According to the United States Small Business Administration, about 50% of small businesses fail within the first five years of business and about 66% of businesses usually run out of gas by the end of 10 years. With these numbers and percentages in mind, how do you ensure that your efforts do not go to waste? How do you build a lasting business or a business that will outlive you?
Building a lasting business is a process that takes time, energy and consistent efforts and therefore, it’s not something you can achieve overnight. However, you must commit to following the process and doing everything you can to put things in place. The 5 surefire tips we share below are timeless principles adopted by companies and businesses that have lasted over 100 years or more
- Document how you want your business to operate
- Hire the best team
- Communicate your vision to every employee
- Have a dependable legal team
- Be innovative
1. Document how you want your business to operate
Documentation precedes replication. If you truly want to build a lasting business, you must commit to documenting how you want your business to operate. Documenting your business operations make it easy for others to replicate. It serves as a template that others can work and run with. It also helps you to transfer your vision from your brain to a paper so it can be easily understood and implemented.
What should you document?
Building a lasting business requires that you document everything you possibly can. It’s a “no stone left unturned” kind of thing and peradventure you are looking for examples of what to document, check out some examples below.
- Business Structure and Organization
- Business Plan
- Business Model
- Standard Operating Procedures
- Job Description for all roles
Documenting these key pieces does not have to be done immediately. You can commit to doing different things per time as long as those things are on your radar.[Great Read: Starting a New Business? Here are 6 Common Mistakes to Avoid]
2. Hire the best team
It is practically impossible to build a lasting business without hiring the best team. Did you notice the use of the word, “team” as against using “employees”? Yes, that was intentional. This is because team members usually feel a sense of belonging while employees may feel a sense of entitlement. A lot of employees give their minimum, but when people know that they are part of a team, they give their best to ensuring that the team succeeds.
As an entrepreneur who wants to build a lasting business, you must learn how to assemble the best team that will help you to advance the cause of your business. Sometimes, hiring the best team might mean that you give up some of the stakes in your company to members of your team and at some other times, it may require you stepping down as the CEO of your business and let your team members take over.
How do you hire the best team?
Prior to bringing new people on board, you must first consider their skills and qualifications? What skills are they bringing to the table and how will they add value to your business. The best types of people to bring on your team are those whose skills are complementary to yours.
Another point worthy of note is that your team members must have almost the same philosophy if not the same philosophy as yours. What is their attitude to work? How do they receive constructive criticism? If the company is struggling, will they be willing to stick?
The answers to these questions are important and they will guide you in hiring the best team that can help you build your business and even pass it on to the next generation.[Need publicity for your business? Get your business in front of an international audience. Click HERE to advertise with us]
3. Imprint the vision of your business in the heart of every team member
One of the reasons some businesses die quickly as soon as the founder is out of the picture is because team members have no idea what the vision of the business is. People may be working for your business without fully understanding the purpose and the mission. This is usually due to the inability of the founder to imprint the vision of the business in the heart of every team member.
Imprinting the vision of your business in the hearts of your team members will require more than what you write in the employees’ handbook. Rather, it involves building a relationship with your team members, communicate effectively and share results with them often.
Doing this makes the picture of the intended destination clearer and it gives them the motivation needed to make things happen with or without your physical presence. Simply say, imprinting the vision of your business in the heart of every team member helps you build a lasting business.[Great Read: 5 Ways to Influence Prospects]
4. Be innovative
Innovation is a critical element that helps you build a lasting business.Seun Akinlotan
This is because innovation makes your business relevant and fresh while also giving you the winning edge to stay relevant. When you focus on innovation, you give your customers reasons to keep coming back with their friends and it helps you to attract more leads. Innovation and setting the pace which others follow is something you should focus on if you want to build a lasting business
5. Have a dependable legal team
Your legal team is the bedrock of everything you work to build in your business. That’s why it’s very important to have a dependable legal team to protect your interests and investment. Without a dependable legal team, you risk losing everything you’ve worked hard for in the twinkling of an eye!
Please note you might not be able to implement all these ideas at once but they are things you should put in mind and try everything within your power to implement as you build your business.[Great Read: How to Negotiate Like a Pro]
Question: How else do you think you can build a lasting business? Your comments, as well as feedback, are well appreciated, please leave a comment and share
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