ontheedgeofeverything

Business, much like most things in this world, is something that arguably needs to grow and expand in order to be successful. Unfortunately, plenty of start-ups and small businesses aren’t able to succeed in the ways initially anticipated and end up closing or dismembering prior to being in existence for even a few years, and I can’t imagine how discouraging this occurrence must be.

With a new business, ensuring its success is obviously significant, but with all of the other components that come with beginning a business, it can be difficult to pinpoint where exactly to begin prepping. The notion of securing the future success of your business can easily get shunted aside in the midst of all of the necessary elements required to open a business, but it shouldn’t, as the longevity of a business is one of the best ways to ensure success.

An example of something to be attentive to when beginning a business to ensure its longevity is a business plan. Again, this might seem like an obvious component of starting a business, but it is easy to overlook the essential steps in all of the hustle and bustle in attempting to determine what is needed and what isn’t. Furthermore, a business plan should not remain stagnant the entire time your business is in operation. Businesses have highs and lows and occasionally need to pivot in order to best serve customers and the public, so it makes sense that a business plan should reflect these changes, too.

Something else to consider for the long-term success of a new business is exposure. Using social media channels to promote a new business is a great tactic, and the same channels can be used to promote this same business long after its beginning.

Here are some more helpful tips to secure the future growth of your business:

• “Ensure your business plan is as detailed as possible. According to a recent study, 41% of business owners have no business plan whatsoever, and those who do admit that it’s nowhere near as detailed as it should be. If this is something that you, too, are guilty of, now is the perfect time to revamp your business plan with the future in mind. For example, you could write down a list of your long-term goals and the steps you can take to ensure you reach them. This way, you have an idea of what you are working toward on a daily basis and can ensure that you remain on track. 

• “Ensure that you are adhering to all of the relevant regulations. No matter what industry you are working within, it is crucial that you ensure you are adhering to all of the relevant regulations during the day-to-day running of your business. After all, failing to do so puts your business and reputation at risk, as it means that you are not protected should something go wrong. For example, if you are running a pharmaceutical business, you should ensure that you invest in compliance packaging for medications. Doing so means that you’re operating with your patient’s/customer’s best interests at heart while also protecting yourself from potential legal troubles. 

• “Invest in technology. As a business owner, it’s important that you are able to make the most of every minute you spend behind your desk. After all, this means that you are able to keep your business running smoothly while keeping your stress levels to a minimum. Though there are many different ways in which you can make the most of your time, using technology is perhaps the best solution. For example, you can use technology to grow your business by automating tasks that would otherwise eat into your schedule quite considerably, such as responding to emails or customer inquiries. Using technology also gives you the chance to go paperless – which yields numerous benefits. For example, it means that it’s much easier to find the documents you are looking for, as they are all stored digitally, meaning a quick search will bring up what you are looking for. This is a welcome change from having to dig through piles of paper on your desk. Going paperless also means that you can set about making your business more eco-friendly and sustainable.

• “Improve your customer service. According to a recent report, 95% of consumers say that customer service is essential for brand loyalty – with many agreeing that a single negative experience with a brand will encourage them to take their money elsewhere. As such, if you’re looking to ensure your business is not just surviving but thriving, you need to work on elevating the level of customer service you offer. Again, there are many different ways in which you can achieve this goal. For example, you should ensure that your employees receive extensive customer service training during the onboarding process, even if they have worked in a similar role before. This ensures that each customer will have a similar experience with your team, no matter who they are interacting with. 

• “Embrace criticism; don’t hide from it. Many business owners view their business as their ‘child’. It is something that you’ve put a lot of time, energy and money into, meaning it’s only natural to feel somewhat defensive in the face of criticism. However, it is important to note that while you cannot please everyone, most of the time, criticism provides you with insight into your shortcomings. This means that you can use this feedback to set about boosting your business, as you can make changes that allow you to grow from strength to strength as opposed to making the same mistakes over and over again. By responding proactively to criticism, such as negative reviews, you can also work to repair your relationship with the customer leaving the complaint. After all, this shows them that you genuinely care about what they have to say, as opposed to brushing their feedback under the rug. This means that you are much more likely to retain their custom.

• “Hire an exceptional team. Another way in which you can set your company up for long-term success is by hiring an exceptional team. After all, as your company grows, the chances of you keeping up with the workload alone are slim! Remember, additional customers = additional work. However, in order to maintain high standards throughout all areas of your business, you need to build a team that shares the same passion and drive for your company as you do so. Fortunately, there are many ways in which you can ensure that you are attracting top talent to your business. For example, you should ensure that you’re offering a suitable salary and benefits package alongside an employee wellness scheme. 

• “Get to know your customers. The deeper the understanding of your target audience/customers, the easier it will be to keep a smile on their faces. After all, this means that you know exactly what you need to do in order to capture their attention and incentivise repeat purchases. There are many ways to get to know your customers on a deeper level, such as by carrying out extensive market research and hosting focus groups. Beyond this, simply interacting with customers on a daily basis can be quite illuminating, whether you’re responding to direct messages, calls and emails or talking face-to-face. After all, these conversations will likely bring to light things you are doing right and things you are doing wrong, meaning you’re able to make necessary changes accordingly. 

• “Take care of yourself, too. While your business may be your number-one priority for the foreseeable future, this does not mean that you should disregard your own needs. After all, if you are not taking proper care of yourself, it will soon begin to interfere with your ability to work effectively. For example, over 50% of business owners admit to working six or seven days a week, leaving little to no time for themselves. While this may be perceived as a side-effect of entrepreneurship or ambition, the truth is that, without a good work-life balance, you’re putting your business at risk. After all, when working these kinds of hours, you’re much more likely to deal with exhaustion, burnout and sleep deprivation, all of which impact your focus and precision at work. This means that you are much more likely to make mistakes or fall behind deadlines. As such, moving forward, it is crucial that you make an effort to take good care of yourself, whether that be through setting a strict working schedule (such as 9-5 hours), improving your sleeping patterns, or simply taking a break when you need one. This is particularly pivotal if you still want to be working in a few year’s time, as otherwise, you’ll find that your motivation quickly evaporates.

“When it comest to achieving long-term success as a business owner, its important to note that some things are out of your control. For example, while you can play a close eye on consumer behaviours so that you’re able to adjust to their changing needs and demands with ease, you cannot control when or how the will change. This is simply a challenge that you need to learn to adjust too.

“However, while some things remain beyond your control, others do not. As outlined above, there are many steps that you can take to ensure your business or company enjoys a long tenure within your industry, from hiring a skilled team of professionals who can propel you toward success to ensuring that you’re getting enough rest.

“Failure to take action now and future-proof your business means that you are much more likely to encounter issues and setbacks in the future, especially if you do not have a business plan in place to guide you. As such, now is the perfect time to sit back and think about where you want your business to be in the next six months, year or six years. While it can sometimes be difficult to think this far ahead,  you can then use this goal to determine your next course of action from the list above!”

Photo by Microsoft 365 on Unsplash