5 BUSINESS STRATEGIES THAT GOT CASTUS TO THE 5 YEAR MILESTONE
For all businesses in the startup phase, the five year milestone is a crucial marker of the health and potential of the business. While 80% of businesses typically survive the first year, only 50% of those businesses are likely to make it to five years.
This year, CASTUS officially hit the five year milestone. As we reflect on the past five years, our Founder and CEO, Damon Claus, has laid out five business strategies he used to take CASTUS from its startup phase to the five year milestone:
- HAVE A BUSINESS PLAN.
- It would have been easy to launch right into what I had in my head for CASTUS. But it was critically important to put my thoughts on paper (or in a presentation) and then even more important to get feedback from lots of people. Seeking advice can be a humbling experience, but it’s very important. If you’re above getting feedback, your business won’t make it a year let alone five.
- BE AGGRESSIVE WITH GROWTH GOALS AND CONSERVATIVE WITH CASH.
- I have been more conservative with resources than many other business owners, but that has provided a “safety net” and as it turns out allowed us to weather a global pandemic. But keeping your growth goals aggressive should motivate and challenge you to work hard and not settle for success too early.
3. HIRE TALENTED PEOPLE.
This wasn’t the first strategy in getting CASTUS to the 5-year mark, but it was absolutely the most instrumental. Talented people make ALL the difference. But beyond talent, there is trustworthiness, energy, and passion. If you find people with these qualities – my strong advice is to find a way to hire them however possible. Then support them and empower them. Honestly, talented people are the single most important ingredient for the long-term success of CASTUS.
4. TRUST YOUR GUT.
This is a hard lesson to learn and sometimes is quite painful (and/or expensive). But not long after you’re in business, you’ll have “gut instincts” about lots of things. These can be clients, projects, people, pricing strategies – whatever. If you’re able to decipher these instincts – it’s important to listen to them!
5. STAY AGILE.
Be committed to your business plan, but don’t lose sight of the fact that markets, customers, and outlooks change. This is not to say you should change your identity overnight, but it’s important to grow as a company and identify new opportunities whenever and wherever they might come from.
Interested in learning more tips to enhance your business strategy. Peruse our insights page for more great content.