The current market downturn and ongoing economic instability are highlighting just how important it is to have a solid business plan in place. This is as true for startups as it is for well-established companies.
From a trustworthy team to contingency plans, a company needs a strong foundation to survive the ups and downs of the business cycle. Here are three areas that every business owner should address if they want to build their company for long-term success.
Build the Right Team
A business is only as good as the people that run it — and that starts at the top. Make sure your leadership team is built to go the distance. Look for traits that make a leader stand out from the competition, such as:
- Communication: A good leader knows how to communicate both efficiently and consistently.
- Agility: Modern business is always evolving, and leaders must be able to adapt adeptly.
- Integrity: Transparency and integrity have always been at the heart of what makes a good leader.
- Empathy: Leaders must be able to understand what it takes to follow.
- Critical thinking: The ability of a leader to solve problems and overcome challenges is essential.
By looking for the right traits, you can build a leadership team for your business that can handle anything when they work together.
Delegation is another leadership quality that is necessary for a modern business to succeed. From delegating tasks to outsourcing entire areas of your operation, a good leader must know if and when to delegate.
If you want your business to succeed over time, though, you can’t just pass off jobs to anyone who’s willing. You need to look for the right people who can operate as a trustworthy third-party element of your business.
At TruLife Distribution, we’re used to working with health and wellness brands who need to outsource marketing and distribution activities. We know how much they care about their businesses, and we work hard to provide critical third-party support that is visionary, flexible, and prioritizes each client’s needs.
Whenever you go to outsource something, either internally or externally, make sure you’re working with someone who isn’t just able to do the work itself. They should be invested in helping your company succeed.
Create Contingency Plans
Contingency plans aren’t just for preppers worrying about the apocalypse. They’re also a critical part of running a business.
A good contingency plan can address both large and small concerns. For instance, on the one hand, you might create a plan to safeguard your equipment in the event of a temporary power failure. On the other hand, you could also come up with a plan for how to respond if a major investor withdraws their funding.
Contingency planning provides a certain degree of preventive control for your business. It helps you mitigate the impact of negative situations and gives you a faster response time in the event of an emergency.
Building a Solid Foundation
There’s a long journey between a spark of inspiration and a thriving business. And that process of building a business takes a lot of time, effort, and resources.
The last thing you want to do, then, is create a company that crumbles at the first sign of adversity.
Instead, shore up your business — no matter what stage it’s in — with a powerful suite of leaders. Outsource as a way to increase productivity, but do it with reputable companies and professionals that can come alongside you and truly add value to your brand. Create contingency plans for both large and small threats.
That way, when issues arise, your business can weather the storm and, in many cases, come out stronger than your competition and ready to thrive.