Profitability and sustainability crucial goals for long term business success

Individuals looking to establish a business must understand the sacrifices and challenges that can accompany it.

Establishing a small business can come with multiple hurdles and considerations that often go ignored by new owners, eventually leading the business to failure.

Never go into a business thinking about how you are going to manufacture an exit. Go into business thinking about how you can build the best customer base, the best business, the best practice and the best advisory service.

The outcome of building a great business with all factors accounted for and thoughtfully planned out would hopefully land business owners with a successful exit later in life.

Despite succession planning being a popular piece of advice, profitability and sustainability are crucial goals for a successful business.

No one wants to buy a business that isn’t profitable or sustainable. So, make a profitable and sustainable business, and you will suddenly get a much better chance of finding someone who wants to succeed you.

People create and buy businesses because they want to take on something that they can see. They want something that is already sustainable and profitable and has a good reputation so that they can grow it, enhance it, or build it in a different direction. That’s what business owners should focus on.

Challenges faced by the small business community need to be considered by aspiring business owners as these things often act as a significant hindrance.

The lack of attention, focus and legislation from government towards the small business community often makes the operation of a small business both unenjoyable and unsuccessful.

Often, the small business community doesn’t receive a fair cut from the government, especially when employing a lot of people. This lack of support has been linked to the increase in insolvency rates, as the government and some business owners sometimes fail to understand the importance of fostering successful and sustainable small businesses in the broader community.

With the continual insolvency rates that are going on in the small business space, it doesn’t only affect the economy or employment. It affects communities, and it affects families, and that’s what the difference is between being mindful in what it takes to start a small business.