Surviving and thriving in the competitive environment of running a small business is not easy. This month, we at Quintessence Group are proud to celebrate our 25th anniversary. Honestly, I can’t believe it. It really doesn’t feel like that much time has passed. In the early days, we weathered the storm and eventually thrived. Industry trends then led us to focus on social media marketing, and over the past decade we have evolved into a full-service marketing agency. I also created a second company. SmallBizLady Enterprises, to educate and train entrepreneurs. It was a wild ride along the way, but I wouldn’t trade this journey for anything.
Recently, some of my mentees and coaching clients asked me, “What is the secret to longevity in business?” I’ll try a lot of things. It’s a practice that helps small businesses not only survive, but thrive for over 25 years.
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Vision and adaptability
Building a sustainable business starts with a clear vision. I was successful because I had a strong sense of purpose and vision for the future. And I never stopped tracking industry trends. Your business vision must be adaptable to the changing needs of your clients and industry. Markets change, technology evolves, and buyer preferences change. One of the things you have to do to stay in business for 25 years is understand the importance of remaining flexible. Don’t get carried away with your business model. It can ruin your business.
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focus on the customer
Customer satisfaction is the lifeblood of any business, especially small ones. To aim for repeat business, you must consistently meet and exceed customer expectations. This means delivering quality products and services on time and on budget, providing excellent customer service, and building lasting relationships with our customers. Small businesses that prioritize customer experience tend to enjoy repeat business, positive word-of-mouth referrals, and a loyal customer base that stays with them for years.
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foster strong relationships
Human relationships are extremely important in business. People do business with people they like, know, and trust. Whether with customers, suppliers, partners, or employees, building strong relationships is essential to long-term success. This is especially true for B2B service businesses, as customers always have other options. As a company that has been around for 25 years, we understand the importance of building trust, mutual respect, and good communication to build relationships and trust with our customers. These relationships often turn into networks of loyalty, trust, and support that help you overcome challenges and capitalize on opportunities.
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embrace innovation
Innovation is the key to staying relevant and competitive in today’s fast-paced business environment. Whether it’s adopting new technologies like ChatGPT, introducing innovative products and services, or implementing creative marketing strategies like social media sales funnels and video marketing, embracing innovation will stand the test of time. can. By continually looking for ways to innovate, businesses can not only survive, but thrive in the long term.
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strategic financial planning
Financial management is the foundation for the longevity of your business. When I first started my business, I didn’t know how to read financial statements. I didn’t track my profitability, but I hired an accountant to tell me what I needed to know. I learned about smart budgeting, strategic financial planning, and innovative tax strategies. This includes effectively managing cash flow, minimizing debt, investing wisely in growth opportunities, and planning for contingencies. But even with good planning, you can still be hit by a major economic downturn, such as the 2009 recession or the pandemic. However, by maintaining financial discipline, we were able to weather economic fluctuations with greater resilience.
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Commitment to quality
For companies aiming to stand the test of time, quality is non-negotiable. Whether it’s the quality of our products, services or customer experience, we must prioritize excellence in everything we do, especially as a Black-owned business. Some people still think that women and minority-led businesses are inferior. Good management not only builds trust and confidence, but also increases customer loyalty and satisfaction. If you consistently deliver superior quality, you’re more likely to retain customers, attract new ones, and build a reputation for excellence that will last for years.
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Failure is an event, not an individual.
I’ve fallen down many times at work, but I always get back up. Sometimes it’s a matter of who wakes up first. There are so many facets to running a successful small business that it is inevitable that you will fail from time to time. Try your best to shake off your failures quickly. Just because a contract fails doesn’t mean you fail as a person. It’s sad to have to lay off an employee, but that doesn’t mean you’re a failure. Not being able to pay your bills is tough, but it doesn’t mean you’re a failure. That means you need to work on your phone to get new opportunities.
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Cultivate a strong company culture
Corporate culture plays a vital role in shaping the identity, values, and behaviors of small businesses. Fostering a positive, collaborative culture is essential to attracting and retaining top talent, fostering teamwork and collaboration, and creating a cohesive and engaged workforce. Small businesses that prioritize culture-building initiatives such as employee recognition programs, team-building activities, and open communication channels have higher employee satisfaction, productivity, and retention rates, factors that contribute to long-term success. tend to reach a level.
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Investing in professional development
To grow your business, you must grow yourself. Small business owners must adapt and evolve. Continuous learning and improvement is essential to staying competitive and relevant over the long term. This means investing in the ongoing training and development of yourself and your employees. It requires leadership training and best practices, as well as an openness to feedback and new ideas. Small businesses that prioritize learning and innovation are better positioned to anticipate change, seize opportunities, and sustain growth over the years.
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have a healthy definition of success
In the early days of my business, I measured success purely by revenue, and I was miserable. I put a lot of pressure on myself and my team, almost to the point of becoming a merciless tyrant. As an older and wiser CEO, I have learned that influence and influence are far more valuable than money. There’s value in maintaining a multi-million dollar network. Your network is your net worth. Investing in the mentorship and growth of my team and other women in business has given me great joy and created incredible opportunities. Don’t get me wrong here. You need to set monthly revenue goals. I believe profits are the way to keep score in business, but you have to love your work and the people. Otherwise it’s a waste of time.
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Love something other than your business.
I’ve seen many business owners grow large companies, only to leave behind bad marriages and broken children. What good does it profit a person to gain the world and lose his soul? it’s not. Treat your family like your best customers. Please prioritize them. I’m a professional single mother. I got divorced about 12 years after joining the company. It was very difficult for me. I lived in a city with no family. I had to pay all the support for my son and I had to travel to meet clients. My son and I developed a system. If it was an A event, I had to go there. B-Event: I did my best to attend, but C-Event was optional. My son set up the scale. We also had a wonderful birthday and many special holidays. He plans to go to college this fall and major in computer science, so I believe I did the right thing. I definitely felt mom guilt. Sometimes daycare pick-ups were absolutely late and we ate way too many drive-thru chicken fingers and fries, but we got through it.
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Have a hobby.
About 10 years ago, I started playing golf because I needed to make a living. I had become a raging workaholic and was no good at all. My mentor encouraged me to take a few golf lessons and I loved it, especially the fresh air and cute clothes. I actually participated in a women’s 9-hole league for several years. What I’m saying is, you need an outlet. Everything worked fine, but then it didn’t work. That’s not life.
Being successful in business for 25 years is a milestone that I am grateful that God allowed me to see. Getting this far requires a combination of belief, vision, adaptability, customer focus, innovation, and a commitment to excellence. You also need to do things that feed your soul. By prioritizing these key principles and practices, you will not only overcome business challenges, but also be more resilient and successful than ever before. His next 25 years are filled with continued growth, innovation, and prosperity.
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