Starting a business is just the first step in the long journey you will take as an entrepreneur. When the enthusiasm is gone, you will find that starting a business is the easiest part of your journey, but strengthening it is another story …
In today’s global economy, approximately two-thirds of businesses survive the first two years, half of all businesses survive up to five years, and only one-third manage to thrive in 10 years or more. pa.
In France, a study published by INSEE shows that five years after their creation, 67% of companies are still active, compared to 53% of traditional sole proprietorships (excluding the autoentrepreneur regime). Therefore, societies are more sustainable than sole proprietorships.
So how do you sustain a business?
Invest in your team
In addition to high-quality products and services as well as strategic decisions, your employees are the source of your company’s growth. Without their dedication and focus on results, your business may fail within the first two years.
To continue to grow, you need to invest in your team, which is essentially the heart of your business. Rewarded and professionally dedicated companions will help retain existing customers and strive to attract new ones. Because they speak highly of your business throughout the community, they act as word-of-mouth marketing in your favor.
Set revenue and profitability goals
For a business to be successful, it must earn enough money to maintain its operations and earn income that can be reinvested for future growth. Determine how much your business needs to bring in on a monthly, quarterly, and annual basis, in terms of revenue, to be successful by considering your business costs including:
- The production;
- The staff;
- The capital.
This is also the perfect time to review your pricing structure by asking yourself the right questions:
- Is the price of your products appropriate?
- How many (products/offers) do you need to sell in a particular period to reach your revenue and profitability goals?
When these elements are well defined, you will know exactly what you need to do to keep your business running and thriving.
Study the competition
To be successful, you should not be afraid to study and learn from your competitors. They may be doing something good that you can implement in your business to earn more money. How you analyze competition will vary in each industry.
If you own a restaurant, for example, you can just eat at your competitors ’restaurants, ask other customers what they think, and get information that way.
Take advantage of an experienced network or entrepreneur
Spend time interacting face-to-face with people in your industry who can be useful as potential partners, suppliers, advisors or customers, and at the same time build brand awareness quickly. Woven links make it possible to have a network of suppliers, customer base and quickly benefit from recognition.
According to a study published by INSEE, companies that benefit from a network or an experienced entrepreneur are off to a better start, regardless of their size. 55% of dynamic entrepreneurs are helped by professional relationships (customers, suppliers, former employers) against 34% of other active business leaders. The help of a former employer is the most decisive.
At the same time, it is also important to build your social media presence to reach potential customers in your target market, especially if you want to succeed in online business. LinkedIn and Instagram are great ways to stay ahead of new, existing, and potential customers. It also allows you to find other people in your industry and maintain awareness of your business.
In running your business, always control your ego and avoid thinking that you have it all, that you have nothing left to learn. Businesses, like people, are never static. We are constantly evolving.
So be thirsty to learn, gain knowledge and learn from others. Adapt, move into this ever-changing world and do it with innovative thinking. Be curious and observant. Drive solid growth by implementing innovations that can set you apart from your competitors. The brain has no limit to its capacity for knowledge.
Try to stay ahead of your market.
To learn how to design a sustainable business idea, check out this module in our training Designing and promoting a digital training offer.