Yahoo Finance How Entrepreneurs Can Sustain Long-Term Growth
It doesn’t matter if you’re running a boutique business or heading a private corporation, all entrepreneurs dream of long-term success. After getting that first taste of victory in the start-up phase, many of us aren’t sure of how to continue the momentum. So what’s the best strategy for sustainability? There isn’t one easy answer, but a healthy mix of methods—from adapting your business model to fostering a friendly work environment—can help you expand and put you on the right path to long-term success.
In partnership with Intact Insurance, here are a few ways an entrepreneur can shape their business into a success story for years to come.
Plan for the future
It’s good to take care of the present, but a savvy entrepreneur also has their eyes focused on the future. Instead of thinking about your bottom line from month to month, set goals on where you want your profits to be five years from now; contemplate the additional staff you’ll need to hire as the company grows.
Are you prepared for the costly curveballs life throws at you? In the event of a fire or water damage, business interruption insurance can keep you afloat by covering rent, payroll, and relocation fees while your company is getting back on solid ground.
You don’t want to lose momentum by just sticking to what’s good for now, because it won’t necessarily be successful later on.
Cultivate strong partnerships
You may know your business best, but don’t rule out the importance of an outside point of view. Try networking with other successful entrepreneurs, or start a mutually beneficial partnership with another company, and adapt their skill set into your business model. Even striking up a relationship with an insurance broker can help you identify how your business could be vulnerable and make sure you make informed decisions based on your priorities.
Embrace change
Broadening your range of services seems like a shoe-in for growth, but you also have to expand without losing sight of your initial vision. If you’re in graphic design, for instance, consider complementary avenues like social media to broaden your appeal to potential customers. Are certain services or goods you’re offering selling less than when you started out? Then drop them! Tweaking the formula as you go along allows you to trim the fat and keep pushing forward. When your activities change, make sure your insurance coverage follows.
Hire the right staff
You’re only as successful as the team you surround yourself with, right? Seeking out talented workers who are knowledgeable, qualified and passionate about your niche can strengthen your brand.
An unqualified employee, on the other hand, can be careless or distracted around the office, increasing the likelihood of a costly or dangerous accident. An insurance plan can help cover some of the damage, but engaging with a carefully curated staff will lead to not only a more satisfying and productive work environment, but a safer one, too.
Customer loyalty
This goes without saying, but the way you treat your customers will impact the longevity of your business. Your company may adapt over the years, and customer loyalty should remain consistent. Whether it’s serving up coffee with a friendly smile, completing a project par excellence and on time, or offering an innovative rewards program, keeping a client satisfied often ensures their continued business.
There are times, however, where things may not go as planned with your customers. In the event of an injury on your premises, or a dissatisfied customer sues for damages, a general liability plan could help you respond to those heavy court costs.
Prioritize insurance
Entrepreneurs naturally aim high, but they also need to be prepared for the lows. Don’t forget, even the most experienced businesses aren’t immune to accidents, inconveniences, or disasters. We’re talking fires, water damage, earthquakes, cyber attacks, lawsuits, theft--the list goes on. Being insured can take the weight off of repair costs, lend a hand with court expenses, or help pay staff wages during a rebuild period. No one wishes for these things to happen, but having a reliable insurance plan as a back-up will be a major relief to your business if times ever get tough.
Discover how Intact Insurance can help you protect your entrepreneurial dreams.
