What Does it Take To Build a Sustainable Business?
Did you know that YouTube started as a video-based dating service whose slogan was “Tune in-hook up”? Funny right? Now it is the second largest search engine and arguably one of the top repositories of knowledge and primary sources.
Starting a business is fulfilling because it offers you the chance to be your own boss. Running a business, however, is not a walk in the park. There are too many variables that are difficult to predict at the beginning. They include bad timing, competition and the biggest of them all; not knowing what your income will be one month, a year or five years down the line.
All these challenges can be mitigated if only you;
Understand your business- what sets you apart? what is your end goal? What are your strengths? Answering this goes a long way in establishing a successful business.
Understand your industry in a bid to keep pace with market trends and maintain a competitive edge and not so as to copy the competition. In the words of Charlie Munger the right-hand man of Warren Buffett, “ Mimicking the herd invites regression to the mean.” Always strive for true innovation and avoid mediocrity.
Develop a business plan and establish SMART goals that you want to achieve. Unless you’re clear on the goals that you want then how do you know where you are going and how to get there?
Develop a communication strategy that covers all your business’ stakeholders including investors, employees and customers. You will need to understand how your target audience thinks and adjust to their needs in order to turn them into returning clients and your brand advocates.
Many successful businesses enjoy longevity because understanding their marketplace enables them to develop a sound strategy which trickles down to a profitable business.
By developing a comprehensive marketing strategy, businesses will assist to develop a more focused approach to marketing. Ensure that the strategy is realistic, multi-pronged and is implemented consistently over time.
As an entrepreneur, focus on personal development. Always strive to learn new skills that will help you grow as a business owner.
The Inuka Entreprise Program was created to educate business owners and enable to run their business efficiently. Once you complete the program, the Kenya Bankers Association facilitates your access to credit as long as you meet the loan requirements of your bank.
In addition, with so much demand of your time and attention, it is easy to get overwhelmed and exhausted. Get a team that you can trust and delegate duties to them. Also, increase the quality of your support network preferably like-minded entrepreneurs and business owners who understand your struggles.
In conclusion, stay focused on the bigger picture but also don’t be blind to your current reality. As someone once put it; do not lose sight of the forest for the trees. If you read more on the history of YouTube, you will realize that you do not have to succeed at the first try. You must be willing to change and innovate on your way to the top.
By Joy Kositany: Content creator and online community manager.