Starting a business venture and generating a quick profit might be easy. However, establishing a company and achieving long-term success is a different story. After all, with so many factors that are beyond our control, navigating the business landscape can be more than a little challenging. And it shows in the numbers: over 20% of startup companies fail to sustain their operations past the two-year mark, and close to 50% fail within five.
But just because success is impossible to guarantee, it doesn’t mean that you can’t improve your chances. And you can avoid being a part of this statistic by future-proofing your business. Read on to find out more.
- Go green by using energy-efficient technology
There’s no denying that the fixed costs of a business will determine its revenue. And if you’re looking to lower your operational expenditure, it makes sense to start with the utilities since they represent a considerable portion of a company’s expenses. And one effective way to do this is by using energy-efficient technology. From switching to an LED lighting system to harnessing the power of the sun through solar panels, going green will not only allow your company to keep its expenditure low. But you’ll minimise your carbon footprint as well.
- Explore all of your options before spending
Just because expenditure is an unavoidable reality of doing business, it doesn’t mean that you should spend more than what is necessary. So, before you financially commit to any products or services that your company requires to operate, it’s good standard practice always to explore and compare every available option. It may sound like a lot of extra work, but you’ll be surprised at what a little time and effort can do in helping you find better deals and cheaper alternatives.
- Learn to outsource
It’s easy to see why many small businesses try to keep most of the work that their operations require in-house. After all, it allows them to keep their company’s expenditure to a minimum. However, it’s equally important to learn when to outsource as shouldering all of the work can put a strain on the company, especially when it involves tasks such as accounting that requires the expertise of skilled professionals like www.gsmaccountants.co.uk. In this way, you’ll avoid spreading your resources too thin. And as a result, help maintain an excellent level of productivity for your business
- Always have a contingency
No matter how much preparation or planning goes into a business, there are times when problems can’t be avoided. As such, always have a contingency in place; having a back-up plan for every major business decision can make all the difference in keeping the business afloat in the event that things go awry.
Building a long-lasting business may be tough, but it’s not impossible. And by future-proofing your company, you’ll allow your business to remain competitive and sustain itself for years to come.