Business stability has been at the top of the agenda for many businesses as due to the current global circumstances it has become more difficult for many companies to maintain continuity, let alone stability in 2020.
This may explain why according to the latest data obtained by the Office of National Statistics, there was a dip in business creations in 2020.
Ultimately, the goal whenever you start a business is ensuring it will last, and regardless of the market conditions that should remain the goal.
Maintaining a stable level of business growth, accountants would argue, is more important than volatility, as it is easier to plan for and budget when you have a good idea of how much you can spend.
Here are some important tips to make sure your business survives 2020 and thrives long into the future.
- Know Thyself
Temet nosce, or “know thyself”, has been a maxim for life since the Ancient Greeks, and that is because it is vital to succeeding in any endeavour.
In business, knowing yourself is about knowing what your business is. The core to building your brand is knowing your selling point, your strengths and weaknesses, and who your ideal customer is.
Once you know who you are and who you want to serve, connect with that part of your business and ensure your business’ values run through everything you do.
- Treat People Right
Being good to people is important in any facet of life, however, in business, you see it manifest in two ways to help create a base for success.
First of all, make sure your staff are happy, motivated and believe in the business in the way you do. If you are growing sustainably, make sure every member of staff you hire also fits the existing culture you have.
Be flexible with them, engage with their suggestions to make the business better and they will become a great asset and evangelist for your business.
Similarly, treat your customers right. When you build your customer base make sure you treat customers with transparency, fairness and care.
If customers know you are being open with them they will trust you and a customer who is satisfied with you will lead to more customers coming back.
- Adapt And Encourage Adaptation
When your company grows in a particular industry, it will become important to evolve and keep up with the increasing level of competition.
Encourage a culture of adaptation, evolution and controlled experimentation. There will often be alternative approaches to the problems you find, and growing as a business involves your staff and yourself growing as people.
Encourage upskilling, progression and expansion into other markets.
- Do Not Fear Disruption
As we have seen in many industries, disruption is all around us. Whether it takes the form of global events or business that manage to upend the way things have always been done, disruption fosters innovation and can even spur on business growth.
With that being said, make sure that you are not spending too quickly and expanding too quickly. If you expand without a base, then external factors beyond your control can seriously damage your growing business.