Starting a business is not easy. You’re be dealing with challenging tasks such as keeping your employees and customers happy, promoting your products and services, keeping your old customers and finding new ones, and keeping the cash flow coming in – these are the things you need to do every day in order for your business to survive.
Launching your business is a big challenge, but surviving making your business last is even more difficult. The percentage of businesses that fail within a short time is ridiculously high. Many don’t even make it through their first year, and if a business makes it to five years, that’s really something. It’s got a good chance of continuing indefinitely at that point. And a five-year business venture really isn’t that long, considering how time flies.
The number one secret to surviving your business is being flexible. So while focusing on survival as your ultimate goal, be open-minded to develop a flexible strategy and use tactics that come to hand. To avoid being shot out of the water by market forces, try things out of the ordinary. Adaptability to any environment will save you when things are looking bleak.
Entrepreneurs who don’t know how to adapt won’t succeed. Their business will not survive because they will be outplayed in the marketplace by those who are more determined or who adjust to the modern business environment better than you do.
In today’s business battlefield, using old methods and not innovating is a red flag. Flexibility means a lot nowadays. You need to find what your customers want and discover creative ways to give it to them. Rigidity will kill you in the end. You have to give them what they want, not what you want – and you have constantly keep yourself visible to them.
For more on helping your business survive, check this out: https://www.flyingsolo.com.au/startup/trent-innes-do-this-one-thing-to-ensure-your-business-survives