Starting a business is just the first step in the long journey you will take as an entrepreneur. Once the enthusiasm wears off, you’ll find that starting a business is the easiest part of your journey, but making it sustainable is another story…
In today’s global economy, about two-thirds of companies have survived in the first two years, half have lasted up to five years, and only a third are able to thrive up to 10 years or more.
In France, a study published by INSEE revealed that five years after its establishment, 67% of companies are still active, compared to 53% of traditional individual companies (excluding the self-entrepreneurial system). So societies are more sustainable than sole proprietorships.
So how do you keep your business?
Invest in your team
In addition to the quality of products and services as well as strategic decisions, your employees are the root of your company’s development. Without their dedication and focus on results, your business may have succumbed to failure within the first couple of years.
To keep growing, you need to invest in your team, which is basically the heart of your business. Rewarding partners who work professionally will help retain existing customers and strive to attract new ones. As they praise your work throughout the community, they act as word of mouth marketing to your advantage.
Set revenue and profitability goals
For a business to be successful, it must earn enough money to maintain its operations and generate a profit that can be reinvested for future growth. Determine how much your business needs on a monthly, quarterly and yearly basis, in terms of revenue, to be successful by looking at your business costs including:
- employees ;
This is also the perfect time to review your pricing structure by asking yourself the right questions:
- Are your products appropriately priced?
- How many (products/offers) will you need to sell in a given period to reach your revenue and profitability goals?
Once you identify these elements well, you will know exactly what you need to do to keep your business going and thriving.
analyze the competition
In order to succeed, you should not be afraid to study and learn from your competitors. They may do something good that you can implement in your business to make more money. How you analyze competition will vary from industry to industry.
If you own a restaurant, for example, you might be able to just dine at your competitors’ restaurants, ask other customers what they think, and get information that way.
Benefit from an experienced network or entrepreneur
Spend time connecting face-to-face with people in your industry who can become useful as potential partners, suppliers, consultants or clients, while at the same time building brand awareness quickly. Woven ties make it possible to have a network of suppliers, a customer base, and gain exposure quickly.
According to a study published by INSEE, companies that benefit from a network or experienced entrepreneur get off to a better start, regardless of their size. 55% of dynamic entrepreneurs were assisted by professional relationships (customers, suppliers, and previous employer) versus 34% of other business leaders who remain active. The help of the previous employer is most crucial.
At the same time, it is also important to develop your presence on social media in order to reach potential customers in your target market, especially if you want to succeed in an online business. LinkedIn and Instagram are great ways to stay in the know with new, existing, and potential customers. It also allows you to find other people in your field and maintain awareness of your business.
When running your business, always control your ego and avoid thinking that you have everything, that you have nothing more to learn. Business, like people, is never static. We are constantly evolving.
So be thirsty to learn, gain knowledge and learn from others. Adapt and move in this ever-changing world and do so with an innovative mindset. Be curious and observant. Drive consistent growth by implementing innovative ideas that can differentiate you from your competition. The brain’s ability to know is unlimited.
Try to stay ahead of your market.
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