Fifteen years and counting

6/09/2010: Fifteen years and still counting. Last week I celebrated a substantial milestone: my business, Taurus Marketing, turned 15 years old. While any anniversary is an exciting moment and cause for celebration, with 80 percent of new businesses failing within the first five years, I stopped to think about what it means to be still standing here 15 years on.

"Longevity" is usually a word associated with lifespan. Other terms are associated with length of service or tenure that attribute seniority at a company. Businesses, in a sense, are living, interacting and growing entities that develop over time with changing attitudes, motivations and realistically eventual death, expansion or dramatic change.

Over the past 15 years I have seen both highs and lows. From the GFC (where many businesses went under) to those superior highs of winning awards, launching new business products or seeing the size of the Taurus team grow.

To create a business that is in it for the long haul, you need to create strong foundations right from the beginning.

A key aspect that will set your business to be rock hard for the future is sourcing adequate funding. To grow your business, you'll need to invest in resources that will play a significant role in the present and also the future. This funding will help grease the wheels.

My bugbear is seeing businesses reinventing the wheel by creating new processes when good systems are already available. I cannot stress the value of templating enough. Templates help create the intellectual property of your business. Don't reinvent the wheel. Use what works and template it into your systems and training so that you can use these documents from the first year of business and beyond. Your templates will speed up office and work efficiency and assist with new employees when learning the day-to-day of your business.

Another key aspects of longevity is to ensure your business undergoes a natural course of innovation and renewal. Even the most recognisable brands need a "refresh" now and again. We're not back in 1995. If I operated the way I did 15 years ago, I wouldn't be where I am today.

Needless to say, innovation is essential when it comes to thriving post-GFC. Innovation doesn't have to be about scrapping what you've done. But you can't always be happy with the status quo. It's necessary to always be adapting with the flows of business and then repositioning to capture new market share. It could be as simple as modernising your email signatures or being the leader of the small business Twitterverse. If you keep "innovation" echoing in your mind, you'll know when it's time to refocus or rebrand.

To be around for the long haul you need to develop a strong support team of employees, mentors, Suppliers and business partners to help you take your business to the next level. I would not have been able to bring Taurus to where it is today without the many talented and inspiring mentors who have helped me over the years.

Finally, create a strong business culture. By establishing a culture of openness where your clients and employees can talk without borders your business will be a place of respect and honesty — two elements that cement a business' longevity.

Although your business may be considered "small", think and act like it's a "big" business and apply that mantra in whatever you do.

So, what are some tips you can use to help your business survive for the long haul?

• Don't try and be all things to all people. Decide on your niche, narrow your focus and broaden your appeal.
• In small business, the major company asset is you, so hold onto your health.
• Have genuine passion for your business and enjoy what you do. You are at work a long time.
• Know where you are going and visualise the bullseye.
• Be flexible and prepared to change except your core brand values.
• Your customers and staff are everything, so hire the best employees.
• Your family is everything too.
• Don't let fear ever hold you back but when in doubt, listen to your gut.
• Outsource everything that you dislike or isn't your strength.
• Take external advice and find mentors early on.
• Template everything so the company exists without you.
• Periodically get out of your comfort zone to pursue something bigger.

On one last note, remember you have to love what you do. I wouldn't have had the last 15 years any other way. You are the face of your business and your clients and employees need to see that you are excited about the business that will be the secret to creating true longevity success.

To view Sharon's blog in ninemsn, click here.

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