Many of us have had aspirations and fantasies of starting a business. Whether it be a creative shop on Etsy or a journalistic start-up media website, we all know someone who’s given it a go. Today I spoke with German Billionaire and Founder of digital financial service Black Banx, Michael Gastauer, to discover what makes a successful business.
After bringing in a revenue of $1.1bn as of December 2022, Black Banx – who are creating a borderless banking service – are the epitome of what we look for when it comes to success.
As the banking industry has moved from physical branches to online services, customers have shunned the traditional business banking model to digitised instant access. High-street banks were the first to propose online banking. However, digital-only banks can meet customers’ expectations quickly and effectively.
So, what makes a successful business?
Customer-based approach
Customers are the heart of many businesses, it’s why most companies survive, so it makes sense why 89% of organisations prioritising customer experience outperform their competitors financially. In an interview with the US Chamber of Commerce, Marketing Specialist John Stevenson said, “One thing successful businesses have in common is strong customer focus. They create a culture centred around their customers and focus their processes, products and services around their services needs. Delivering high-quality products/services also helps them succeed as people’s regard for them remains high and positive.”
Speaking to Michael, it’s clear that customers are at the heart of Black Banx. The company wants to connect individuals and businesses around the globe with optimal ease. He said, “We provide business and personal customers with no-restriction banking access. We don’t turn anyone away based on nationality, country of residence, religion, or amount of funds held or to be transferred. We don’t discriminate. A happy customer is a happy business.”
Strong leadership
Leadership is at the heart of every business decision, good or bad. Without a strong leader, companies face a lack of direction, value and community.
Gastauer embodies strong leadership. Michael said, “I make sure to communicate with my employees as often as possible. The people I work with understand the company’s mission and feel motivated because I do. The way a CEO acts directly affects staff. Being able to stick to your decisions is also important. Having self-confidence is a good way for a business to succeed. If you’re looking for others to trust your business, its products and services, then a leader must first have confidence in it. Without that, there’s nothing substantial.” The fact of the matter is: a strong leader creates a strong business.
Positive work culture
While customers are critical to a successful business, happy employees are too. A 2022 study by the University of Warwick determined that happiness increased productivity by around 12%. As part of a press release, Professor Andrew Oswald said, “Companies like Google have invested more in employee support, and satisfaction has risen as a result. For Google, it rose by 37%. Under scientifically controlled circumstances, making workers happier really pays off.”
Black Banx continues to make the workplace employee-focused. When talking to Michael, it’s clear he understood that the more comfortable an employee is, the better work they produce. “We currently have over three thousand employees on a remote basis. We believe that our success comes from our people and culture and that great people operating in a vibrant culture will produce optimal outcomes.” He added, “I think it’s important to encourage strong teamwork. At Black Banx, I ensure there are optimal coaching opportunities to promote strong retention. After all, the company wouldn’t be what it is without them.”
Goal-oriented
Every company should have a mission. Every successful business is consistently striving towards this mission. According to Accenture, 63% of worldwide consumers prefer to purchase from companies that share their values and views.
Michael said, “Our mission is to make Black Banx a borderless financial system everyone can access. I want to access parts of the world that other digital banking services haven’t yet cracked, such as developing nations. So it’s our mission and my personal goal to make banking accessible.
“Through our business and personal accounts, we allow our customers to utilise carefully selected, best-in-class, global banking networks to process money without any transaction limits. This enables them to send and accept local and international payments almost instantly, and hold or manage funds in multi FIAT and cryptocurrencies.”
Many are likely to resonate with accessibility in some form or another. For a business to be successful, it’s essential to have a personal aspect, especially within its mission, and Black Banx does precisely this. Michael Gastauer has led Black Banx to success through his thoughtful leadership, positive work culture and customer-centric approach.
Anyone interested in starting a company should heed his advice before launching. Understand your customers, make the mission personal, and be confident, and you’ll do just fine.
For more information on Black Banx and how to create an account, visit blackbanx.com.