Out of the tens of thousands of companies that launch every year from Florida to Washington, and Maine to Vancouver, only 30% launched in North America will survive a year and less than 15% will last five years. In other words, not only is it difficult to get a business started, it is extremely difficult to sustain it for a good period of time.
Successful businessmen like Dean Kirkland Vancouver WA based commercial real estate developer will measure a company’s success by its ability to turn a profit and keep customers interested in their products and services. Backing up this success are a number of foundational factors that need to be in place. There is no guarantee that if these are in place, that you will have success, but without them failure is nearly assured. So understanding and implementing them is nearly a requirement. With this in mind, here are some of the most critical foundational factors for long term business success.
T perform well initially and over time a business must be able to be counted on by its customers, vendors and employees, to do what they say and to be consistent about things that are important. Dependability is a quality that cannot be overstated because it forms the foundation that everyone stands on when they participate in business dealings with the company. If that foundation does not exist, no stakeholder will be trusting and be able to perform at their best. Dependability allows for everything aspect of a business to take shape and grow stronger over time.
If you ask any business leader how successful they aspire to be, they would probably answer, that they want to be as successful as possible with no limits being placed on their potential. Companies that intend to be around have to take this approach and adopt a serious attitude toward continuously creating success. To court success, companies need to line up the necessary assets and skillsets that equate to success in their industry. This will entail a great team of employees, marketable products and services, enough capital to fund key aspects of the company like marketing and sales departments, and a winning culture that is infectious. The combination of these aggregated assets creates an environment where failure is just not an option and success is nearly assured. But it is important to note that these things do not just come together on their own, they need to be purposely brought together to create the type of company we are discussing.
One additional key element is involving everyone in the success mission. This includes employees, vendors and even customers. Give them all great reasons to want your company successful. This could mean providing them incentives when they help you succeed and making them feel like they are part of the success when you do.
Build a Brand
A brand allows you to charge more for products and services, fight off personal and corporate attacks to your credibility, and spend less money on marketing. So, building a brand is a valuable thing for any business. You build a brand by creating good and consistent service. When you do this, people talk positively about the company and want to share it with other. Word gets around and before you know it people are calling out your company name s a standard in your industry.