The viability of a business is measured by its long-term survival and its ability to sustain profits over a period of time. A business is able to survive when it is viable because it continues to make profit year in year out.
A business demonstrates its viability by making a profit every year of its existence. Some say a viable business is one “with legs,” and the Cambridge Dictionary says something with legs can continue to exist and be successful for a long time.
When a business loses its viability, it loses its profitability which is always difficult to recover. Thus, stay tuned with us as we show some tips to build a viable business.
Business Viability is tricky to define and create, but there are some key factors to making a business viable. Compare these factors with your business and consider the ideal steps that suit you in increasing your business viability.
Creating viability is a two-part process. First, it means creating a marketing strategy by knowing who you are, who you are selling to, and who else is selling to them. Second, it means having your business financial house in order(through proper bookkeeping of course).
To create a marketing strategy that will make your business viable, you’ll need to have 5 key information:
First , Your Unique Selling Proposition: Having a unique selling proposition (usually called a USP) is a first critical factor in having a viable business. You can go through our previous post to identify ways to create one for your brand.
Remember you can always reach out to us for all your #businesssupport needs, as we remain committed to your business growth.
