By Henry Rischitelli, EO Atlanta member and president and CEO of Next Marketing
Twenty years ago I struck out on my own, and it was the best decision I ever made. Twenty years later I’m still running the successful business I started back in October 1993. How? I wake up every morning with a fear of failure. But, that’s not the only thing that has kept me in business for 20 years.
Here is what I learned from being in business for two decades:
- Be willing to change, evolve, and adapt: A lot can happen in 20 years; markets change, technology advances, people come and go. When the nature of my business changed, I changed the name of the company, and the move was well received. Change can be very good for your business so don’t run from it.
- Invest in exceptional financial controls and systems: We may be a smaller company, but I heavily invest in the same financial technology and hardware as multi-billion dollar corporations, not only to manage the bottom line, but to evaluate our financial processes procedures and accurately forecast the future. These resources help us to be aggressive and timely in evaluating existing client margins while offering a resource for accurately pricing new client and business opportunities.
- Don’t be afraid to take risks: I’m not afraid to step into new business arenas -even if I don’t have experience in that niche. If I believe my team has the capabilities to succeed in the market, I go for it! I ensure my core business is intact before I take any new risks are taken.
- Respect your clients: I give my clients my time, attention and make sure they know that they are a priority. Doing this transcends business and nurtures our relationship. A happy client is a loyal client, and loyalty breeds success.