Business. It’s a long-term game. Unless you operate in a market that rewards a get-rich-quick mentality, you’ll want to ensure that your business is poised to not only survive, but thrive for plenty of fiscal quarters to come.
And part of making sure your company’s coordinates are set for the horizon is simply embracing the key practice of long-term business development strategies. Doing so can be the difference between sinking and maintaining a wet sail.
That said, planning long-term growth can feel daunting to say the very least, especially if you’re managing a start-up and are still in the process of establishing your enterprise as a player in its wider industry. Thankfully, developing a long-term strategy for your business can actually be as simple as just taking the right steps.
Perhaps you’ve already started here too, having already consulted with ISO certification experts to make sure your business’ operational processes are all above board and adhere to international standards. Or perhaps you’ve created development strategies for specific departments across your company rather than for your company at a whole systems level.
Well, to help you plan for the distant future, here’s our business owner’s guide to developing long-term strategies.
Outline your business’ mission statement
Your mission statement is the key to ensuring your company’s longevity. It’s all about making sure that your enterprise and all its employees are operating with passion and purpose. And yes it’s obvious, but if you don’t establish a clear vision for your business from the start, you run the risk of simply existing instead of progressing. Your long-term vision is the guiding light for your company, and should remain as pure and incorruptible as a diamond.
Truth be told, your company’s mission statement can be grand, humble, simple, or complex. It doesn’t really matter. As long as there is clarity around its meaning and it aligns with your values and what your business stands for, it will serve you well.
Apple is a great example of a company whose long-term vision has served them well. “To create innovative products that empower and enrich individuals” may, at first glance, seem to be an abstract and intangible vision, but it answers precisely the why behind every decision Apple makes. The evidence is clear, as Apple has sat at the top of the tech and innovation food chain for decades now.
Make your goals clear and achievable
A vision won’t realise itself. Without concrete goals, it will remain a vision, something you daydream about instead of working toward. The trick is to break down your vision into measurable goals. And we’re talking about goals that are specific and achievable here too, that’s important to note.
Think of these highly defined business goals as building blocks, with your vision being the palace they help build. They are also the path you move along. Revenue targets, product development milestones, market share; each of these is a step in the right direction.
Google is an example of a company that has always set itself strong, clear, achievable goals. Over the years, it has led them to create ubiquitous products such as Google Search, Google Maps, and Google Earth.
Know your market
With your long-term goal set and a solid understanding of your wider market under your belt, now is the perfect time to peek over the fence and see what your neighbours are doing. Your competitors, that is. A fundamental part of long-term strategies is knowing what’s going on in the market. Trends, consumer behaviour, these are the tides that influence how you move forward as a business. By understanding them, you can make informed decisions around your short and long-term strategies.
Look at Amazon and their continuous practice for conducting routine market analyses. By relentlessly gathering data and studying market dynamics, Amazon has been able to seamlessly expand into different industries and adapt its strategies to meet shifting consumer needs.
Be adaptable, be flexible
Setting concrete goals is important, as long as they don’t anchor you in the harbour when you could be setting off on new adventures. Your business must be built with adaptability and flexibility in mind if it is to last. An agile and dynamic approach to your operations and a responsiveness to market shifts and unexpected events is vital, if you want to take opportunities when they appear.
There’s no better example of adaptability than Netflix. While it may seem hard to believe now, Netflix began as a DVD rental service. A flexible mindset meant it was able to pivot to online streaming as the technology evolved. It was a strategic shift that proved genius, because honestly, who doesn’t have a Netflix subscription?
Keep evaluating, keep improving
Like a shark, your business must keep moving to stay alive. And it keeps alive by continually evaluating and improving. Your strategic plan isn’t a one-off effort. It demands that you demand the best from it. From performance metrics to Key Performance Indicators (KPIs), if you find you’re falling short of the goals you’ve set, adjust your strategies accordingly.
Toyota excels in this regard. Years ago, they incorporated the Kaizen philosophy into their methods, which prizes continuous improvement. Doing so has seen Toyota consistently enhance its manufacturing processes and product quality.
With long-term strategies, the cliche is true: it’s a marathon, not a sprint. That said, you must strike a balance between short-term growth and long-term sustainability, as it’s a reciprocal relationship. If you’re patient and persistent and thorough in what you want to achieve with your business, you could give yourself the best opportunity to make it something you’re proud of.
Which is probably the best part of long-term business success.
