There are numerous entrepreneurs that try their best to establish themselves in the market. Some of them even get the success but hardly half of them are able to make it last beyond five years. Adding further to this, one-third of them are able to make it till ten. Now, the question arises that what can make your business sustainable? What are the key points that you need to keep in mind for being successful as well as sustainable too? The most suitable answer to this question is to form a strategy that will help you move ahead in the market according to a well-settled plan as I did while nurturing my business, that is, Oddy Uniwraps- the food wrapping paper.
These are some of the strategies that can act as a catalyst for your business that can help you ensure the longevity of your business.
Define your growth objectives
In this one of your master plan, you need to make a clear picture of what you basically want out of your start-up. You can ask some of these questions from yourself that can help you analyze and define your objectives. Following are the questions:
- Do I have the all the indispensable capital to finance my growth?
- Am I having cash flow problems, or am I managing well?
- Am I expanding my feet at a higher pace than it should be?
- Am I growing because I want to be more profitable or is it growth for growth’s sake?
- Am I hiring too quickly?
- Is my production line efficient?
- Does my management team have the right competencies to handle my company’s growth?
Establish a value proposition
If you wish your business to run in a long-term, you should understand that what makes your business different from others. What is something that you have is actually unique? Apart from this analyze your customers who are going to be your targeted ones. Be relevant and credential as well as differentiated from others.
Nail down your ideal customers
Identify your ideal customers. Ask yourself a question on a daily basis that is you actually serving those who really need your products and services? If not, then find them out and nail down your audiences and let them know that you are for them, with them as well as by them.
Make a growth diagnosis of your company
Most importantly growth diagnosis of your company, for an instance, Oddy Uniwraps, deals with the fact that how you manage your company and how to gain more control over the aspects of your business that affect your cash flow. On a general point of view, a comprehensive growth diagnosis includes an analysis of your sales, overhead,
Keep an eye over your competitors
Always keep an eye stick to your competitors. No matter whatever your industry is, you always need to keep a check on what you are offering and what they are catering to their customers. Look towards similar businesses that are growing in new, unique ways to inform your growth strategy. Analyze in an efficient way if your competitors have positioned their businesses in a much better way than yours or what. This is because the assumption that you’re smarter is rarely correct.