Staying Power – 5 Factors to Consider in Creating Sustainability in Business

Sooo you want to start a business… Awesome! Maybe, you already have an established business… Even better! Starting a business can be a rewarding yet challenging experience. Sustaining one presents an even bigger challenge.  As the world turns and people change, you can easily find yourself re-evaluating your current practice. Recent events such as the economic downfall due to the COVID-19 pandemic, have truly shown the importance of having strategies that can sustain a business through difficult times. Sustainability should be the goal of every business.

Here are 5 Factors to consider in creating sustainability in your business/organization.

Lead with Passion – The Why Factor:

Often times, people get into a business because of the immediate rewards, be it money, status, perks, etc. However, when you center a business around your passion, it provides a different aura for the consumer. Simply, it feels different.  When you are passionate about something, you tend to give it more time and energy. That energy will then transfer into your practice and be felt by your consumers. Consider your “why.”  Why do you do what you do? It’s one thing to know what you do you, but when you understand why you do it, that vitality permeates throughout your practice. 

Adapt to Change:

Change is inevitable. So many things around us can change in a moment. Our adaptability can be a tremendous factor in maintaining a business. Be flexible! Understand that you may have to consider other ways to operate your business especially during climate change. For example, one considerable change that the pandemic has helped businesses and organizations capitalize on is virtual platforms. So many platforms such Zoom, Microsoft Teams and GoToMeetings have helped organizations meet and conduct business virtually. Making sure your business has a plan to adapt to changes in the environment will be beneficial.

Diversity in Practice:

They say variety is the spice of life, why not include business?  Business that want to have staying power should diversify their level of service. Having only one way to provide service is not only limiting but keep you from tapping into a market of consumers you may not have realized. For instance, let’s say you have a restaurant. If you only provide sit down service, think about the business you miss out on by not offering catering options or a delivery service through DoorDash or UberEats. Be open to other ways of conducting business that can expand your circle of consumers and ultimately expand your profits.

Enhance the Quality

Quality is an aspect that any business should want to be attached to. When consumers know you provide great quality service or product, they are more likely to continue to patronize you. Invest in customer service. Be mindful of what you do and how you do it as this can either add or subtract to your overall quality.

Expand & Protect Your Brand

Your brand is your identity. Be it your logo, design, symbol or even business name, it all works together to identify you and what you’re about.  Everything you say or do can impact your brand.  I also truly feel that brand building is a continuous process that should ongoing throughout the life of the business.  Expanding your brand and being open to various opportunities to market yourself can help your business go the distance. It’s imperative to be mindful of how your brand is presented and protect it as much as possible.

Regardless of the state of the economy, it’s safe to say that business owners want to thrive.  In an ever-changing society, making sure you have what it takes to withstand these changes is now more crucial than ever. Reflect, focus and plan for the growth of your business by keeping sustainability at the forefront.  Your success is counting on YOU!

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