Eight Strategies For Business Longevity, Part 1 - April 24, 2017
You've dedicated the past 10 years to starting and growing your business. You've achieved your growth targets. You've hit revenue goals. Now you're ready to pass along the leadership wand so you can move on to your next adventure, but how do you know if your business will continue to grow after you leave? Business consultant Jill Johnson says that leaders and entrepreneurs who achieve exceptional business longevity share these key business practices that we'll share in this issue of Promotional Consultant Today.
1. Engage in ongoing planning. Johnson says that successful executives and entrepreneurs prepare for success on an ongoing basis, not just when they are in start-up mode. They continuously leverage new opportunities and seek ideas to enhance operations and profitability. They are disciplined in writing down their plans, reviewing them and sharing them with their key employees and advisors. They know ongoing planning keeps them focused and moving forward. These leaders continually, and formally, evaluate what is working and what needs changing.
2. Establish a vision for the future. Lasting business leaders also match their vision to their abilities. They leverage one success into another rather than rapidly making huge leaps beyond their capabilities. Those who don't have a realistic vision risk everything because they reach too high before their cash, talent or operational capability is ready for higher levels of success. Enduring leaders actively and effectively manage their transitions and hire sophisticated talent to match their future needs
3. Continue to develop leadership skills. Leaders who are creating a long-standing business know that experience is very important to success. Not only do you need operational or technical expertise, but also the ability to lead and manage. Those leaders with enduring success continue developing and enhancing their skills to build their business arsenal. They read. They hire the consulting and professional talent they need to augment their internal expertise.
4. Implement sound fiscal management. It may sound obvious but leaders need to be fiscally sound for long-term business success. Yet few leaders have the self-discipline to manage their cash flow for the inevitable peaks and valleys. They respond to immediate pressures. Many leaders don't prepare for the future because they're focused on living in the moment. Successful leaders focus on building real net worth by mastering financial discipline and tightly controlling what they spend.
Read PCT again tomorrow to learn more ways leaders drive business longevity.
Source: Jill Johnson, president and founder of Johnson Consulting Services, is a highly accomplished speaker, an award-winning management consultant, and author of the Bold Questions series. She helps her clients make critical business decisions and develop market-based strategic plans for turnarounds or growth. Her consulting work has impacted nearly $4 billion worth of decisions.