Nibletz Staff
Startups often fail, but yours hasn’t. In fact, your business is starting to take off, and you’re enjoying a regular influx of orders. So how can you now start to develop your company and help it evolve toward even greater things? ‘Middle-aged’ businesses have seen the good times, the tough times, and the weird times. Not only are they established, but they’re the epitome of how it should be done. They have business owners that have battled through a variety of challenges and still prospered. Are you ready to join their ranks?
Of course, it takes years to get there. A lot of changes will be made over the years so that you and your company can both adapt to environmental, political, and market changes. But if you know this is your path, and you’re not going to lose sight of it, you need to start making those changes now. Experience and wisdom take time to acquire. You can begin to learn from others’ experiences now, though.
As a new company, you are likely to be the most active and the most important asset your business has. To improve your function, you might consider undertaking more qualifications and learning. Opportunities to take an Operations Management degree online could offer you a greater insight to how other companies and managers have succeeded over the years. By boosting your own knowledge and skillset, you should be able to take your company even further. Most importantly you’ll have the information and training you need to boost production, increase sales, and enter new markets.
No company reached ‘middle age’ with just one product in its portfolio. Products were tweaked for improvement and relaunched. A budget line or luxury line of that same product might have been released to reach a new type of customer. Over time, these companies found more markets and more product ideas to develop that could reach them. From cash cows to dogs and back again – every successful ‘middle-aged’ company has seen products right through the product life cycle.
Your business is just getting started. You’re about to boost volumes so you can take advantage of new distribution channels and market opportunities. But you’re going to need more. You too will need to introduce more products and innovations into your range. Where do you plan to take your product portfolio, and how do you personally plan to make sure you can achieve it?
From advanced degrees to keeping abreast of trade news – you will need to be on top of every new development to stay fresh and innovative. Over time, you will start to hand over parts of your business to trusted colleagues so you can focus your energy on these new developments. How do you plan to train your staff to keep your company and product line on track? Will they too need to further their training and education to help you boost production further?
‘Middle-age’ for your company may still be a couple of decades away. As with our lives, we need to prepare for it and ensure we’re as fit and healthy as we can be when we get there. Make your plans now and take action for a prosperous future.
