How Can You Run and Keep a Successful Business? 5 Actionable Tips

Running and keeping a successful business

Starting a business and pushing it to the point of success isn't always easy. It takes a combination of time, sacrifice and energy. With all that, sustaining the already successful business is another harder part you must face and tame.

How can you run and keep a successful business? That's a question asked and must be answered. Here's 5 actionable tips to do that:

#1: Planning

Planning is what every businessperson does. It's what every one with a goal and sustained determination does.

What's planning?

It's the act of mapping out your goals and the strategies to follow in order to achieve those goals. Now I'm a living testimony of the outcome of planning because i do plan a lot and a person who doesn't plan will find it difficult to achieve a goal.

How do you plan towards a successful business? Here's how you can do that:

  • Plan Towards Expansion: Your business is already successful (or not), the next phase is to rake in more revenue and achieve a higher level of success. The things you could do easily to make a difference should be outlined and the strategies to achieve such goals spelt out.

  • Plan Towards Sustenance: To sustain a business, you have to keep doing what you've been doing that got the business on it's feet (and you need to start doing what you've not been doing to get it on it's feet). But, you need to do it better. The thought of relaxing now should not stud your mind since you've gotten such successful feat (for successful businesses). The most lucrative companies always think ahead, not within.

#2: Organizing

Now that you've got your plan for more expansion, it's high time you organized the resources (human and material) to achieve your bigger goals.

If you run a local store in a corner down the street and you've grown big (or you're still operating small with a 100 or less customers trooping into your store monthly) to the extent of having 1000 customers monthly, your bigger dream should be to have 10,000 customers monthly from various cities in the country.

The strategies to achieve this could be expanding your store space to accommodate more goods, spending more on adverts to get the attention of a larger chunk of people and so on. The thin line here is taking action to achieve your goals which is an aftermath of planning.

#3: Directing

You're gonna need a handful of people and also, materials (cash, trucks, pipes, chairs... and whatever the materials you use are). How you manage these materials will determine the success of your plans towards achieving a bigger goal and running your successful business.

People and materials basically have to be directed to achieve the goals, your goals.

Now, since the people you've employed (or your employees) hardly have the passion and vision you have for the business, they'll have to be directed at every point to make sure they're not doing things wrong.

This entails instructing them, managing and optimizing the available materials you have, making decisions at will and monitoring the activities and performance of every staff and strategy respectively.

#4: Not Using Your Profit

Don't squander your profit because it's your sweat. It's what you've earned from the labour you've been into.

Every businessperson looks forward to getting a greater gain in profit, it's the dream of every businessperson; making profit after EVERY transaction.

Now what should you do with your profit if you don't use it? The profit is the fruit of the business right? And it's meant to be enjoyed as a fruit, right? Wrong. To remain in business, the profit should always be invested.

#5: Investing Your Profit

The last part is investing your profit, not eating it. This involves obtaining more goods for example, with the profit and ensuring that the profit comes in higher and higher.

What some companies don't get is; when you lavish the profit, the worth of the company plummets.

Your company hasn't gained anything that year or month if the profit or gain is not invested somehow back into the business.

This should be done every time to maintain steady growth and it doesn't mean investing 100% of the profit you make because you're human, you have to feed, pay bills, provide and all, but don't spend over 50%. At least 50% of what you get should be reinvested somehow into the enterprise.

Running a business from scratch is a different ballgame, the tips here also suffix for that part as planning, directing and organizing will always be part of the strategies for running or starting a business from scratch.