fbpx

Create A Long-Term Positive Future For Your Business

Long Term Value (LTV) creation is vital if you want your business to keep going strong – long after the worst of the Covid-19 crisis has faded away. When you run a small business, developing the right strategies will make it resilient in the long term.

Business resilience depends on the ability to adapt and thrive throughout periods of change. In 2021 and beyond, a successful small business model should be flexible enough to keep your business moving forward during unexpectedly difficult phases, plus keep adjusting effectively over a longer course of time. For this to happen, your business model should focus on long term value creation.

Australia’s major companies have paid a lot of attention to LTV creation. Small businesses can also focus on having a sustainable strategy for the long term. Businesses that recognise change is now the ‘default’ position can improve their chances of adapting and thriving into the future.

The good news is that small businesses are accustomed to being agile and thinking ‘on their feet’, so creating LTV can be an extension of what you already do.

Strategies to create LTV in your business

To be successful in the long term, consider your stakeholders. For many small business owners this will include your customers and your employees, plus regular suppliers, and the public. The following strategies can boost your long-term resilience.

· Focus on servicing your regular customers as they already know and trust your business – they are also more likely to support your business over the long term. Consider ways to acknowledge your customers and develop a loyalty program that recognises their needs and makes them feel special. Increasing sales from your regular customers in a respectful way is a great way to boost your income and ongoing success.

· Keep innovating and adjusting your services to fit in with how your customers are buying from you. Review current health and safety advice and then consider how you can continue to meet customer needs – this may involve providing new home delivery services, mobile app offerings, updating your website or social media pages or adding remote options such as telehealth and other online communications.

· Boost your digital presence with attractive online specials and low-cost shipping as a way of increasing your customer base now to reap the benefit in the future.

· Keep an eye on competitors in your industry and identify who is doing well. This is a great way to discover gaps in the marketplace that your product or service can fill.

· Even when face-to-face transactions increase once more, maintain your online ordering and delivery services for greater business resilience.

· When you hire new employees, consider how that person will add value to your company and your plans. Being on the same page from the start will ensure they become your greatest

advocates.

· Meet and communicate with team members to collect ideas and create solutions that will help your company maintain its vitality and flexibility.

· In this changing environment it is a great idea to keep adjusting your business plan and be open to new ideas.

· Take the time to engage with your stakeholders, including trusted suppliers, to discuss their ideas for making the business more flexible.

· Keep up regular quality communications, for example, via an email newsletter and social media posts, to show the public that you are a switched on, caring business with a sustainable outlook.

Long term value creation should result in more consistent revenue, and a more substantial business. Ultimately, the more effective business owners are at creating long term value, the better the outcomes will be for themselves, their employees, their customers, and the community.

Realise Business Advisors can help you to develop strategies to create long term value in your business.

Book your free advisory session today.

Share the Post:

Too Much Digital and Not Enough Wins in Your Business?

Find the Right Digital Solution for Your Business

Related Posts

Martin Rogers
Chief Executive Officer

Martin holds an extensive background and certification in Business, Marketing, and Strategy with over 20 years’ experience specialising in Strategic Thinking, Business Growth, Leadership and Team Development, across a number of industries. Martin utilises a collaborative leadership style and has a thirst for problem solving, understanding the latest trends and identifying the uniqueness that gives businesses their edge.

Mark McCrea
Chief Operations Officer

Mark McCrae stands out as a highly efficient Operations professional, known for his strategic oversight and management prowess within the corporate landscape. With years of experience under his belt, Mark has become synonymous with operational excellence, streamlining processes to enhance productivity and drive sustainable growth. Mark's forward-thinking approach and unwavering commitment to excellence have solidified his reputation as a cornerstone of operational success.

Razz Khan
Chief Marketing Officer

With over a decade of experience, Razz has a proven track record of driving growth and enhancing the digital footprint of various brands across multiple industries. His expertise spans across SEO, PPC, content marketing, social media strategies, and analytics. Razz is known for his innovative approaches to solving complex marketing challenges. Razz's passion for digital marketing, combined with his commitment to client success, makes him a valuable asset to any team looking to elevate their digital presence..

Greg Kay
Chief Commercial Officer

Greg has more than 25 years success in working with many for the development and implementation of growth strategies for businesses by building strong relationships through effective partnerships. Greg constantly strives for opportunities to have a positive influence in the personal and business lives of the people he works with.

Chris Wilborn
Contracts Manager And Advisor

Chris is a results-driven leader with a wealth of knowledge derived from his more than two decades in the NGO, corporate and government sectors. As a current business owner, from his prior work as a growth-minded CEO and a background working with disability organisations, Chris is deeply passionate about the NDIS, small business community and the central role they play in the fabric of our society.

Lindsay Munns
Executive

As a long term member of the Realise Business Board, Lindsay has temporarily stepped into this key role to facilitate the changeover of Chief Executive as part of our CEO succession strategy. Additionally he is busy leading the roll out of a major new Government contract that will take Realise Business up to the next level of its vital place in the NSW Small Business Advisory scene.

Marisa Barresi
Office / Client Coordinator
- Business Connect

Shanice Bangar
Events / Client Coordinator - Digital Solutions

Mona Bucog
Event Coordinator

Over the past 12 years, Mona has honed her skills in customer service, specializing in managing and addressing a wide range of customer needs. She’s dedicated to providing exceptional service and ensuring customer satisfaction. Her experiences have helped her develop skills that assist organizations in achieving their goals. Her ultimate aim is to help them focus on what they love, and she will take care of the rest!

Maricor Alzola
Marketing Coordinator