“More than one-third of businesses today will not survive the next 10 years.”
– John Chambers, CEO, Cisco
That’s the scary reality facing many companies today. The good news? You can fight it. Here’s how.
How to Succeed in an Evolving Marketplace
- Be open minded
Don’t let preconceived notions or stereotypes stop you from fully investigating every potential business-enhancing solution. Recognize that you don’t know it all and open yourself up to new business approaches.
- Do your research (and lots of it!)
Being knowledgeable on your business environment and competition is one of the key components of success.
- Adapt your point of view
Consider your current business offering from several different perspectives: Are you meeting your customers’ needs? Are you meeting your employees’ needs? View your business from several different standpoints in order to reveal what improvements can be made.
- Attend conferences
One of the best ways to network, scope out competition and learn more about your business environment is to attend conferences and trade shows. They are full of fresh opportunities for your company to take advantage of, so put aside the time and money to participate in some.
- Be creative
Don’t be afraid to stand out from the crowd, it’s a great thing. Be on the lookout for inspiration anywhere and keep an open line of communication within your company for employees to share ideas. A successful business is open to try new ideas.
- Keep innovating
It doesn’t matter how amazing your product/service is, in today’s business world you must innovate or you’ll die. Everything evolves over time, and continuing to modernize your offerings is one way to ensure your company won’t fall behind the times.
- Pay attention to your finances
One of the biggest mistakes for businesses is poor financial management. Keep a close eye on cash flow. Enough said.
- Be consistent
Consistency is key. If you can’t provide customers with a good product/service on a consistent basis they won’t keep coming back.
- Evaluate risks and possible rewards
Taking calculated risks is necessary for a business to become or remain successful. Evaluate all possible outcomes and make sure you understand the potential consequences before taking a risk — you’re more likely to generate monumental rewards for your company. After all, success rarely comes from playing it safe.
- Provide great service
There’s more to a company’s success than having a great product or service — it’s providing customers’ with top-notch service. When customers have a particularly positive experience they’re apt to tell others about it, and the same goes for bad experiences. Give them great service and they’ll not only remember you for it, they’ll keep coming back for more.
When it comes to running a successful business, there are a lot more than these 10 factors involved; but they’re a great foundation for all organizations. Success may not come quickly or easily, but when it does, you’ll be thankful for putting in the hard work that made it all possible.