The Marathon Entrepreneur: How to Build Long Term Business Success
Long Term Business Success is a Marathon
As a business owner, you’re probably aware that you don’t instantly start making money (darn!) Building a sustainable business model takes time and planning. Here are 6 strategies to create long term business success:
1. Prioritize Organization
Let’s be clear: Marie Kondo is right. An organized life helps with your relationships, happiness, and your productivity. Now is the perfect time to dissect your office and determine if every item is in the proper place. Are you still searching for that staple? Can you find that odd business card? Can you find a client file easily? If not, invest the time to organize. Of course, you can also enlist help turning to the professionals.
2. Shift Your Mindset
As a business owner, you will be faced with trials and tribulations along the way. Sometimes, it can be easy to get discouraged but to continue growing, it is important to try to adapt your mindset. Having a mindset for success takes intentional efforts but making changes in the way you plan for the future can help take your business to the next level. Taking steps like asking for feedback often, being results-focused, and learning from your mistakes can help to set you up for long-term success.
3. Protect Yourself
Making the decision to start a business is not one to be taken lightly, especially if you are leaving a full-time position. While at times it might seem like your business is your entire life, remember to try to separate certain parts of your day-to-day from your business. For example, ensuring that you are keeping your finances separate is key in guaranteeing that if anything unexpected were to happen, you wouldn’t lose everything. Additionally, consider comparing and contrasting different life insurance options to protect yourself, your family, and your business. This is a key step, especially if you used family assets to fund some of your business.
4. Embrace the Power of Connecting
Life is weird now, right? Typical networking events aren’t happening and it’s hard to bolster a relationship on a group Zoom call. Instead, set up one-on-one conversations (yes, the phone!) or on Zoom. Put a goal next to the meeting similar as you would for any other business meeting. Options:
Get to know each other better and how to create a strategic partnership
Brainstorm a solution for an issue one of you is facing
Figure out how to help another person find a jobMe? I’m always game to connect!
5. Get Creative
In today’s market, finding ways to set your business apart from others is critical. Consider the ways in which you are communicating your brand value and determine if there are more unique or creative opportunities to give you an edge over the competition. Even making small changes like revamping your workspace or brainstorming new ideas with a friend can help you to think outside the box.
6. Continuously Evolve
Remember that to grow, sometimes it is necessary to make changes. See this blog I recently wrote about the difference between a pivot and changing your core competency. To keep your business moving forward, consider evaluating different aspects of the way you operate to determine if there are better ways to maximize your efforts to promote growth. Growth doesn’t happen overnight, so trying to continuously evolve and finding ways to better your business strategy can encourage long-term business success.
Look at promoting long-term success in your business as more of a marathon rather than a sprint. Building a successful business takes time and intentional effort. Sometimes you may have to shift your strategy but always keep the end goal in mind, even during times of adversity, as the end result will be worth the journey to get there.