Golden Guide To Building An Age Long Business EmpireContent Creator
There seem to be inconclusive decisions that surround building a business empire. Building a business is a whole lot. When we say empire, we talk about business that extends beyond boundaries and attracts partnerships. The truth of the fact is that many entrepreneurs have founded their businesses around feeble and short termed structures. Perhaps it is imperative to consider what ideology and structure a business is built upon. Hence, the golden guide.
However, asides the misfiring business ideas that kiss the industry and fade, are businesses that have sailed through time and tides. One of the oldest businesses in the world – kongo Gumi, established in 578 AD with headquarters in Osaka, Japan has survived till now. The question that this could trigger is not far from “How?”. The essence to which a business is established contributes to a greater percentage of its survival.
Furthermore, businesses should ensure to be open to changes and evolutionary movements. Who said that a business cannot evolve in product and culture? Below are cores to build a business that can pull a “Kongo Gumi”
CORE TIPS FOR BUSINESS LIFE SPAN
BE INTENTIONAL IN THE PLANNING PHASE; BUILD LIKE THE ROMANS
Wondering why you should build like the romans? The romans built the popular Colloseum which is about 1951 years and still retain much of its structure because it was built with the best materials available ever.
When you intend to start a business, it is necessary to consider every feasibility that will ensure survivability of such business. Your business is your creation for humanity. So what are you doing for humanity? Hence, it is a wrong mindset to be myopic with a business plan. Build your business with enough time and resources.
BUILD TO SOLVE PROBLEMS AROUND YOU
Another important thing to look at for is the reason why a business is instituted. Any business that is founded on vogue value has ended before it even started. An entrepreneur requires sensitivity and tactical approaches to be successful. Take a walk, look around you, what are the basic human problems you can solve? Are there people solving it? can you do better? What problem can arise from current activities that needs future solutions? These are the thoughts of an entrepreneur. It’s either you do it solely or you partner to execute such project. Now, while a business founded on making just profits fails, you keep on making money because your fixation has been on solving problems. So for every problem you solve, you are paid for it. So it’s easy to be a billionaire by creating a system that solves problems for a billion people.
DON’T BE DECEIVED BY REVENUE, FOCUS ON PROFITS
It is quite tricky to jump in celebration on massive revenue turn out in a year only to discover that costs have majorly taken the mainstay. Hence, it is advisable to trace profits from any massive generated revenue to be to know if the business is running loss or profits irrespective of the generated revenue. So what is business without profit? even non-profit organizations still need funds to survive. If a mammoth revenue yields less profit, then quickly check leak points.
REGULARIZE COMPETITOR ANALYSIS
It is only a foolish sprinter that runs a track event and is not aware of the pace of the opponent. Same applies to business when it comes to survival and dominating an industry. As a big wig in the industry you still need to monitor competitions trying to takeover. Similarly, as a small business, you need to monitor what the big wigs are doing and see if you can do better to be a market leader. Any business that falls asleep on competitor analysis finds itself planning a new business.
BUILD AND MAINTAIN A HAPPY WORKFORCE
Many business owners don’t have a culture for their organization. First is to internalize your business culture in them. Another is to ensure your employees are happy working for you. This will ensure that they feel glad to match business goals. Achieving this includes; appreciating good efforts, promotion and allowances, team bonding, celebrating milestones etc. Remember that your employees are the direct contacts to your clients.
SET GOALS FOR YOUR BUSINESS
KNOW YOUR TARGET AUDIENCE AND STUDY THEIR BEHAVIOUR OVERTIME
Summarily, the above are just cores as there are many considerations to ensure a business grows with time. We encourage businesses to seek strategic advices on strategy and investments to ensure that moving on the right track remains a priority.
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