Business ideas are great.
Running a business is fantastic.
Sustaining a (thriving) business trumps them all.
As big a fight as it is to get started, the harder fight is to stay afloat.
Often, businesses lose momentum, and begin to coast. The thing with coasting is that after a while, momentum begins to reduce. When that happens, the business will experience a downward turn that manifests in loss of competitive edge and revenue. Ultimately, it may close up.
What then are those factors that can make a business lose momentum:
° Failure to keep up
The market is fluid. Understanding market trends is key to surviving in business. Market share is a whore, it goes where the action is. Blackberry dropped out of the game because it did not see where the market was heading. And when it was all but clear, it did not get on board on time. And this, in the mobile phones market where it was an unrivalled giant and leader.
° Failure to innovate
The competition is always evolving. Your hotshot product is only that for months, at best. It will be studied, dissected, reverse-engineered and copied or even improved on. As such, it is critical to continue to push the boundaries and innovate. It is the principal reason Apple pushes out new products every 6 to 12 months.
° Failure to sustain focus
Vital to staying in business is riding the crest upon which you broke into the market. When you find what works, do not be in a hurry to abandon it. Modify it, adapt it to fit but by all means, milk it till it is no longer the way to go.
° Failure to conserve energy
Expanding too rapidly or stretching too thin (across different fronts) can cause a business to tank. Growth is needed to survive and thrive. A structure (skeleton) bears the burden of growth. Else, there will be abnormal, or even stunted, growth.
Look through the bucket list again. And keep your business firing on all cylinders.
Welcome to your future!
Photo Credit: istockphoto.com
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