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There’s a lot that goes into fashioning a resilient organization. You must have a combination of things to make it work—from a good grasp of your industry and market to a team that can get the job done. In this article, we’ll explain the steps you can take to create and nurture a business that survives well into the future. Here they are:
Sell to a Market with Potential
One sure way to win in the long term is to serve a market that has great prospects for future growth. While it can be tricky to identify which markets will present the most opportunities years down the line, some signs could indicate this. For example, it may have a youthful population that’ll mature and earn more. Or it might show increasing demand driven by factors unlikely to disappear any time soon. Catering to a market that grows into the future gives your business a chance to expand along with it.Be Customer Centric
Your company exists to meet the needs of your customers. Without them, it’ll shut down at some point. If you consistently provide them with top-quality products, you’ll raise your chances of keeping them loyal to your brand. Add excellent customer care to this, and you’ll secure a space at the top of their minds. That should bode well for your business.Get Hiring Right
Recruit people who possess the appropriate set of soft and technical skills for the roles they’ll fill. Just make sure they’re also passionate about making a difference at your company. Unless they’re committed to driving your organization forward, they may end up being a serious hindrance to your progress. The cumulative effect of quality output from your staff over time will be a business robust enough to withstand economic and financial storms.Sign up for the Connect Nigeria daily newsletter
Invest in Marketing
“Build it and they will come” is so old-school (and wrong). In today’s world, there’s just too much noise menacing the senses of the average person. If you’re going to reach them, you’ll have to stand out of the cacophony. And that means being relevant, engaging, relatable, and persistent in your messaging. Staying in the public consciousness for long periods requires that you embark on marketing campaigns. Those cost money, so you need to come up with budgets for them.Be Innovative
“Innovate or die” has become more than just a mantra. It’s now a description of the reality of the contemporary business world. Modern technology is disrupting industries many and varied, and reshaping commerce and industry. Any business that’s serious about thriving in the next few years has to become innovative. As an entrepreneur, encourage your team to prod and probe the boundaries of what’s possible. Make this attitude an integral part of your company culture.Gain Nimbleness and Flexibility
Structure and predictability are essential for sustaining a sense of stability within your organization. But if your business is too heavy on them, it risks becoming resistant to change. As a result, it may be run out of its market by more innovative competitors. To prevent this outcome, you’ll want to make your business nimble and flexible. In other words, ensure that it’s lean and agile enough to respond to changes in your market, industry, and economy. “Lean” means that it maximizes value and minimizes waste. “Agile” means that can respond quickly to opportunities and threats.Register to attend the CN Business Mixer
Final Words
We have discussed 6 things you should do to build a business that lasts. Not all these steps will be easy to take. But with a combination of planning, careful execution and sheer determination, you stand a good chance of creating an enterprise that keeps going well into the future.Did you find this article useful? Contact us: editor@connectnigeria.com
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