Once your company has passed the start up stage, your focus is sure to turn towards longevity.  While there are no guarantees in today’s business world, there are some best practices you can implement to give your company the best chance to last.  Staying power isn’t something that comes without hard work, it’s important to realize that what you put into your company is more than likely what you’ll get out of it.  Building a company that lasts is not an easy task and takes focus and dedication, without the drive to make it happen, it will be impossible to build a sustainable business.  Here are a few business growth strategies to build the foundation your company needs to flourish well into the future.

Have a Vision

Having a specific vision for what you want your company to be is the first step in building a company that lasts.  You’ll want to have clear goals that can be shared throughout your company so everyone is working towards the same objectives.

Create a Strong Plan

A strong business plan is the core of any successful company.  Your plan will have many different aspects and it’s important to take heed of all of the potential challenges your company will face.  Some components that you’ll need to make sure are part of your plan include budget, product descriptions, differentiators, marketing and a back-up plan.

Build a Process

In order to create a stable company it’s important that you have processes in place for all aspects of your business.  This can be a tedious task, but it ensures consistency and continuity, especially in the case of employee turnover.  Being prepared for any situation your company faces is a key to not going under.

Have a Strong Team

When your company first starts out the owner of a company traditionally takes on large amount of responsibilities.  Once your company has begun to stabilize, it’s important you delegate some of these tasks.  Having a strong, trustworthy management team and staff is essential to the success of your company.  Hiring qualified, experienced people and avoiding the temptation to hire friends can make or break your business.

Promote from Within

Developing and promoting from within is a big part of creating continuity and stability.  The hiring process can be lengthy and expensive, being able to promote talent that has already shown they are dedicated to your company can save money and also promote a healthy company culture.

Cultivate Culture

Part of the vision for your company should include the type of company culture you would like to have.  Creating a positive work environment helps to breed creativity and employee loyalty.  Culture is an underrated aspect of successful businesses, without a healthy work environment, your company could stagnate and lose its ability to grow.

Focus on your Clients

Focusing on client satisfaction is a sure way to maintain current customers and turn those clients into promoters for your brand.  Do your best to focus on the individual customer.  Customer satisfaction surveys are one way you can gauge whether or not you’ve placed enough importance on your clients.

Hold onto Ownership

Having stable ownership greatly effects the longevity of a brand.  Some owners go into business with the idea of running a company until it’s profitable and then selling it.  If you truly believe in your company and want to see it thrive into the future, you’ll want to remain as the majority stakeholder.

Don’t Give Up

There are sure to be ups and downs and challenges along the way, as will all aspects in life, it’s important you don’t give up.  Just because you have an off year, doesn’t mean all is lost.  The determination of an owner to succeed is the biggest key to longevity.

Change with the Times

The business world is changing more rapidly than ever before.  Your ability to keep pace with new trends and technology will greatly impact your staying power.  A well informed owner is at the center of any successful business.  Staying on top of changes will establish you as an innovator and leader.

Quikstone Capital Solutions Provides Stability

If you’re looking for your company to have staying power, you may need some help along the way.  Quikstone Capital Solutions provides merchant cash advances to small business owners to help you improve and maintain the company you worked so hard to create.