A complacent company will not be in business for long. It’s been a tough few years for some businesses even the companies with global brands have been faced with serious challenges of how to stay afloat in these very difficult times but unfortunately some could not survive the scourge and as a result folded up their business operations or were bought over by other companies. Great brands which have been very successful in the past suddenly files for bankruptcy. The problem did not start on the day they closed business, this could have happened as a result of ignored signals indicating the business was gradually losing steam. There is nothing like ‘sudden death’ of a business. When healthy business principles are not followed, it could lead to a complete loss of the business. Avoid sentiments when it comes to decisions that could save your business. No one set up a business for it to fail, but in reality our actions and reactions say otherwise. Let me share a few tips that can help your business remain sustainable.
Cultivate New Ideas: When you run out of ideas, you are inadvertently positioning your business to fail. That you discover a particular line of business and presently have an upper hand among your other competitors does not mean things will continue that way. If you relent in your effort to keep up the pace, you may eventually be knocked off the top spot. An example is what happened to Kodak; they manufactured the first digital camera but they did little to promote it and their competitors particularly Fuji went ahead and did a brilliant job with the digital camera. Kodak already filed for bankruptcy.
Build your Business on tested principles: You must create a direction for your business from the start. Don’t get started without first setting goals for the business. Identify indicators that will help reveal the health of your business and use them from time to time. When you need to make changes to help or sustain the growth of the business, do it as soon as possible. If you need to change personnel, reduce the workforce, create new departments or whatever it is; do not hesitate. You need to get it right to keep it right.
Publicize Your Brand: Advertisement is a very strong tool. People will not get to know about the products and services you have to offer if you do not publicize your brand. And when people don’t know about what you offer, you will not receive patronage and the resultant effect could be no income to help sustain your business and before long, you are gone with the wind. For example, Apple is a big brand but this does not stop them from regularly advertising their products, they understand the principle of constantly being in the face of the public.
Be Ahead: The world responds to changes whether positively or negatively. What was in vogue ten years ago may not be altogether relevant today. You may have a product that was in hot demand some years ago but may not fit into the mold of today, hence the need to constantly reinvent your business to serve the present demands of today. Imagine when you produce or offer services that do not appeal to the public, you will be out of business before you know it.
Build a Responsible Team: When you have the wrong people in strategic positions then you are jeopardizing the sustainability of your company. Put people in position because they merit it. Don’t allow personal or any other kind of sentiments for that matter to becloud your sense of judgment. When you have the right team in place, you are sure of making progress. Invest in personnel developments and keep track of latest innovations and developments within your line of business.
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