Build a 100 Year Business
If your goal is to create a long-term, sustainable business, then it’s important you build a solid foundation during your start-up’s early years.
A sustainable business is stable, is marketed effectively, and is continually making a profit from the service or products that it is in the business of.
A sustainable business will change with the times, offer products and / or services that are in anticipation or response to the market needs.
Characteristics of a 100 Year Business
There are certain characteristics that most “100 year businesses” have in common. These include:
- Intense focus on the customer
- Willingness to chart new territory
- Strong ties to the community
- Clear value propositions and unique strengths
- A strong company identity and company culture
- Emphasis of tradition and core strengths.
- Focus on continued improvement and innovation
- Development of future company leaders
- Conservative financial practices
Tips for Building Long-term Success
To create your own 100 year business, you need to think about the future from the earliest stages of your business’ development. Proper planning will set you up for long-term business success.
Keep Good Records
One thing all successful, long-term businesses have in common is that they keep meticulous records. This will allow you to stay on top of where your business is financially, and help you make informed decisions about the future.
Research Your Competition
The more you know about your competitors, the better. Researching your competition will help you figure out how to set yourself apart from them, teach you about the trends in your specific market, and show you how to best attract new customers.
Ask your customers for feedback, and then use that feedback to make improvements to your business. And you don’t have to stop with customers – ask your employees, industry influencers, mentors, etc. Asking for honest feedback isn’t always easy, but it’s a great way to view your business from another perspective.
Understand the Risks
To be successful, you’ll have to take some calculated risks every now and then. When that happens, you need to know the worst case scenario you’re facing so you can determine whether or not the risk is worth the potential reward.
The key to making money in business is to be consistent. You need to do what’s necessary for your business every day in order to create-long term positive habits that will lead to future success.
One of the most important elements in creating a 100 year business is doing something your passionate about. Business isn’t always easy, or fun, but if you’re passionate about what you’re doing, that passion will give you the will power to do what it takes to make your company a success.
Finally, to create a long-term, sustainable business, you need to provide great products and services, as well as great support. This is what will attract new customers and retain your existing ones, and it’s what will set you apart from your competitors.Back to Members Area Overview