According to the latest research, 65% of businesses close within 10 years of launching. As any small business requires a significant investment of time, money and energy, this is a cause of concern for many entrepreneurs. 

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However, while some of the factors that influence long-term success are beyond your control, there are certain steps you can take to future-proof your business. Read on to find out more! 

Take cybersecurity seriously. The key to long-term survival in any industry is to earn the trust of your customers. After all, this means that they will spend money on your products and services time and time again. While there are many ways in which you can establish trust, ensuring your cybersecurity policies are up to scratch is one of the most important. This is due to the fact that “66% of consumers would not trust a company following a data breach.”

Ensure that you look after your employees. Taking good care of your team is also crucial when it comes to long-term company success. After all, it means that you can grow and develop together, as opposed to getting caught in an endless recruitment cycle due to poor retention rates. Luckily, there are many different ways in which you can ensure your employees remain on your side.

For example, you should start by ensuring that your workplace is as safe as possible. This means regularly reviewing your policies and providing your staff with the appropriate health and safety training, alongside buying tools/supplies from trusted suppliers. For example, if you need to get your hands on products such as NSI-189 Free Base, ensure that they are third-party tested and that the seller can also provide you with access to lab reports.  

However, you should also ensure that you offer a competitive salary and rewards program. This will encourage employees to remain loyal to your business so that you do not lose key team members to your competitors. 

Stay up to date on industry trends. 

One of the biggest reasons why smaller businesses fade into obscurity is due to their inability to keep up with the latest trends. After all, if you are not adapting to changing consumer needs or expectations, you aren’t giving them a reason to continue to support your brand. Fortunately, there are many ways in which you can stay up to date on industry trends, such as by: 

• Keeping an eye on your competitors and learning from larger business
• Attending key industry events and product launches 
• Hosting focus groups or seeking out as much customer feedback as possible
• Taking risks (and learning from them when they do not pay off)

Final Thoughts. 

In short, there are many steps that you can take to ensure that your business is able to survive in the long term. However, the above guidance is not only useful when it comes to staying afloat. It can also play a key role in your growth and expansion, making it easier to take your company to new heights.