– By Aakanksha Bhargava
Having witnessed the testing times and surprisingly depreciating economy in the past, many industries concur with the fact that sustainability is becoming an aspect easy to question. While various industries experienced a tough time staying afloat, many start-ups and small businesses had to give up through the past’s dwindling scenarios. When talking about zero financial backup and no investors, sustaining becomes even more challenging. But this doesn’t mean that it’s impossible to achieve heights. About 80 per cent of women entrepreneurs made success by starting as a self-funded business. Most businesses are running successfully in the Indian Business Hub while still being self-financed. Though it seems difficult at the start, accomplishment is not far away if planned strategically.
Following are some key aspects that can help you make self-funding a sustainably successful phenomenon.
Focusing on profitability
Planning a budget and equating it with the amount of investment required provides a realistic approach for an organization’s sustainability. Profits refer to a company’s revenues minus expenditures. Profitability ensures that a company could attract investors, secure bank’s support, or grow into becoming sustainable without any funding. It wouldn’t be hypothetical to state that the success of all businesses majorly has to do with their ability to continually earn profits. Therefore, one needs to know how important profitability is for a business and develop a strategy that gives way to stay profitable.
Keeping quality of services intact
Talking from experience, we’ve observed how the quality of work stands extremely important for our clients. Out of every 10 customers, 8 believe in spending for a great customer experience. And what withholds the value of a brand better than a quality-driven legacy? In a price sensitive economy like India’s, concern for every company has been sustained through the ambiguous demands of the public. But when your organisation is driven by quality, people’s preferences are automatically moulded into finding a better fit. And lately, the behaviour of the customers has been changing in identifying what option is better to choose. They ultimately end up paying for the brand that provides them with better quality and is worth the trust.
Being the best at your game
As one embarks to bring a sustainable brand to place, the knack of striving and gaining expertise must never be lost. Through this, one can measure the chances of sustaining even in wavering economic conditions. One must not wait for the opportunities to come knocking at the door, but rather go all out and outperform where even the slightest of their expertise lies. This helps build trustworthiness among the audience and as per a study, about 9 out of every 10 people will opt for a more trusted brand than any other. Therefore, by earning this worth, one develops a reputation that ultimately benefits the positioning of the brand.
Positioning your brand with the right intent
Even without funding, there are numerous doors that can be unlocked to help an enterprise grow. The same element must be put into one’s marketing strategies. One might lack investors at the moment but when they have what it takes to exceed others’ expectations, that surprising element will surely bring more people to invest in their thoughts and ideas. By positioning oneself in the right way, one can ensure sustainability and development of the brand. In the 21st century, marketing can be called “the enabler of great brand subsistence and recognition”. One may use marketing as a tool to promote the good cause that one started with, lead by example, and promote it before the world. By this, a relationship is built not only with the customers but also the common audience, ultimately serving the cause and inspiring others to contribute to it. Marketing in the right manner can indeed make wonders happen and nothing can stop what has begun with the right intent.
Hand-picking your people to work towards a common vision
With the right team by your side, who works for the organization’s vision, and believes in the ultimate success; one ensures sustainable backing for the company. Also, through an engaged workforce and employee retention, one gives way to a stronger ground for obtaining expertise. It is observed that the turnover rate is going on decreasing for companies that seek to indulge their workforce in more employee engagement activities.
Also, let us not forget the fact that your people are your best brand ambassadors who are not only linked with the company but also represent it wherever they go. They have a major contribution in showcasing the work culture of the company, promoting it, offering continued growth, and consistently striving towards the common vision.
(Aakanksha Bhargava is the CEO of PM Relocations Pvt Ltd)