Businesses that stand the test of time are those with unique offerings compared to those of competitors, not easily replicated and offerings that customers require indefinitely.
In terms of growth, experts say the growth pattern of successful long-term businesses are generally methodical, consistent and scalable, rather than exponential.
Some industries are naturally shaped to stand the test of time than others. This is something that investors keep an eye out for when looking for investment opportunities. Take the health care, food and repetitive service sectors as examples.
As long as we live, staying healthy and alive will always be priority, same goes for food/agriculture and repetitive services such as auto and electronic repairs, cleaning, transport, etc.
As an entrepreneur dealing in everyday products and services, the demand for your business offerings will remain steady. To make it even better, more customers will come around if the quality is high.
For entrepreneurs whose businesses may not have the ultimate durable competitive advantage, they can also attract buyers and make sales.
You can utilize the authentic brand story of your business. Sometimes, people want to share in your story rather than the actual product. you could be selling regular leather sandals but the narrative behind their production can be your unique selling point.
Investing in customer experience can do the magic as well. Enjoy and accept customer complaints, check up on them weeks later to know how they’re fairing with their purchase, make pricing, orders and purchases easy and convenient.
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Learn to connect with your community. Discover like-minds in your industry, collaborate and be seen by both investors and customers.
Connect with people on your platforms. Don’t make people believe that you are all about the money, connect with groups, create a loyal following that will in turn add to your business.