Skip to content The business world is highly competitive with thousands of products being launched and pitched to customers daily. That your business is currently doing well is no guarantee that it will continue to thrive. To maintain success in business, there are intentional steps you have to take all of which revolve largely around making your business to stay relevant not just in the market but more importantly for your target market. This is because businesses that maintain their success are those that stay relevant for their target market.
There are practices successful businesses have implemented consistently over time that have enabled them to remain successful and profitable. By following these methods, you too can achieve and maintain the same successful outcomes in your own business.
1. Developing new products
Successful businesses are constantly developing and launching new products. Many of them have released a substantial number of the current products in their range only in the last few years. An example is Lego, the world’s largest toy maker. Half of the products the company has in its range as of 2023 were released that same year. As a testament of its productivity, the company makes more than 140 elaborate sets, some with thousands of pieces.
2. Forming partnerships
Successful businesses form partnerships to help them beat the competition and increase their market share. They typically form partnerships in areas where they have less comparative advantages or where they find it hard to compete. They pool resources together with other businesses.
3. Executing with speed
Speed is an asset in running a business. Successful businesses do not only have scale they also have speed. They are able to develop new products or product models at a shorter time, faster than their competitors. They keep innovating at a faster pace. They can redesign a product, update their software, app or relaunch their website almost immediately on demand. By contrast, businesses that are left behind are those that are slower to innovate or respond to changes in market trends.
4. Taking the long-term view
Successful businesses focus on identifying and developing products that are in growing popularity with their target customers.
Thank you for stopping by. I’m Ayo Adebamowo. Author, Speaker and Tech Entrepreneur. I’m here to walk your success journey with you. Subscribe to my newsletter for regular nuggets or check out other empowering articles on my blog to help in that journey. My latest book is Make Money, a primer on launching and growing a profitable business.
Written by : Ayo Adebamowo
About the Facilitator – Ayo Adebamowo Ayo Adebamowo is an Author, Speaker and Tech Entrepreneur. He is the founder of MyMedicalBank, a health technology company promoting digital access to healthcare through creating innovative digital solutions.
A Nigerian-British national, Ayo has been named as one of the 70 Most Outstanding Healthcare Professionals in the United Kingdom.
Having started and run various businesses himself in healthcare, technology, agriculture and publishing, Ayo very much understands from a practical point of view the pains, struggles and mistakes aspiring and established business owners often make that delay their success. He therefore brings his wealth of experience coupled with years of experience and research to help other entrepreneurs succeed in their journey.
