See who just subscribed to the Project Hope Community: My Ideas about Building a Sustainable Business
I'm very glad to find out about the Project Hope Community yesterday after a fellow Hivean told me about the community. I checked the description of what the community is all about and the kind of post they accept. I was glad when I saw blockchain, business and marketing as part of the posts they accept because that is exactly my favorite area of specialization when it comes to content creation. So, I decided to subscribe and here I am.
I'm not an economist or a business activity. However, I have written quite a good number of business related articles while I used to blog on other social media platforms and with that, I have been able to amass some good knowledge and have a proper understanding of how the business world works to some extent. Thus, I will be giving out some interesting ideas about how you can build and manage a business that is sustainable.
According to Wikipedia, A sustainable business, or a green business, is an enterprise that has minimal negative impact, or potentially a positive effect, on the global or local environment, community, society, or economy—a business that strives to meet the triple bottom line.
In order words, a sustainable business is a business that does not compromise on the quality of their activities or products to the community in a bid to making sure that they remain environmentally friend while maintaining a profitable business. Furthermore, a sustainable business is a business that put their customers and its environment into consideration while rendering their services or selling their products to them and still maintain a profitable business.
A sustainable business is one whose actions and purpose revolves around three main factors which include the environment, society and economic aspect. There are some fundamentals of building a sustainable business and I will be stating some of them. They include:
Clear and Well-defined Purpose or Vision
It's a common saying that "Proper Preparation Prevents Poor Performance". I'm sure we all know how important it is to have a proper planning of things we want to do before we do them. As a matter of fact, this doesn't apply to business along but to every other areas of life. It is quite necessary for every company to have a proper understanding of "why they do what they do" as this will serve as a guide for them in every aspect ranging from sales to product development and to recruitment of customer management.
Don't forget that a strong purpose for your business will sure help you drive growth and profitability. And another thing is a business have to consistently reexamine their purpose to make sure they are still in the right path to achieving a sustainable success.
Know Your Customer
For you to build a sustainable successful business, you have to have a full understanding of who your target audience or customers are. You have to know what they want, when they want it and how they they want it. Don't forget this can only be achieved when you have a good customer relationship. Thereby, making it easy for you to link those customers to your product or services and this makes them to keep returning to you. By building a strong customer relationship, you will be able to give your customers the quality product or services that they deserve.
You Can't Do It All by Yourself
No matter how experienced and proactive you are in building a business, don't ever forget the place of partnership and collaboration. No doing, you might be tempted to want to do things yourself especially at the onset when you don't have sufficient funds or capital.
However, you have to remember the fact that you don't have to take on more than you can handle so that you can be efficient at what you do. Also there are some areas where you lack enough experience and forcing yourself to handle this things alone can be damaging. The era of social freelancing has given us a good opportunity to get talented expertise who can help you with those other areas. Just be careful while at that and make sure you are giving your job to the right person.
There are quite a whole lot of other fundamentals to building a sustainable business, but I think the ones I stated above are the most important ones that you need to build a sustainable and successful business of your own.