Building a sustainable business from the ground up is not an easy feat and many small businesses struggle to make it through the first five years in the marketplace. So what is the key to building a sustainable business and how do you make it through the initial slog to achieve success?
The vision for a sustainable business extends far beyond ensuring regular cash-flow and is more about building a strong brand presence in the marketplace to take you through the highs and lows.
The last 30 years in business have not been without their challenges, but there a three main things I’ve learned to sustain BBS Communications.
Look outwards
In the ever-evolving business environment it is far too easy to get caught up in improving internal processes and procedures to improve the efficiency of your business. While this is a very important element of business to support growth and expansion, too much naval-gazing can lead to you being left behind.
Look outwards and make a conscious effort to stay abreast of the latest demands, priorities and problems that need to be solved by current and potential clients.
Reading the news across various business and market sectors is a daily habit. This ensures you stay informed of business priorities and are ready to pounce on new opportunities. It’s also important to look outside your current sphere, especially given today’s fast-moving environment.
While servicing your clients is important, it’s also important for your business growth to get out and talk to people who aren’t your clients. Integrate yourself within the business community and stay visible across different industries. Although events can be tedious, book them into your diary and make a habit of reaching out to contacts for a simple coffee catch-up every month. Face-to-face contact is invaluable.
Find your energy source
Finding what fuels you to tackle each day with dedication and energy is the key to maintaining a successful business. Many businesses start their journey with a high-level of enthusiasm and energy but burn themselves out after the first few years operating at an un-sustainable level.
Whether it’s recognising when you need to take a break to refresh and reset, going for a regular walk around the block, reading the paper at your favourite coffee shop each morning or doing a regular yoga class, it’s important to understand what keeps you going.
Even after 30 years in business there are still days when the balance isn’t right, so explore different options until you find what works for you.
Be financially literate
While client engagement and maintaining energy levels will keep the wheels in motion, knowing your finances inside-out will determine your ultimate success.
Educate yourself on money and the value of what you’re selling, both the services you offer and your time. Check your figures constantly so you have a thorough understanding of what is fair value and whether you need to change or adapt your figures and costs.
It’s important to remember that you can’t be expected to be an expert in everything, so it’s ok to ask for advice when you need it. Find an advisor you trust and build this into your business-as-usual.
