Internal and external factors have an impact on business success, and those factors need to be accounted for in order to keep businesses above water. To build a business that lasts, whether a small or large one, you must recognise factors such as adaptability, good customer service, and – most importantly – a strong foundation. This article will provide you with tips for creating strong, adaptable businesses.

An unshakable foundation

A company is only as good as its foundation: when companies are created, their founders must decide what their company is, what it stands for, and what they want from it. A strong foundation will guide and keep your company on track, and it will help you achieve lasting success. Without a strong foundation, companies will find it hard to stick to their goals. I’ve seen how important it is to create a strong foundation and how a weak foundation will set a company up for failure. The factors comprising a company’s foundation include its core values, principles, vision, and mission.

Core values

Core values guide a company’s actions and decisions. They shape its culture, purpose, and work environment.

Principles

Like core values, principles define what a company is and give it direction. However, principles are more focused: they define what employees should strive for and how they work. Examples include ‘be humble’, ‘be inventive’, and ‘foster cooperation’.

Vision

One of the most important aspects of a company’s foundation is a long-term vision. They give companies tangible objectives and milestones to aim for. This will help set the direction the company is going, which can help solidify its foundation for the long run.

Mission

A company’s mission statement shapes its actions and perception. A good mission statement defines what your company does and why. For example, REI’s mission is “to inspire, educate, and outfit for a lifetime of outdoor adventure and stewardship.”

A strong foundation isn’t critical only in a company’s first few years – a strong foundation keeps a company running smoothly for many years. Without a strong foundation, employees and leadership may feel lost. With a strong foundation, however, they can always refer back to their foundational values to help guide them through listlessness and hardship.

Fostering adaptability

Businesses need to be adaptable if they want to survive, as they have to deal with an ever-changing market. Challenges you will have to overcome include rapid technological advancements and social, economic, and political shifts. To overcome these changes and challenges, businesses need to be adaptable. An adaptable business can both weather and thrive in rough, unpredictable markets.

Following trends

While today’s market might seem like a mystery, identifying and following market trends is helpful in understanding when the market will change and how it will change. Learning how to deal with and adapt to these trends will help you adapt to whatever the future brings.

AI

Companies have been scrambling to incorporate AI into their companies and products. Because of its popularity and long-term applications, AI looks like it’ll be here to stay. It boosts productivity, automates complicated tasks, and allows companies to operate with fewer employees.

Sustainability

Sustainability is another hot topic, not only in the working world, but also in society as a whole. Customers are increasingly placing value on sustainability, and following that trend helps businesses keep up with and get ahead of their competitors.

Remote and hybrid work

More and more, workers are demanding work-life balance. Hybrid and remote work help employees achieve a good work-life balance, making them happier. Happy employees are more productive and loyal to their companies.

In order to remain successful in an ever-changing market, your business should be adaptable; focus on continuous learning, improvement, and innovation to come out on top.

Strong customer relationships

Businesses thrive or die on their customer relationships: when strong, they help a business keep up with changing markets and stay ahead of the competition; when weak, businesses won’t know what their customers want and may earn a bad reputation. Your customers should be the centre of your business.

Navigating trends

Customer-centric strategies help navigate trends: being in tune with customer needs and desires allows you to give them exactly what they want, resulting in satisfied customers.

Staying ahead of the competition

Satisfied customers are more likely to recommend your business to other people, and they may become repeat customers; having a steady stream of customers is vital to business, and satisfied, repeat customers will help you stay ahead of your competition.

Finding potential target markets

Being in tune with your customers helps you find new markets. When you listen to your customers, you will learn about their needs – this helps you find new markets into which you can expand your business.

However, you shouldn’t focus on business expansion alone: you can’t forget your customers. An expanding business runs the risk of alienating the customers you already have in favour of acquiring new ones. A lasting, successful business needs to both attract new customers and keep old ones coming back. Quality customer service is incredibly useful for striking this balance – it keeps both old and new customers happy while you grow and attract new customers.

Key elements of quality customer service include understanding customer expectations, effective and clear communication, fast response time, and personal customer interactions.

Understanding customer expectations

Customers want companies to give them what they want, and doing so means that they are less likely to contact customer service. This saves time on your part and keeps customers coming back.

Clear communication

When customers have questions or are unhappy, they want clear communication: if your customer service is unclear or confusing, that makes their dissatisfaction even worse than it was before.

Fast response time

When customers are unhappy, they want their problems and questions addressed as soon as possible. A fast response time makes for satisfied customers because the sooner their problems are resolved, the better they feel about your company.

Personal customer interactions

Customers love feeling like they matter, and personal interactions do just that. They make customers feel heard, resulting in repeat customers more likely to tell other people about their positive experience.

Conclusion

Creating a business that lasts is far from an easy task; both internal and external factors can affect how long a business lasts. Creating a strong company foundation, emphasising adaptability, and maintaining strong customer relationships are key, but aren’t the only ingredients for a lasting company – don’t be afraid to take calculated risks when growing your business. I have seen firsthand that a culture of continuous learning and improvement means that your business will be more likely to not only last, but prosper.