If you’re an entrepreneur, you’re going to want to build a business that lasts and stands the test of time, ideally getting more successful as the years pass. This might sound like a relatively simple thing to do at first, but as more and more challenges come your way, you might start to feel as though it’s impossible.
The truth is that building a business that lasts isn’t simple, but it’s not impossible either. In fact, if you’re willing to put in some hard work, research, and effort, it’s definitely something you can achieve. With that in mind, keep reading for some useful advice about how to build a business that lasts.
Lay a strong foundation
If you want a business that lasts, you can think of it like a building – both will need a strong foundation to stay up and be safe. If you think about your business in this way, the first thing to consider is your passion and purpose – this is the ideal first element of your important foundation step. What is it that really drives you, and what is the reason behind your business? When you know this, it will be easier to feel motivated and determined to build your business in the right way and overcome the challenges that every entrepreneur will face.
As well as this, it’s important to start your business off on the right foot, which is where market research comes in. When you carry out good market research, you can understand your target audience more (and find out who that target audience is in the first place!), including their needs and preferences. This means you can market to them in the right way, ensuring they know you’ve got what they’re looking for.
Your competition is another aspect of laying the right foundation, even if you prefer not to think about them. When you know your competition, you can see gaps and opportunities that they’re missing out on, giving you the chance to swoop in and cover those missing pieces – in this way, you’ll be unique and, as long as those pieces are things that people are looking for, you’ll have a good chance of standing the test of time.
One more important element of having a strong foundation for your business is having a business plan. This acts as a roadmap, guiding you through not just the initial stages of your business but well beyond – ideally up to the point where you have grown enough or perhaps want to sell. In your business plan, you need to define your business’s mission, goals, and values, and if you keep these in mind at all times, you can build a business that lasts.
Make it good for employees
If you want to build a business that lasts, you’re not going to be able to do it by yourself – as soon as you step away, the business will no longer exist. This is why you need to think about employees and ensure your business is a good place for them.
One thing you can do is to make sure they all have a good work-life balance by letting them work remotely or on a hybrid basis if they prefer. Give them access to all the tools and training they will need, and keep the lines of communication open at all times. It’s good to have reward schemes in place to praise good work, and you should never micromanage. In the end, if you can get this element right, you can step back at any time, and your business will keep going on without you because you’ve expressly made it something that will last.
Of course, in some cases, it’s not possible to have remote workers and a good example of this is in the restaurant industry. Although there might not be as much scope for flexible working and no chance of working remotely, you can ensure the workplace is as comfortable as possible. Use commercial kitchen design software to make the kitchen as easy to work in as possible, and make sure there are comfortable places to take breaks, for example.
Something that will help you create a business that will last is being adaptable. Things change all the time, and if you stick to what you’ve always done in the way you’ve always done it, you’re going to come unstuck – your customers will start buying from other people who have kept up with the times and made the necessary changes.
Make sure you’re aware of everything that’s coming within your industry so you can be on the cutting edge of change. You don’t have to be an early adopter if you’re not comfortable with that, but you do need to keep learning so that when you are comfortable, you can make important changes and stay relevant. In this way, you’ll last.