<\/p>\n
Longevity in a business can only be achieved if you have a clear vision. What do you want your business to look like in five years or beyond? Lack of clarity as to the direction in which your business is heading leaves you susceptible to making decisions which may not be in the long-term interests of the business. Create a future that could work without you!<\/p>\n 2. Build a Strong Team<\/strong><\/p>\n You can\u2019t operate your business the way you did during your start-up days. The skills which got you to where you are today won\u2019t necessarily help you build a sustainable business. The solution is to recruit and surround yourself with a strong team. A team built around filling any skill gaps you have will enhance the chances of your business outliving you.<\/p>\n 3. Find External Advisors<\/strong><\/p>\n Admit it, you don\u2019t know everything! Despite building a strong internal team they won\u2019t be able to provide all the answers to planning the future. Find external advisors who can act as a sounding board and specialists who can see the problems you can\u2019t and can help solve those problems.\u00a0 Seeking and acting upon external advice develops a business that is not just built around your personality.<\/p>\n 4. Watch the Market and Listen to Your Customers<\/strong><\/p>\n One of the reasons businesses die is that they fall out of step with the market and stop listening to their customers.\u00a0 Keep in tune with the latest developments; ensure you are up to date and keep your products and services fresh. Be flexible to adapt and move with the times.<\/p>\n 5. Prepare a Succession Plan<\/strong><\/p>\n A major failing in how many SMEs are built and operated is that they depend on one or two people, typically the founders. The key is to plan ahead for an orderly succession to ensure the business survives beyond your time. To design and implement a succession plan can take between three and five years; it\u2019s about finding the right people and putting robust processes in place so the business has a life of its own.<\/p>\n <\/p>\n <\/p>\n Even if your role is directing the strategic growth of your business and not the day-to-day management, it\u2019s important to visit the front lines regularly. Spending time where the heart of the business is allows you to gain insights on trends and what your customers want.<\/p>\n 2. Treat Marketing as a Science<\/strong><\/p>\n Harnessing data is something all business owners should be good at. It means you will be able to use calculations and results, rather than instinct, to make decisions. Trial, test and compare everything to ensure that the system you develop is the best for all services. This is vital to maintain control because data interpretation determines strategy, and you don\u2019t want that power in hands of others.<\/p>\n 3. Smart Outsourcing<\/strong><\/p>\n Managing everything in-house can save you money, but could also cost you more in time as you try to get results in areas you are not experienced in.\u00a0 Striving to do it all will leave you vulnerable to mistakes, too. Outsourcing to agencies for services like PR and recruitment helps us deliver on goals, but with experience or time we don\u2019t necessarily have.<\/p>\n 4. Make People Want to Work for You<\/strong><\/p>\n Recruiting good staff is great, but you also have to be able to retain them. It\u2019s important to reward staff in a way that motivates. To keep your employees driven and focused, you need to pay them a market or above-market rate, create a positive and inclusive working environment people want to succeed in and also praise them when they deserve it.<\/p>\n 5. Stay Focused<\/strong><\/p>\n Just because you\u2019ve got one business running successfully doesn\u2019t mean it\u2019s easier to replicate that success – even if it\u2019s a similar model. As an entrepreneur, you might want to jump from one great idea to the next, but you\u2019ll soon find yourself spread too thin. Focusing on one business allows you to operate in a market that you know you can change for the better.<\/p>\n <\/p>\n When planning to be in business for the long term which is, after all, the goal, you have to acknowledge that somewhere along the way, you will make mistakes. Rather than throwing in the towel you must aim to progress, and come back stronger.<\/p>\n 2. Effective Planning<\/strong><\/p>\n The key is to find out (for certain) the causes of any negative incidents and really stress the measures that will be taken to avoid a repetition. Rather than utilising guess work, you must investigate as deeply as possible and be strategic in your planning to avoid stumbling at hurdles again.<\/p>\n 3. Step Back and Analyse<\/strong><\/p>\n Using proper analysis will be the key to going forward, and this must be informed with data to back it up. You have to be able to take a step back and say why something failed, and be able to recognise flaws in your own work.<\/p>\n 4. Review<\/strong><\/p>\n All the while, you must give yourself feedback which is constructive enough to allow you to continue successfully in the future. Take and embrace words of advice from others, and don\u2019t be stubborn enough to think you have all of the answers, all of the time.<\/p>\n 5. Confront Your Issues<\/strong><\/p>\n Denying your issues will only cause further problems in the long run, as will allowing yourself to admit defeat. It is best to confront these head on and get them out of the way.<\/p>\n <\/p>\n Thanks to all our contributors for their valuable advice. Do you have any tips on encouraging business longevity that you would like to share? Feel free to leave a comment in the section below.<\/p>\n <\/p>\n We Operate in Some of the World’s Top Cities:<\/span><\/p>\n London<\/a>, New York<\/a>, San Francisco<\/a>, Paris<\/a>, Singapore<\/a>, Hong Kong<\/a>, In today\u2019s edition of Tips from the Experts, we asked three business professionals to share their top 5 tips for encouraging business longevity. Rob Warlow,\u00a0Founder and CEO of\u00a0Business Loan Services 1. Have a Vision Longevity in a business can only be achieved if you have a clear vision. What do you want your business to look like in five years or beyond? Lack of clarity as to the direction in which your business is heading leaves you susceptible to making decisions which may not be in the long-term interests of the business. Create a future that could work without you! 2. Build a Strong Team You can\u2019t operate your business the way you did during your start-up days. The skills which got you to where you are today won\u2019t necessarily help you build a sustainable business. The solution is to recruit and surround yourself with a strong team. A team built around filling any skill gaps you have will enhance the chances of your business outliving you. 3. Find External Advisors Admit it, you don\u2019t know everything! Despite building a strong internal team they won\u2019t be able to provide all the answers to planning the future. Find external advisors who can act as a sounding board and specialists who can see the problems you can\u2019t and can help solve those problems.\u00a0 Seeking and acting upon external advice develops a business that is not just built around your personality. 4. Watch the Market and Listen to Your Customers One of the reasons businesses die is that they fall out of step with the market and stop listening to their customers.\u00a0 Keep in tune with the latest developments; ensure you are up to date and keep your products and services fresh. Be flexible to adapt and move with the times. 5. Prepare a Succession Plan A major failing in how many SMEs are built and operated is that they depend on one or two people, typically the founders. The key is to plan ahead for an orderly succession to ensure the business survives beyond your time. To design and implement a succession plan can take between three and five years; it\u2019s about finding the right people and putting robust processes in place so the business has a life of its own. Ian Cowley, Managing Director of Cartridgesave 1. Get Front Line Experience Even if your role is directing the strategic growth of your business and not the day-to-day management, it\u2019s important to visit the front lines regularly. Spending time where the heart of the business is allows you to gain insights on trends and what your customers want. 2. Treat Marketing as a Science Harnessing data is something all business owners should be good at. It means you will be able to use calculations and results, rather than instinct, to make decisions. Trial, test and compare everything to ensure that the system you develop is the best for all services. This is vital to maintain control because data interpretation determines strategy, and you don\u2019t want that power in hands of others. 3. Smart Outsourcing Managing everything in-house can save you money, but could also cost you more in time as you try to get results in areas you are not experienced in.\u00a0 Striving to do it all will leave you vulnerable to mistakes, too. Outsourcing to agencies for services like PR and recruitment helps us deliver on goals, but with experience or time we don\u2019t necessarily have. 4. Make People Want to Work for You Recruiting good staff is great, but you also have to be able to retain them. It\u2019s important to reward staff in a way that motivates. To keep your employees driven and focused, you need to pay them a market or above-market rate, create a positive and inclusive working environment people want to succeed in and also praise them when they deserve it. 5. Stay Focused Just because you\u2019ve got one business running successfully doesn\u2019t mean it\u2019s easier to replicate that success – even if it\u2019s a similar model. As an entrepreneur, you might want to jump from one great idea to the next, but you\u2019ll soon find yourself spread too thin. Focusing on one business allows you to operate in a market that you know you can change for the better. Shaz Nawaz, Director at AA Accountants 1. Acknowledge Your Mistakes When planning to be in business for the long term which is, after all, the goal, you have to acknowledge that somewhere along the way, you will make mistakes. Rather than throwing in the towel you must aim to progress, and come back stronger. 2. Effective Planning The key is to find out (for certain) the causes of any negative incidents and really stress the measures that will be taken to avoid a repetition. Rather than utilising guess work, you must investigate as deeply as possible and be strategic in your planning to avoid stumbling at hurdles again. 3. Step Back and Analyse Using proper analysis will be the key to going forward, and this must be informed with data to back it up. You have to be able to take a step back and say why something failed, and be able to recognise flaws in your own work. 4. Review All the while, you must give yourself feedback which is constructive enough to allow you to continue successfully in the future. Take and embrace words of advice from others, and don\u2019t be stubborn enough to think you have all of the answers, all of the time. 5. Confront Your Issues Denying your issues will only cause further problems in the long run, as will allowing yourself to admit defeat. It is best to confront these head on and get them out of the way. Thanks to all our contributors for their valuable advice. Do you have any tips on encouraging business longevity that you would like to share? Feel free to leave a comment in the section below.<\/p>\n","protected":false},"author":1,"featured_media":8321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,217],"tags":[112,93],"class_list":["post-1756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-growth","category-expert-tips","tag-business-longevity","tag-tips-from-the-experts-2"],"yoast_head":"\n
\n![\"Rob_Warlow\"](\"http:\/\/uk.instantoffices.com\/blog\/wp-content\/uploads\/2015\/10\/Rob_Warlow-214x300.jpg\")
1. Have a Vision<\/strong><\/p>\nIan Cowley, Managing Director of Cartridgesave<\/a><\/em><\/h2>\n
\n![\"ian-cowley-768x768\"](\"http:\/\/uk.instantoffices.com\/blog\/wp-content\/uploads\/2015\/06\/Ian-Cowley-768x768-300x300.jpg\")
1. Get Front Line Experience<\/strong><\/p>\nShaz Nawaz, Director at AA Accountants<\/a><\/em><\/h2>\n
\n![\"ShazNawaz\"](\"http:\/\/uk.instantoffices.com\/blog\/wp-content\/uploads\/2015\/10\/ShazNawaz.jpg\")
1. Acknowledge Your Mistakes<\/strong><\/p>\nLooking for Office Space?<\/strong><\/h2>\n
\nSearch more locations<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"