BENEFITS OF SUSTAINING YOUR BUSINESS
BENEFITS OF SUSTAINING YOUR BUSINESS
Benefits of Sustaining your Business
Without a doubt, businesses that stand the taste of time are rare in any industry. A lot of businesses fail to outlive the founder, some collapse after the death of the owners, others even die at the initial stage of growth due to inability to compete and meet market demands. However, it is important to note that businesses that live up to their billings and last long have numerous benefits attached to them due to the experiences and influences gained in the course of the years of effective operation. It is imperative to note the benefits of running a venture that has stood the taste of time.
A great advantage of running a venture that has survived the challenges associated with the daily business operation and stabilized is improved productivity. There is no point in running an enterprise with poor productivity rate. Sustainable business practices bring about efficient operation which enhances the productivity rate of employees and reduces cost. Most businesses that have been sustained for long has a reputation for quality production, this is a major reason for customer patronage. People always want to go for products coming from these companies because of the general belief that being the best have kept the business at the top for long.
Advanced Knowledge of Customers Demand
By virtue of being in business for a long period of time, the company have a better understanding of customers demands when compared to startups or emerging businesses. A sustained business due to experience gained through customer services find it easier to serve and meet their demands. For instance, if we have two bus companies trying to meet the demands of their customers, with company A being in business for over 30 years and company B, a startup barely two years in the business, company A stands better chance of beating company B with equal modalities for both sides because A might remember that 15 years back, they were in competition with another company but the simple act of ensuring they reach destination at stated time won them the competition, they could use this over B who in the course of this garner this experience and keep improving. That is basically what staying in business for long brings to the table.
Today in the Nigerian banking system, FirstBank of Nigeria established since 1894 have watched many other banks emerge and collapse but it has stood strong for over a century and is even waxing stronger, that is the kind of sustained business a lot of individuals want to hear about. A lot of people still wants to bank with FirstBank despite its large pool of customers because they are assured of the safety of their money. Customers know that FirstBank would hardly come up with failures such as folding up. Everybody wants to be sure that they get quality from your business and the best way to fully understand their demand is to keep working, ensure your company stands the taste of time.
Improved Brand Image
When your business has lasted for long and enjoyed tremendous success, it improves the image of your brand. Imagine a business you’ve known since childhood and now you are an adult with kids to your name, and the business is still there effectively functioning with improved services, not even looking back. Do you think you will look elsewhere for the same kind of services they render? The answer is obviously no. Take Dangote for instance, it is a popular business brand name in Africa and some other parts of the world. However, Dangote did not make such name in a day, a year or two, his businesses has lasted for over three decades and they keep improving on services rendered. It is hard to beat his brand due to the image built over the years.
Businesses that have stood the taste of time have better competitive advantage when compared to others because they have a lot of factors working in their way. They have increased productivity rate, advanced knowledge of customers demand, and even greater and bigger brand image. Some of these businesses have the backing of government because some owners assist politicians with their wealth during campaign and when they assume office, business policies will be structured to aid the continuous success of their business. With this kind of backing and support, it is extremely difficult to beat these businesses in the competitive market, nothing is impossible though.
Time is a crucial factor in life, most businesses that have seen stability in the course of the years have invested a lot of time and money towards seeing to the success of their business. As a starter, there is no system you want to adopt against them in competition that they have not seen before, you just have to keep working really hard and ensure you are not pushed out of business. With time, you will surely get it right.
There is no doubting the fact that a lot of workers especially young graduates wants to work with bigger companies that when they tell people where they work, respect is attached. People want to work for Dangote, they want to work for oil companies like Shell, they want to tell others that they work with Forte Oil. All of this is because these businesses are popular brand names with a rich history of having raised a lot of people off poverty through gainful employment. Nobody wants to be told that he or she is not capable of working with big brands, people see it as disrespect in most cases.
While startups and emerging businesses submit proposals for business deals, bigger ventures that have lasted for long have a lot of investors knocking on the door just for their proposal bids to be accepted. Big investment does a lot of business contracts on their own terms, otherwise they show unwilling investors the exit door. This is not the case with startups that beg to see out business ideas with bigger investors not even in their own terms.
Patriarch Business Advisory (PBA) aka Patriarch Advisory (PA) is a management consulting firm committed to bridging the knowledge, finance and mentoring gap of small and medium sized enterprises in Nigeria. We provide excellent bespoke services that are extremely useful to any business. Among others, our services include business financing, marketing strategies, growth and expansion plan, and objective business diagnosis. Some our deliverables include Business Plan, PitchDesk, Grant and Loan Application, Proposals, Concept Note and so on. Please contact us today to discuss your specific concerns. The excellence we put to our work stands us out.
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