If you are lucky enough to own a business that is flourishing at the age of 50, congratulations. You must be doing something right.
But also, don’t forget to watch your back because there is some work involved in keeping it alive and well. Your business will inevitably change throughout the years, but here are some tips for turning that ho-humming into steady humming until you turn 100.
1. Keep Yourself Grounded
You started your business with little more than an idea and probably even less money than that. Obviously, things have changed since then. You now have an established business with customers, employees, and projects that need to be overseen.
But don’t let the success go to your head. If you become too prideful or haughty, you might make little mistakes here and there because of your ego. And over time, these small mistakes could snowball together into a big problem.
One of the ways to keep yourself grounded is to continue learning. Fifty is usually the age when most people are thinking about retiring.
Your entire life you have been learning new things constantly through school then college then universities etc., but at 50 it starts to slow down. However, having an active mind will keep your business resilient against any changes happening around you–and changes are coming whether it’s new competitors, shifting politics, or even just the general rarity of things staying the same way.
2. Create a Succession Plan or Exit Strategy
No matter how good things are now, you will not be running your company forever. Sooner than you think, you’ll be ready to retire, and your employees won’t know what to do without you.
Plan so that when it’s time to step aside, there is a stable system in place for someone else to take the reins. If you are the sole owner of your business, do not forget to create a succession plan.
But just as important is having an exit strategy–something that will allow you to step away when it is time and still feel satisfied that things ran well after you left.
An exit strategy might be selling your company or finding someone who will take over management when they retire in return for a percentage of profits. This way, you start building up the next generation of managers and workers, so they don’t fall apart when it is time for them all to go in different directions at once.
If you are chronically ill, one of the things you need to consider is whether you’d want to get round-the-clock medical support from a senior assisted living facility. If you decide to do so, you might want to determine if you want to continue running your business or execute your succession or exit strategy.
3. Catch up with Technology
While you probably started your business without too much more than a computer, smartphone, and maybe an iPad, realize that your staff might be using these things every day to do their jobs.
Be sure to keep on top of any technology updates. This way, they can keep doing their jobs efficiently and with a company that matches the times.
Adapting the business to technological times also ensures that your brand remains current and relevant to the changing markets. It also allows you to leverage tech to lower operating costs and improve your team’s efficiency and productivity.
4. Keep a Close Eye on Expenses
Now that you have more money at your disposal, it’s easy to feel like splurging every now and then. And sometimes spending a bit extra will make a major difference, allowing you to attract better employees or take on bigger projects while still making a nice profit.
However, don’t get carried away with what you spend all of your time thinking about how much each good or service costs instead of whether it fits in with the rest of the business model as a whole.
The more money you spend, the less profit you’ll make and the harder it will be to adjust if things start going wrong. It’s better to keep your expenses as low as possible and prioritize what you need or want for your business rather than buying whatever looks good at the time.
Your focus should be on increasing revenue instead of just growing without a plan or cover any new costs that might come along with the new opportunities that allow you to surf through this period smoothly.
5. Don’t Let Impatience Turn into Actionism
Change is constant now more than ever, so it’s easy to get anxious about moving forward with your company goals because anything could happen in just a few seconds’ notice.
However, there are times when you simply need to hold back and wait before doing anything. If you make a mistake in this period of rapid change, it can be difficult or impossible to undo it.
This doesn’t mean that you should let your business stagnate while the world changes around you. Just keep moving forward but allow yourself room to rethink what would work best for your company if an opportunity turns into a disaster when trying to adapt too quickly.
Whatever your business goals are for this period, make sure to take it slowly and focus on what you need to do rather than worrying too much about how fast things are changing around you. If you can adjust your plan as necessary without letting yourself be rushed into doing something that might not work, then you’ll find success even when you’re 50.