There are a lot of factors involved in whether a business will be a successful one in the long run. Early success is might come easy but maintaining that growth until you are a sustainable success can be tough. Here are some important factors in what can make a business stand the test of time:
What worked yesterday may not work today. The world is a forever-changing place and the most successful of companies will work on evolving, to stay current and relevant. This applies to everything from event planning, promotions and class structures, to marketing and more. Taking marketing as an example, think about how much social media has changed what effective marketing is, over the past few years.
While it’s important to have different revenue sources and be adaptable, don’t forget about your core business. You can’t please everyone and you can’t take on every suggestion you receive from current or prospective members. Any new additions to your business should be complimentary and make sense for your business practices, such as branding, financial and sustainability.
"Making a business last take a good team and proper planning." (Photo by University of Salford Press.)
Long-term members give you a safety net that allows you to explore more opportunities. Imagine if all of your long-term members combined paid for all of your costs. That would allow you to not have to worry about getting the bills paid: it would allow you to explore growth opportunities to get to the next level. Short-term promotions that bring people in for a lesson, a class or otherwise can be important but those lasting relationships are what will help create a sustainable business.
A core team that you can trust and rely on is key to a long-term successful business. Competent and effective staff members can make or break your business. Treat your staff with respect, give them responsibilities in line with their skills and interests, and lead with integrity. Foster a relationship between them and your business where they know that they can directly impact the success of your team. Encourage them to succeed, instead of constantly picking out their shortcomings.
Our last tip goes hand-in-hand with our first; be aware. Trends, news and current events will change how your current and potential members behave. Being aware of all of these (or having a staff member in charge of being aware) will help you make decisions on how to control and guide your business’ growth.
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