Do This to Improve Your Business’ Chances For Long-Term Success
Just about anybody can start a business. Succeeding in business… well, that’s a whole other story. Not only is it taxing to establish a business in itself, but a business owner will be plagued with never-ending tasks related to finding time and money to sustain the business, balancing family and business obligations, and the continuously evolving challenge of effective marketing. All these are just the minimum requirements for ensuring a business that’s successful for the long term.
Is succeeding in business just a matter of persistence or will? Or is it something else, altogether? What separates a successful business from the ones that succumb to failure? Clearly, the success of a business has very much to do with the individual or individuals running it. What are the core beliefs and values of the business’ founders? What motivates them? Here are five tips on how to improve your business’ chances at long-term success.
The most successful businesses are those that deliver the most value. Unfortunately, short-term success is very easily prioritized over adding value to what you offer to your customers. Any business’ chances for long-term success is heightened when you ensure that your customers are getting far more than what they are paying for. This will not spell success for your business overnight. But well-worth-it down the line.
A business that operates on integrity – no matter what – definitely increases its chances for long term success. A respectable reputation in the industry gets people talking about your business in a good way, so, in a way, the rewards of maintaining a flawless reputation are two-fold. Do not fret that good news might take its time to spread; but if you keep in mind the rapid rates at how bad news spreads, it should be easy to keep your business in check. As Warren Buffet once said: “it takes 20 years to build a reputation and five minutes to ruin it.”
Stay humble, regardless of how successful you may be. Short-term success can easily make a business lose sight of the bigger picture. As the saying goes, “when we succeed, we party. When we fail, we ponder.” Reveling too much in short-term success, more often than not, keeps a business from achieving long-term success. Keep the humility and build something solid for the long term. Create something meaningful that can withstand time and whatever is in store in the future.
Go where the market is congregating. To most, it makes better sense to venture on to uncharted territories in business and break new ground. However, and especially if you are a new business, it pays more to get into the thick of where your customers are concentrated. Amazon.com is virtually a bottomless source of physical goods. Utilize sites like Upwork or Angie’s List (and the like) to help you find customers.
Similarly, seek out the influencers and power users. Marketing your business can be daunting; it is not easy to find new customers, especially when you are likewise focused on keeping the entire business afloat. One of the tested ways of establishing your business in a crowded market is by leveraging on influencers and other notable patrons of your business. Influencers and the power users reign with a huge following in social media and can be great contributors in marketing initiatives for your business. They command significant attention and their endorsement is virtually gospel truth in any market they are in. Get them on board to help gain marketing traction for your business.
At the end of the day, the wider the experience it is you have in your chosen industry, the more it is you know about your market’s products, services, competition, suppliers, distribution channels, clientele, and other opportunities. The more you build on what you already know from your personal experience, the higher the probability for success.