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Seven Steps Needed for Ensuring Business Stability in a Competitive Environment

It is no longer a secret that we live in an era of significant disruption and instability where nobody’s position is safe, be it a new startup or an industry leader. The impact of globalization, stricter regulations, an ongoing pandemic, and emerging technologies combined have given restless nights to top leaders of companies.

Many new companies that start have to face the dilemma of growth hacking and a sustainable business approach. Even industry leaders have been impacted by this, with more than 14% of companies lost their position in the top three in 2008 compared to only 2% in 1960.

Although every business might need a different approach depending on their industry, companies can follow general strategies to keep themselves afloat without an outside bailout.

Bookkeeping for financial stability:

New businesses often mistake not keeping a solid bookkeeping system, which can sometimes lead to harsh cost-cutting measures in tough times, leaving a poor impression on clients and stakeholders.

Bookkeeping is a process through which a business keeps track of all financial transactions, including payables and receivables. Ensuring stable finances should be among your top priorities to provide a consistently positive experience to your clients. If possible, you must acquire the services of a seasoned accountant for that purpose.

However, if you prefer to keep this part in your control, acquiring proper accounting skills would be an excellent idea. A degree similar to a masters in accounting online from the North Dakota university will equip you with all the necessary tools, including bookkeeping, regulatory requirements, and taxations, giving you a holistic background to take charge of your company’s finances.

Avoid Marketing Myopia:

Whether you are a new business or an old one, your focus must always be the problem or need you addressing in the market. Never be the victim of marketing myopia where companies become myopic and focus only on selling their products and services, rather than looking at the whole picture and what consumers want.

When you focus on the market need, you are more likely to respond to market changes by changing or modifying products accordingly instead of sticking to your product myopically.

Customer-Centricity:

No matter what type of business you are in, whether in the service industry or manufacturing, you cannot attain a top position without being customer-centric. Customer centricity is at the core of most leading companies around the globe, and their employees at each level exhibit the same philosophy.

The best way to achieve sustainable growth and success is by continuously solving the customers’ problems and improving upon the feedback you receive.

Create your value proposition:

Creating a value proposition for your brand in the minds of your customers is the most crucial part of your overall marketing strategy. Once you have identified a market need or a gap, you have prepared your product or service. Failure to communicate it so that the consumers are looking for their problems and not getting the timing right can end it quickly when you encounter hot waters.

Remember that just like you are looking to create value for your business, customers always look for value in your products and services. It would be best to make your customers realize that you offer them the best solution for their needs through your value proposition.

Innovate:

If there’s a single secret behind the success of any organization that is a leader in its respective industry, then it is innovation. If you look at all the top companies such as Google, Apple, or Microsoft, they are designed to remain flat to foster innovation and value input from every human.

Innovation is not just limited to products and services; it can be related to the process or how you gain a quick understanding of changing market dynamics.

Google is said to be one of the most innovative companies globally, where all the employees live and breathe innovation around them. You must design a company that values creative ideas from employees without regard to their designation and constantly innovate, which will help you get out of any situation unharmed.

Clearly defined, articulated goals:

In desperate times, nothing helps a company or any organization stay intact and keep progressing more than the clearly articulated goals of the firm. Once leaders have defined business objectives and subsequently cascade granular goals to succeeding subordinates, this creates a structure where all the actions and decisions align with the company’s main goals.

This keeps things simple, and individuals know how they’ll be measured against the goals they are responsible for.

Collaborate instead to compete:

Competition may not always be harmful; it can be fun because competition can help employees reach their potential and force companies to innovate. In contrast, it can have severe problems at times and may do more disservice to the company.

Be it within the firm or outside competitors. As a firm, the collaboration will serve you far more than the competition in the long run.

Collaboration is all about ensuring that you, as a group, win, and there’s no winner unless everyone wins. Collaboration is not about a single person; instead, collaboration is a culture that will take you farther than the competition.

Conclusion:

Businesses worldwide face uncertainties due to emerging technologies, new alternatives, and economic downturns. Ensuring stability in the midst of all of this will always be a challenge.

Therefore, businesses must remain flexible and agile to respond to the changing business landscape. Large organizations are particularly at more risk as they have the liability of incumbency, which restricts their ability to respond quickly.

Written by Casim Khalid

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