I know I’m long overdue for a new post so here goes:
Ever wondered why you see businesses you once thought successful fold up? Today’s topic, Sustainability in Business, is on my mind and here are a few points to keep in mind when creating and sustaining a successful business, I hope you learn a few things from it.
- Try to create a business that can be sustained in your physical absence. A business that requires you to be there before things move smoothly needs to be re-structured to ensure long term sustainability.
- Focus on building a global brand name for the purpose of (but not limited to) franchising; think what contributes to McDonald’s success (trust me on this one, I’ve done a couple of their financial analysis). You would not only benefit from a sustainable and reputable brand name, you would also benefit financially from this.
- Closely monitor economic trends, if there’s industry changes, you would want to know the causes and determine if you should strategically move with the big players; think why Kodak failed. Also, for instance in the next 15 years the world would be relying on sources of alternative and sustainable energy, oil might be no where and at that point Oil industry players should be moving towards where the patterns are leading.
- Don’t undermine the power of your competitors even if you are an industry leader; pay close attention to market trends.
- Make realistic financial projections. Expecting to break even too soon can sometimes be the cause of financial stress on a business. Not breaking even or making profit in the first few years is not an indicator of an unsustainable business.
- Engage your customers. Pay close attention to feedback and be particular about customer service. They are why you are in business. As much as you can, pursue brand loyalty.
- Partner with people that believe in your brand. Successful businesses are not smooth sailing all the time but having partners and strategic alliances who support you makes it easier.
Creating sustainability in your business requires much more than can be outlined in one post but keeping these in mind is a great place to start and always refer to. Overtime, I would also be writing about specific topics. I’m also open to writing on topics you suggest.
Thank you readers and have a great week ahead. Cheers. xx
If you want to learn about finance, investments, entrepreneurship, go to my YouTube channel https://www.youtube.com/channel/UC0yw3YyhtyFrPNrvyY1AOHw