Several businesses are celebrating milestones in their growth and establishment. Many have reached 25, 50, 75 and even a 100 years of successful completion. Businesses have been handed down from fathers to sons and daughters… some wear the legacy with practiced ease and some struggle to find their place in an existing framework. However what is to be noted is that most companies have diversified and grown. They retain their establishing values even as they adapt to modern mechanisms, technologies and methods of work.
At the same time, we have new entrepreneurs and startups entering the race every single day. But most of these businesses fail to last beyond a year or two. So what then was the key to growing business back then. I did some research relevant to our times and found a few interesting points that may be of use for emerging businesses:
- It is very important to maintain a consistent bottom line profit with a steady growth over the years. This must be factored in right at the onset of the business when you give yourself time to reach break even and beyond.
- You must take into strong consideration economic and consumer trends as indicators for your company’s staying power especially in the environment we function in where political instability, changing policies and economic diplomacy are not the strongest traits.
- Whatever the size of your business, ensure that you have extraordinary administrative and management systems. Good people are rare in the current skilled manpower crisis, its best to build systems that are efficient.
- Choose the location of your business based on what’s best for it, not what’s best for your wallet.
- Build strong alliances and networks for your business. Makes a huge difference to how you are perceived.
- Diversification is an excellent growth strategy. It broadens your target audience and also increases your market presence.
- Merging and acquiring another business also maximizes strategic partnerships with key industry players.
- Go global! If your business idea is good and strong, find ways to cross boundaries. There are numerous ways to do this.
- Use the internet for your business! Ensure that your content is strong and simple. Look at what you are offering and then look at user behaviour. Measure and track visits and develop content using researched keywords for best results!
- You can’t learn if you aren’t ready to listen or reflect.
Until the next issue,