How to make sure your business celebrates a diamond jubilee

By Stuart 5 years ago1 Comment

Last week we saw the Queen celebrate 60 years on the throne – what an achievement!

It’s well known that the majority of small businesses only survive for 5 years before closing.  However, there are ways to ensure that your business achieves the same levels of longevity as the Queen.  Here are our three top tips:

1. Keep up with the times

We live in ever changing times.  The rapid development of technology and the recession has seen shifts in customer demand and how they want to buy.  The smartest businesses constantly review their products and services to make absolutely sure that they are supplying exactly what customers want in exactly the way customers want to buy.  It’s simply no good supplying in the same way you did 10 years ago – your customers now have so much more choice available via the internet.

 2.  Never take your eyes off the prize

When you set up your business, I’m sure you did so with a goal in mind.  Maybe it was financial freedom or the ability to spend more time with your family.

Now is a great time to revisit those goals and make sure what you are doing on a daily basis is moving you towards them.  Revisit the mission and vision for the business to make sure it’s still “current”.  If you need any help with goal setting, drop us a line and we’ll let you have a copy of our recently recorded DVD, together with our goal setting tool.

 3.  Build great measurement systems

Measurement systems help us monitor how we are progressing towards our goals.  Understand the critical success factors (CSF) in your business success and create a measurement system to monitor them.  Make sure that your system uses leading indicators.  Review your CSF’s each month to ensure you remain on track to hit your targets.

What other tips do you have for business longevity?

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