There are good reasons to keep an eye on the competition — as well as on other successful organizations both inside and outside your industry — and it’s not just to make sure you’re keeping up. it’s also a valuable way to learn. Watching for what works and what doesn’t in other businesses and organizations can be an invaluable shortcut to improving your own operations and can help your leadership team avoid costly mistakes.

The best lessons may come from personal experience, but there’s benefit in learning from the experiences of others, too. Below, 16 members of Business Journals Leadership Trust share the most valuable lessons they’ve learned and incorporated into their businesses from watching other organizations.

7. Celebrate success to boost morale.

Celebrating successes is of critical importance. Everyone is working so hard these days, with the past year being especially challenging. Taking the time to pause and celebrate successes is good for morale and recognizes the efforts and results of the team. Find various ways to celebrate — with the individual, your team or the whole company. All of us need to enjoy the positive outcomes of hard work. – Aviva Ajmera, SoLVE KC