Recently I was visiting the website of a newer company and saw that they were pretty vocal about their being established in 2015. Sometimes when we see this it makes us pause because we know they haven’t been in business for very long, but it got me thinking about the advantages as well as the challenges. So I thought today we’d take a minute to consider the values and challenges of when you started your business.
There are many advantages to having been around for many years. You’ve had time to develop the business, you’ve had time to build up enthusiastic customers who buy from you again and again, you’ve had time to develop the products or services you offer, and there are people who prefer to work with a business that has been around for a long time. I agree that longevity does give your business some serious brownie points, and it can say a lot about the company, the product and the people who work there.
However, if you’ve been around for a long time, there’s a chance that you’re completely out of tune with how things run today in this internet and world-centric world. Potential customers may think your products and services are outdated or aren’t up to the technology and development of newer ones. They may also think your management and leadership are outdated and aren’t running things they way many other (newer) companies are. Of course, all of this may be completely untrue. As an older company what may set you apart is that you’ve changed with the times, considered and adopted some trends and are offering products and services that are created/implemented with today’s technology in mind.
So what about being a new business? Well, first and foremost there’s almost no chance you’ve got stock laying around from 50 years ago that someone might accidentally get. You’re also possibly bringing new ideas and fresh perspectives to the market, a market that may be very dry and outdated. You’ve also most likely taken advantages of the newest support and resources that technology has to offer. However, you also might not have any business experience to fall back on and without proper education and support your new business won’t last very long.
It’s hard to stay in business whether you’ve been working on it for years or just a few months. Being in business today means being open to learning and changing as things develop around you. Have you taken advantage of your new or established status in business recently? Have you reached out to a business owner who has been around a longer or shorter time with you to have coffee and talk about what is or isn’t working in your business? If not I would encourage you to reach out to another business owner this week and see what you can learn from each other. Maybe you’ll even find that you’re a great fit for a joint venture or cross promotional activity.