Top 8 Must-Do Tasks to Maintain Business Sustainability
Are you struggling to maintain your sustainability? Maybe you’re not meeting your financial goals. Or, perhaps your products or services aren’t selling the way you anticipated. Here at Connections 4 Success, a Pittsburgh based business consulting company, we see businesses with these pain points and more.
As a business owner or executive leader, you now have 358 days to ensure your business is operating for long-term sustainability. Here are the key elements you need to focus on to make that happen.
Top 8 Must-Do Tasks to Maintain Sustainability
- Produce Quality Products and Services – You must ensure your business is providing relevant products and services to meet your clientele’s needs and interests. Sustainability is only obtained when consumers and clientele are buying and taking full advantage of them.
- Diversify to Increase Profits or Funding – Sustainability can only be maintained when you have diversified methods to make money or acquire additional funding. The long-term growth of your company depends on established fiscal sustainability. By having diversified revenue and funding streams, you will never be left unprepared if a product or service is not selling or a grant is not awarded.
- Be Financially Aware – Business sustainability can only be maintained when you are aware of the current financial status of your business or organization. Make sure you know your financial profits, losses, operational costs monthly.
- Make Yourself an Industry Thought Leader – Be a thought leader within your industry by staying relevant on industry trends. Position yourself and your business or organization as a leader in providing current services and products according to industry trends, industry pain points, and consumer needs.
- Have an X-Factor or Differentiator – Your business or organization must stand out from your competitors. This can be achieved with consistent quality products and services, continuous relevance to industry and consumer needs, or the usage of the latest innovations and technology.
- Create Methods of Onboarding, Retaining, and Promoting Employees – Make sure your business or organization has methods to consistently hire, train, and develop management and leaders. Review your team regularly. Investing in the professional development of your team ensures business sustainability because your team’s skill sets, management capabilities, and leadership are current, relevant to your business, and accountable.
- Employ Quality Workers – A sustainable business requires high quality and dedicated employees. They help you meet your goals, increase profits or funding, continue to be innovative with industry trends, and raise your business or organization to the status of industry leader. It is imperative to have methods established on reviewing employees, creating correctional action plans, and firing those who are not performing. If an employee is not dedicated to success, he or she will be detrimental to your long-term sustainability.
- Plan Leadership Succession – As leaders, you drive your company mission, brand, and success. Therefore, it is important to have a plan in place for your successor. The right leadership ensures business sustainability and continuously drives innovation. Whether you’re training internal talent, seeking outside personnel, or creating a way to transfer leadership to family, it’s imperative to play an active role in the process. No matter the succession method, make sure your successor is prepared and aware of their role.
For additional tips on the Ways to Create Sustainability for Long-term Success watch Connections 4 Success’s vlog below.
Check back for our next vlog, How to Attract the Right Talent to Your Business, in February. Keep up-to-date with our business consulting for AEC Leaders and Nonprofits by following our monthly blog. We provide Business Consulting tips your can rely on.