65% of small businesses fail within ten years of opening their doors - whether this is the result of changes in consumer behaviour or a weak business model. Often, failure results from poor planning, wherein the business owner is too consumed with current problems or tasks to consider how their company will fare over time.
With that in mind, here are some top tips that you can use to achieve business longevity.
Take the time to get to know your ideal customer inside and out. This means that you will be able to offer them products or services that are specifically tailored to their interests and needs - which improves customer retention and satisfaction rates. Furthermore, this enables you to grow with your customers as their needs change.
Despite popular belief, there is no real key to success. True success is the product of a multitude of different factors, including hard work. Therefore, if you want your business to still be around in ten years’ time, you simply need to keep working. Find a way to fight off procrastination, and ensure that you work with clear goals and aspirations in mind.
Set yourself clear goals on a weekly or monthly basis. This means that you always have something to work towards, as opposed to simply coasting along. Whenever you fall short, this will provide you with insight into any changes you may need to make within your business in order to make the impossible seem possible once again.
Use this Guide to strategy execution management to figure out the steps you should take to turn your visions and aspirations into operational reality. For example, good ideas regarding growth and expansion alone are not enough if they are not met with actionable change and a plan you can use to make it happen.
Longevity can be achieved by simply doing your research. Pay attention to industry leaders who have championed companies for long periods of time, and figure out the steps they took in order to achieve this goal. For example, you could read business books that allow you to sharpen your skills and enhance your entrepreneurial knowledge.
Be receptive to change, and understand when it is necessary. For example, when you first launched your business, you may have developed certain habits or behaviours that allowed you to effectively and efficiently satisfy the needs of your customers. However, as your customer base grows, as will their needs - and you need to be able to adapt to these alterations.
While many marketing tools and techniques may fall out of fashion, digital marketing isn’t going anywhere anytime soon. As a result, you should focus on developing your online branding by putting together an excellent website and cultivating a strong social media presence. Your social media presence will allow you to connect and communicate with your customers while giving you the opportunity to capitalize on consumer trends and habits. It also means you can connect with a global audience in just a few seconds - which can significantly increase your earning potential.
