Dr. Stephen Akintayo, one of Africa’s most influential investment coaches. Chairman and founder, Gtext Holdings.
Starting and maintaining a business for a decade or more is no small feat. It requires determination, commitment, strategic planning and adaptability.
In this article, based on how I have been able to grow my company for 15 years, I will be sharing how you can set yourself up for long-term success. From mastering sales and having a clear vision and growth plan to building a brand that focuses on your “why,” these steps can provide you with a solid foundation as a business owner.
Clear Vision
One of the first steps you need to have if you want to grow as a company is to develop a clear vision. Having a clear vision is essential for the long-term success of any business. It provides direction and purpose, guiding your decisions and actions.
Take the time to define your mission, values and goals. And make sure they are realistic. You need to understand why your business exists and the impact you want to create. A clear vision not only inspires your team but also attracts customers who resonate with your purpose.
Growth Plan
The second step is to create a growth plan. As an individual, I believe that a growth plan is essential for your growth and development. The same goes for business. A growth plan helps you stay focused and on track. In order to cross the 10-year mark, it’s crucial to have a well-thought-out growth plan.
Identify your target market, assess market trends and define your competitive advantage. Develop strategies for expanding your customer base, diversifying your offerings and exploring new markets. Continuously review and adjust your growth plan to stay relevant and seize opportunities. A growth plan helps provide a roadmap for long-term success and keeps your business agile and adaptable. I’ve especially appreciated how it gives you focus and helps you stay on track.
Strong Branding And Sales
The next step important for your long-term business success is to build a “why” brand. Irrespective of the business you are running and the product or service you are rendering, your brand must not be about the sales alone—you should create memories that go a long way in your customer’s heart.
In other words, you should be able to craft a compelling brand story that connects with your customers on an emotional level. Showcase your values, social impact and commitment to solving their problems. When customers align with your brand’s purpose, they become loyal advocates, leading to sustainable growth and longevity—also known as top-of-the-mind awareness. With this, customers are able to recall your brand without any help.
Most importantly, you need to master sales and build a sales team. Mastering the art of sales is crucial for any business, regardless of its size or industry.
Mentorship
I got to the level I am today by learning a lot and by mentorship. Likewise, I believe you should invest in training and empowering your team with the knowledge and skills to effectively communicate your value proposition. A strong sales team, especially, can help you acquire and retain customers, boost revenue and sustain business growth long-term.
Think Big
In conclusion, you need to start small, think big and grow fast. To ensure the longevity of your business, it’s important to start planning for the future from day one. As for me, I wrote down my 50-year plan from the first day I started my company. I am currently in my 15th year, and it is still guiding my decisions.
To cross the 10-year mark in business, I believe it is imperative to establish an academy or training program to continually develop your workforce and groom future leaders. Focus on cultivating a learning culture that encourages growth, innovation and adaptability. Provide ongoing education and mentorship opportunities to help employees acquire new skills and stay ahead in a rapidly evolving business landscape.
Don’t just aim to recruit the best talent; focus on making those you hire the best. Be sure to nurture their skills, provide guidance and create opportunities for advancement. This principle can give you an edge over your competitors.
Lastly, remember that success is not only measured by reaching milestones but by the positive impact your business has on people’s lives.
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