Many entrepreneurs believe that launching a business is the easy part. The challenge, however, comes with obtaining longevity in business. Every day new companies go bankrupt due to lack of planning and research. Contrary to what newcomers to the business world might believe, your brand image and your location play only a secondary role. While they are crucial to expansion, they can’t make or break a company. Or can they? Finding the formula to achieving longevity takes a combination of various essential elements.
Invest in Quality
It’s fair to say that all entrepreneur need to make investment choices. Your team doesn’t expect you to provide premium premises when you first launch the company. However, that does not mean that you should invest in cheap equipment. While you may not have the budget to buy the latest and most modern equipment, you need to provide quality solutions from the laptops to the key clamp fittings for the handrails. Ultimately, it’s best to focus on quality over quantity as you establish your company.
Safety Risks
In a small team, it can be easy to ignore rules. Health and safety rules, for instance, can be perceived as a waste of time at first. But in reality, failing behind your H&S regulations can be dramatic! Injuries in the workplace are more common than one thinks and can seriously affect your productivity. Additionally, you might be faced with legal consequences if you have to face a claim in the case of an injury. In other words, the absence of regulations, even within a small company, increases risks both for you and for your employees and visitors.
Enjoyable Workplace
Leading a team can be challenging and stressful, especially when you’re launching a company. There is a lot to think about, from strategic market approaches to growth plans. So, it can be easy to get too serious about things. But remember to have fun with your team. Humor can defuse many stressful situations, and keep the morale high during the difficult first months and years. Additionally, laughing creates an enjoyable environment that disrupts the monotony of every day and acts as an idea catalyst.
Stay Passionate
As an entrepreneur, you’ll find that your professional life will become very demanding from the moment you launch your company. Your days will not be 9 to 5 as they used to. You’ll work longer hours, and during the first years, you might only have reduced holidays. In other words, you need to be passionate about your business if you want to invest your time, efforts and money in it. Without passion, you can’t enjoy running and growing your company.
Have a Solid Idea
When you’ve found something you’re passionate about, it’s key to develop a strategy to make it work as a business. Ultimately, the purpose of a business is to be profitable now and in the future. Therefore you need to be able to transform your passion into a viable business idea that doesn’t break the bank to get started.
A company that maintains its shares on the market – or grows them – is both stable and flexible. Flexibility is about recognizing opportunities and acting upon them. But you need to establish your stability first through effective premises investments, regulations, team management, passion, and market strategy.
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