There is no one size fits all.
But there are common elements for success.
Here are 5 keys to building a business that lasts.
1 — Solve a pungent, in demand, and valuable problem for your customer.
Just as in marketing where weak offers convert lower than strong offers, if your core business offering isn’t set on a pain or trend your customers will need solving over time, you are on shaky ground.
2 — Create predictability in your sales process.
This goes further than simply lead generation. This goes to taking a lead, nurturing the lead, qualifying the lead and converting into a customer. The closer you can get to predictability creating customers, the more sustainable (and valuable) your business will be.
3 — Create predictability in your product delivery.
Getting customers is one thing, servicing is the next step. Ensure you have solid operations to deliver your marketing promise. If you offer services, ensure you go to lengths to productize key elements of your offer and keep the custom work only for higher-end clients. This will allow you to maintain quality and give you the ability to scale.
4 — Focus on customer lifetime value and increase that.
You need to be meticulous about understanding your clients lifetime value to your company and strategize how you can increase lifetime value. Doing so will allow you to not only increase revenue but create a competitive advantage in your marketing efforts.
5 — Hire A players.
Hiring and maintaining a team that maintains the bar high for your company values and drives the mission forward will allow you to get the headspace and bandwidth to focus on the future of the company. And it’s a lot more fun to work with people who push to become better.