There’s a tendency in the modern business media to suggest that you can whip up a sustainable company on a whim and make fabulous profits. Unfortunately, that’s rarely how it works. While you do get the odd startup fueled by viral TikTok videos, these are few and far between. Most require meticulous preparation and planning to become successful. Thus, unless you lay the groundwork, your business will never thrive the way that you want it to.
So what does it mean to build your business on the rock, not the sand? Let’s take a look.
Pillar #1: Becoming A Consumer-First Company
Businesses have a variety of strategies that they use to win business and beat out the competition. Many, for instance, plow all their resources and effort into building a product that outshines everything else on the market. Others put their values first, believing that these will carry the day and gain the loyalty of customers.
The truth, though, is that neither of these strategies is ideal, especially in the modern world. The best companies are often those that self-describe as “consumer-first” or “customer-centric.” These enterprises focus solely on meeting the needs of their audience and working from there. They don’t begin with product design or a service agreement. They start with the basic pain that customers want them to take away.
Pillar #2: Getting Adequate Protection
Companies can make a lot of money, but they can also lose a lot, especially if they don’t take the necessary precautions. Unfortunately, we live in a world where businesses are liable to make mistakes that cause severe damage to third parties. Products can be a choking hazard for babies; wet floors in company premises can cause people to slip and fall; firms can fall foul of regulations. The risks are seemingly endless, as this discussion about business insurance from Simply Business makes clear.
Companies, therefore, need to ensure that they cover all bases before they begin trading. The last thing you want is to set up a company, only for it to go under because you didn’t take out the necessary insurance. Look at the type of coverage you need for your particular activities and make sure that you get it.
But it’s not just insurance either that a business needs when it comes to protection; you’re also going to have to keep in mind that there's legal protection, too, such as if you get injured in the workplace, if an employee does, or even a customer. In general, you’re going to have to have a solid connection with a lawyer, such as the team from Ritchie Law Firm. In general, it’s up to you what type of lawyer, but you do need a lawyer you can actually have a connection with (or at least a firm). So do some searching, read reviews, and choose one wisely that can help represent you and your business if things were to ever go sour.
Pillar #3: Hiring High-Quality People
Startups know that they live and die by the quality of their people. Often, the actions of a single person can make all the difference between the business achieving success and falling flat on its face.
Entrepreneurs, therefore, will often spend many years accumulating people, carefully seeking out the best talent. They nurture relationships with them, give them purpose, and help them fulfill their potential.
Unfortunately, this is a process that takes time. Highly talented people are few and far between, so when you find one, you don’t want to let them go.
These are the three most important rocks on which to build a business, although there are more. But once you have these fundamentals in place, you’re ready to take your enterprise to the next level.
