Are you forming a business? If you have an idea you think could become immeasurably profitable, that idea will need more than just ambition, passion, and drive. It will need a solid, well-devised plan and a business model that serves as a vehicle for exponential growth. The more time and effort you put into the beginning stages of your business planning, the higher your likelihood of turning your dream into a reality.
Without further ado, here are 6 ways to strengthen your long-term business strategy.
1. Define Your Company Vision or Mission Statement
What need is your business addressing? What problem is it solving? Why should your business exist, and what about it will be so useful and beneficial to the public that it will survive and thrive for years to come? Simon Sinek, a leadership expert and the author of Start with Why, emphasizes the importance of answering these questions before focusing on profit.
Who do you know, and who do you want to know? The more relationships you build at the beginning of your venture, the higher the likelihood of finding someone who will invest in your business, provide the information you need, or help you steer clear of common pitfalls.
3. Work with People Who Are Smarter Than You
Unless you are a bona fide genius, learning everything you could possibly know about your industry, economics, marketing, design, and all other aspects of running a business will be impossible. When you hire and partner with people who are specialized in areas that you are largely unfamiliar with, you can distribute responsibilities, take some of the weight off your shoulders, and cover all your bases without stretching yourself too thin.
4. Identify the Risks and Challenges Early On
Can you name every challenge, source of competition, and potential pitfall that may stand in between you and your long-term success? While some may call this pessimism, identifying all the risks and challenges ahead of time is a good way to develop realistic expectations and adequately prepare for adversity.
5. Form the Right Business Structure
Have you researched the difference between LLCs, partnerships, and all the different types of corporations? Each structure has its own advantages, challenges, and requirements, and your business will have a unique set of needs that one structure may address better than others.
6. Never Underestimate the Power of Social Media
Today, social media is a critical component of any successful business’s long-term marketing strategy. Platforms like Facebook, Instagram, and Twitter allow businesses to develop an online following, form relationships with clientele, drive home their mission statement, and, of course, advertise around the clock and in the palm of the consumer’s hand.
We Handle the Legal System. You Handle Your Business.
At Purdy & Bailey, LLP, we have helped entrepreneurs go from idea to startup, and from startup to thriving business entity. We can assist you with all aspects of business law, including entity formation, contracts, risk management, dispute resolution, and much more. With decades of experience, our lawyers can provide the legal knowledge and resources your business needs to minimize liability and maximize profit.