How To Ensure Your Business Is Still Around In Ten Years

Did you know that 65% of businesses close within ten years?

This is because even the companies that get off to a great start are not immune to the challenges of keeping a company afloat, especially in the current climate. While some of the factors dictating your success are beyond your control, such as consumer spending habits and interests, there are certain steps that you can take to ensure that your business is still here a decade from now - and long after that, too!

Don't sit back on your success. The first step to ensure your business is long-lasting is by refusing to rely on your previous successes to carry you forward. This means that you should always be on the lookout for ways in which you can improve your business, whether that be through developing new products and services (in line with the latest trends) or refining your customer service skills.

Protect your ideas. When it comes to facilitating long-term business growth and expansion, you need to plan ahead for the future. However, you also need to ensure that those ideas are protected, especially when facing fierce competition within your industry. As such, you should always ensure that employees sign NDAs that prevent them from sharing company intel when moving into a new role. While this may seem like an overkill, you'd be surprised about the impact this information can have on your growth and development, as it gives other businesses a competitive edge over your brand. You can find an NDA template here.

Manage your accounts well. If you want to be a business owner for years to come, you also need to ensure that you keep your accounts in order. Not only will this help you to avoid issues when it comes to paying the appropriate taxes, but it also means that you'll have a better handle on your cash flow. Considering that 82% of businesses close due to cash flow problems, this kind of knowledge can be invaluable. After all, this means that you can then take proactive action to improve cash flow, such as:

• Sending out reminders for late invoices
• Ensuring your prices remain competitive
• Working with an account

Invest in good cybersecurity. Encouraging employees to sign NDAs is not the only way in which you can ensure that your business is as safe as possible. After all, as small businesses are often the direct target of cyberattacks, this could lead to a wide range of problems within your business. For example, 66% of consumers would not trust business owners again after a data leak. Fortunately, there are many different ways in which you can improve your cybersecurity response, such as by investing in cybersecurity software, setting strong passwords, and ensuring your entire team receives the appropriate level of security training.

Expand your team. Hiring new employees can also help you to ensure that your business is around for years to come. Firstly, and perhaps most obviously, this means that you are able to keep up with a growing demand from consumers as your customer base grows. However, there are many other benefits associated with expanding your team. For example, it means that you then have access to diverse thoughts, opinions, and ideas - all of which can help you set your business up for future success.

In order to make this possible, however, you need to perfect your hiring processes. This will ensure that you attract the top talent! Fortunately, there are many different ways in which you can achieve this goal, such as:

• Offering a fair and competitive salary
• Offering a wide range of employee benefits
• Developing an employee wellness program
• Working with skilled industry recruiters

Final thoughts. In short, there are many steps that you can take to ensure that your business is still around in ten, twenty or maybe even thirty years!

Of course, the advice above will not prepare you for every challenge that you can face during this time, but it will put you in a prime position to be able to weather the storm that lies ahead. From investing in cybersecurity technology, to protecting your ideas for growth and expansion through NDAs, there are numerous steps you can take to ensure your business enjoys the longevity it deserves.

This means that you're able to continue doing what you love day in, day out as opposed to having to return to a job you do not like or to work for someone else instead.