Are you the owner of the business?
In this post, we’re looking at business sustainability from a financial and social perspective. Building a sustainable business takes careful thought and planning, so follow some of the tips below and you’re on your way!
Develop your Unique Value Proposition
When you're setting out in business, establish your purpose and know what your company stands for. If you’ve been in business a while then reassess this and write it down into a unique value proposition. If this is likely to change with time, rewrite it to capture what you offer now and what you aim to offer in the future. Think about the value you can add to potential customers and how you can provide solutions. For more help on this, read ‘Creating your Unique Value Proposition’.
Stay out of your comfort zone
Being in business is exciting, challenging, terrifying, to say the least! You're likely to be out of your comfort zone, and that's a good thing, as you don’t want to get complacent with the status quo. Industries across the globe are undergoing huge shifts and to ride that wave, you might have to make some changes too. Whether it's finding a new marketing approach, investing in new technology, opening an online store or writing articles for LinkedIn, try to do things differently and foster growth.
Find your niche
If your business is struggling, or you're having difficulty explaining exactly what you do, then rethink. Maybe it’s time to reinvent yourself. Perhaps you need to strip everything back to focus on the one thing you excel in. If you’re rolling solo, market yourself as the brand and showcase your experience and expertise on different platforms such as your website, Facebook page, LinkedIn page. By making yourself the go-to person for anything, you can help build sustainability.
Relationship building is key
Without community support, your business probably wouldn’t be where it is today, so whenever you can, be sure to nurture, grow and appreciate those networks. Make new connections often and when you do, follow up with them to foster those new relationships. Think about ways to maintain your relationships - perhaps an email marketing campaign or event invites or discounts and specials. These will become tools for your customer retention strategy. Join professional organisations and communities both online and offline that will help you network with like-minded people and groups.
Upskill and never stop learning
Attend courses, join webinars, learn from colleagues, research the latest trends - these will help keep you in a constant state of learning and growth. Look at what your competitors are doing and find ways to improve your products and services constantly to future-proof your business.