.
Step 5: Invest In Employee Leadership Training
Every team member is a leader in their own right. Therefore, business owners should be willing to invest in leadership training programs for their employees.
Research has shown that employers who offer leadership training programs for their employees usually have higher team member retention rates.
This is true even for Veritas Global Protection, as the company has managed to retain its best employees for many years due to the leadership training offered by the company.
Step 6: Learn From Setbacks
Every business is bound to experience setbacks. This can be losing an important client or team member or filing a lawsuit against the company.
Whatever the case, setbacks allow entrepreneurs to grow. However, entrepreneurs must learn from setbacks.
Over the years, Elijah Norton has faced many setbacks and has embraced those setbacks as opportunities to innovate and grow the business further.
Step 7: Offer Top-Notch Customer Service
According to Elijah Norton, the customer is vital, so there is a need to invest in quality customer service to ensure every customer gets top-notch or A-rated service from the company.
Elijah Norton explained that customer service is part of the company's mission, so every team member, including partners and representatives, is required to offer exceptional customer service. This is because customers who are treated well always come back for more.
Step 8: Stay Informed
Business owners always need to stay updated with news about their industry. The latest accurate information about the industry can aid in the decision-making process. As the electric vehicle industry began to take shape, Elijah Norton saw a gap in the industry.
He developed a vehicle protection plan for electric vehicles, becoming one of the first few companies that covered electric vehicles exclusively.
Recently, the company started offering battery pack replacement in their contracts, a first in the industry. The latest industry news informs this.
Step 9: Develop a Business Philosophy
Entrepreneurs need to have a business philosophy guided by the company values. This helps to create a culture of excellence. This will contribute immensely to the long-term success of the business. The core values of Veritas include; responsiveness, integrity, transparency, and accessibility.
Step 10: Strive to Offer Maximum Customer Satisfaction
The only way to guarantee the long-term success and growth of a business is to strive to meet customer expectations consistently.
The team at Veritas Global Protection has been striving to offer maximum customer satisfaction, which has led to the rapid growth of the business.