Publication number: ELQ-76263-1
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How to Tune Business Strategy For Long-Term Success
Learn how you can achieve long-term success by tuning your business strategy.
Introduction
The biggest challenge these days doesn’t seem to be in starting a new business, but sustaining it against the onslaught of market changes and new competitors that emerge every day. Yet, as an angel investor, I still see too many new business owners who are convinced that their biggest challenge is to get money to start, and once launched with some initial success, they can relax.
In my other role of business advisor, I see examples often of startups that may have taken success for granted too early. A recent high-profile one, Theranos, the blood-testing company, had no trouble getting customers, but promised more than their technology could deliver, Another, Shyp, an early on-demand delivery platform, blamed their demise on premature scaling.
The keys to sustainable success require you to retain that sense of urgency, focus, and vigilance after the launch that you felt during the development and early funding stages. That starts with initially building a solid business strategy, including a strong support system for scalability, long-term leadership, and adaptability. In my view, this strategy must include the following elements:
- Step n°1 |
Define and communicate a purpose and destination.
Your constituents can’t plot a journey if they aren’t sure where they are going or why. For a successful launch and scalable growth, they need to establish many checkpoints, with metrics to assess their progress and alignment with the vision. Don’t let that communication fade post-launch.
- Step n°2 |
Build and nurture a team culture of trust and leadership.
You and your business won’t be able to sustain a position of leadership without everyone on the customer-facing team being willing and able to emulate your lead. That requires trust and respect from all, as well as constant coaching and development to keep them committed to following you. - Step n°3 |
Demand continuous innovation to keep up with change.
Change is the only constant in a successful business, to keep up with new competitors and new customer demands. Innovation must be applied to your business model, your processes, as well as your product offering. Aim to obsolete your own products with new, before competitors do it.
