August 14, 2021 5 minutes read
Entrepreneur contributors do not necessarily agree with the opinions expressed.
Globally, there are around 100 million new businesses each year. This is more than three startup per second. Every 30 minutes, a new technology business was started in the UK. The majority of these businesses will eventually fail within five years. Some even estimate that the failure rate could be as high as 90%. My own experience in my business has taught me that it is not an easy process to reach global success.
It is easy to get distracted by the daily noise and endless to-do list when you launch your startup. The daily tasks are essential in keeping the wheels turning. It can also make it difficult to see the big picture and focus on your long-term goals and strategy.
I gained valuable insight from the global financial crisis into building SMSGlobal from scratch.
1. Make sure your product/service is future-proof
Before SMSGlobal, I had a few business ventures I believed would succeed. Each venture was eventually abandoned due to changing consumer trends or the introduction of new products.
These experiences were disappointing, but they forced my to reevaluate the product. I knew I wanted a product that could withstand the test of time.
When a friend asked me for help regarding a quote from an SMS company, I had a lightbulb moment. Given the price of the supplier, I was shocked at the high cost of the quote. After realizing that I could offer the same service at a lower price and considering the appeal of SMS technology over the next decades, I started to see the potential for SMSGlobal.
Even though it has been 15 years since its inception, SMS technology remains one of the most efficient forms of mobile communication. Despite numerous new apps being introduced, SMS technology is still widely used by people around the globe. Due to its accessibility, many businesses prefer SMS over other apps. Because SMS functionality is built into every phone, it's not like other apps. Although there is new technology every year in communication, it's the reliability and familiarity of SMS that appeals to businesses as well as end-users.
Millions of entrepreneurs have credible ideas. For a business to be successful, it must offer a product that is not easily duplicated.
Similar: 4 Ways To Build A Culture That Supports Future-Proof Businesses
2. 2.
It was easy to see that it is impossible to micromanage all aspects of your business. It is important to hire experts in your field.
You should make it a priority to hire the best people possible so you can give the reins to your team with confidence. Your business's success depends on your team. It is important to have people who share your vision and work with you towards achieving it.
You can help your company grow and mature by hiring the right people to support you in challenging situations. You need people you can trust so that you don't have to worry about them when you are feeling overwhelmed.
Related: One bad hire can ruin a team
3. 3. Trust your instincts
Trusting your gut is something I strongly believe in. This is what I believe the most successful entrepreneurs do. Many people advised me when I was first scaling up my business. They helped me with everything, from which products to launch to which countries.
I found that this advice wasn't always in line with my vision. However, I quickly realized that not everyone can be happy. You may be pulled in many directions when you start your business. It is important to evaluate each step and decide which products, innovations, and decisions are most in line with your values.
4. Learn how to adapt
The current global pandemic is a reminder that adaptability is key to survival. According to reports, many of the 500 companies in the S&P 500 will soon be replaced by digital-savvy businesses within the next ten year.
Companies must be able to understand their customers' changing business goals and provide the services they need. My company's continued success has been attributed to its ability to adapt to customer needs. We recently saw a demand for instant, two-way communication between end-users and businesses. Our team came up with an idea to make it easy for users to communicate via our platform. Soon after, the SMS Conversation Window was launched, which allows users to send one-to-one messages to recipients.
Services that are not only able to solve current problems but also adapt to future needs can give you a competitive edge. It is important to create a business that can adapt to changing customer expectations, regulations changes, technological advances, and shifting pricing requirements. My view is that it is important to adapt and evolve to customer needs while also keeping an eye on what lies ahead.
Related: E-Commerce is being forced to evolve in a post-Covid world
