For many people, the American Dream is to own a successful business they can pass down to their children and grandchildren. Not many people ever realize that dream, and of those that do, there is a high rate of small businesses that don’t last beyond the startup phase.
It’s critical to ensure the sustainability of your business so it doesn’t end up one of the 50% of businesses that close within their first five years. The markets today favor consumers more than ever before, so you might have to readjust your business approach if you want your business to make it in the brave new, post-COVID-19 world. Continue reading to get some tips that will help you to build a company with a bright long-term future.
Integrity and transparency are golden to investors.
One of the most exciting things for entrepreneurs is for their business to have rapid, significant success. However, that quick and rapid success could be the very thing that cripples your startup if you don’t have the infrastructure to support this rapidly growing customer base. More often than not, growing your operations to meet customer demand means having to attract stakeholders to raise the necessary capital.
There’s been a major shift in the social consciousness of the U.S. in recent years, and now social justice and environmental issues like climate change and equality play almost as large as financial performance in investment decisions. That’s why it’s more important than ever to run your company with integrity and be transparent with consumers and stakeholders about your company’s operations.
Environmental, social, and corporate governance (ESG) are metrics for determining companies’ environmental and social impact based on their operations and contributions to society. With the more socially and environmentally conscious millennials driving the job, consumer, and investment markets, it’s a safe bet that responsible investing is more than a here today and gone tomorrow fad. With the Workvia Cloud platform, it’s easier than ever to get annual reports on ESG issues and expedite the investment process with financial institutions that rank environmental impact as high as financial performance.
Perfect your product or service.
As mentioned in the introduction, consumers have more power than ever before. Not only do they influence investment choices, but they’ve even changed the way companies design their products.
Product configuration is one of the latest trends in manufacturing. It enables manufacturing companies to tailor their products for their customers’ specific needs.
With customers being able to get products that are designed to fit their specific needs, means it’s more important than ever to perfect your line of products and services. If your company makes women’s underwear, you need to be trying to come up with ways to make your bras, panties, and boyshorts more comfortable, breathable, and alluring. If you want your brand to stand the test of time, you have to be in a continual process of trying to improve and revolutionize your products.
Use digital marketing to increase online visibility and brand awareness.
The best way to ensure the longevity of your brand is to turn it into a household name. The more prominent your company is in the consciousness of consumers, the more likely it is to suffer hell, high water, and economic downturn.
Social media is the optimal marketing platform because everyone and their grandmother are on social media. That’s right—the stereotype that social media’s only for millennials and Gen Zers couldn’t be further from the truth. That means social media marketing is an affordable and effective way to connect with your target audience, grow your online presence, and increase brand awareness.
Almost anyone can launch a business, but building a business that withstands the test of time is easier said than done. However, if you practice integrity and transparency, perfect your products, and market like the pros, years from now, you should be able to raise a toast to longevity.