After five years in the business, what else can business owners work on?
I am the Recreations and Events Manager at a resort that has been open for over 5 years. The resort has mostly worked through all the challenges that come with starting a business. What should be the main priorities or focus of a business once they are established?
Keeping it alive and updated with current trends that may bring in more money.. if the owner gets so bored, moving onto another new challenge: a new business.
One of my clients is a lodge-fishing camp in Canada. In the case of my business, I believe very strongly in never stop learning. I have been at it for 22 years. However, I never stop looking for opportunities to learn more. I have been creating web sites for many years, and had clients while in college. However, I have been taking more web design classes through a meetup group. The difference between what that meetup group is doing and what programs such as Dreamweaver and WordPress do is that this group is using a web site that teaches coding. It has been awhile since I actually hard-coded a web site, but now, with HTML 5 and CSS 3, it presents a new challenge for me. I strongly recommend everyone be open-minded and keep on learning more about your business and use examples of others. The folks running the lodge-fishing camp have never stopped learning, either.
Since I don't know your company firsthand, let me give you a few general ideas.
First, you have to make sure that you continually nail the fundamentals – no matter how long you are in business you always have to do these things well:
Find, grow and retain top talent.
Build a winning culture of highly engaged employees that consistently deliver the required business results.
Own the voice of the customer, be better than any of your competitors listening to the real concerns, wishes, desires and fears of your ideal target customers so that you understand them better than anyone else in your marketplace.
Create a high accountability culture where you take your great business ideas and execute them with discipline, because even the best ideas are worthless you can't put them into action effectively.
If you got those things down pat, then I would be focused on driving massive amounts of new business through word-of-mouth referrals from my top customers.
I would also be constantly looking at my strategy to make sure that it was compelling, differentiated, defendable and that you execute it flawlessly in the marketplace.
Lastly, another fundamental – if you don't manage cash flow, you won't be managing much for long. There is never a time in a business that you can't have absolutely superb financial controls.
I hope you found this helpful – John Spence
In my experience the number one thing business that have been open, in your case for 5 years or more, fail to do is plan for the low times. If you Hotel has pools, outdoor lounges, Hotel owned restaurants what happens if a pool needs maintenance? Or a Lounge floor needs re-done? Or the restaurant gets closed down because of health regulations? These unforeseen costs and possible renovations need a source of income. And if your hotel is in a low time, where money is tight, it can cripple your profits, put you into debt, or even foreclosure. So if you own this business or one like it, don't forget to always have reserves.
Appreciating the people that helped get you there. Lasting relationships and referrals.
Companies can strive to Break Big - move onto the level of serious and planned growth through new products/services, wider geographies, greater customer care of existing valued customers. Strengthening supply chain relationships and sharing with them your growth ambitions. Your success is their success too.
There are internal measures to take too - ensuring great leadership and management, satisfied employees who are part & parcel of understanding and delivering strategic vision of the organisation,
Simply improving the products and customer experiences. (And the work environment)
I agree with many of the answers below----think outside in and then inside out, make sure you are holding true to you mission and vision statements...Start to address and understand your strengths and wweaknesses
Richard Sterrn-Suggest preparing a Vision Statement..
Once your company has maximized the profit potemtial of the company then you need to consider the next phase of deelopment of your company that does not disturb your base..