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Aug 2018

Staying Power: 10 ways to ensure your business longevity (part 2)

August 15, 2018
Capify Australia

Welcome back! We hope that part 1 of our 10 ways to ensure your business longevity series has had your creative business growth juices flowing.

To recap, at Capify we are proudly celebrating that we are the first Australian Alternative Lender offering small business finance and we are marking 10 years in business this year. As part of our celebrations, we have put together a thought- and inspiration-provoking two part series of tips on how to soup up your small business staying power so you can celebrate your own 10 years in business and more. If you are only just joining us now, why not take one step back and read Part 1 before meeting us back here for Part 2? Otherwise, read on for the last five tips:

Tip 6: set at least one fearless goal
Ever heard of the phrase Big Hairy Audacious Goal (BHAG)? Well, it was coined by author Jim Collins but it is also a key way to ensure your business longevity. Having a BHAG may not mean you end up hitting a full home run, but it will stimulate your business growth and make you stronger. You can set whatever fearless goal you want but Jim Collins outlines four major BHAG types: target oriented, role model, internal transformation and competitive. Don’t be shy about engaging small business finance to bolster your BHAG.

Tip 7: have financial backing in place to help you grow
Small business finance is a critical success factor in ensuring your business longevity. A long your business journey, there are times when you will need to invest to propel growth. It may be improving internal processes, innovating product, onboarding new technological capabilities, buying a work vehicle or key equipment – different businesses will need different things to thrive. But what every small business needs for their growth endeavours are quality small business finance solutions from a reputable lender. Trust Capify to be your business growth partner in this regard.

Tip 8: have a clear vision
What direction is your business heading in? You should be able to see and express this with crystal clarity. That way you can work towards this vision as a goal, set measurable objectives and galvanise your people around a common vision

Tip 9: stay positive
Optimism is a force to be reckoned with and it cannot be bought. Don’t be dragged down by negativity or you will find your motivation, enthusiasm and productivity being sapped. Not to mention that of your team. Keep your own personal powerhouse of positivity on hand. A group of positive influencers who buoy your spirits, keep you on track and give you a pick-me-up when you need it.

Tip 10: celebrate milestones big and small
Every business makes accomplishments. Often these happen regularly but may go unsung. A milestone may be averting disappointment of a client, fixing an in-house process or simply making a sale. Or a milestone may be something on a larger scale, like celebrating another productive year in business or landing a big deal. Scope and scale have little to do with the celebration of milestones. Be sure to mark all victories no matter what their size to build confidence and feel success.

Ready to limber up for long-term business success? We hope you have enjoyed reading Parts 1 and 2 of our 10 tips for ensuring business longevity series. Now it’s time to set about actioning some or all of our tips. Then connect with Capify to get flexible small business finance solutions in your corner so you can truly go for growth.

 

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