Every year, about 100 million companies are established worldwide. This is more than 3 startups per second. In the UK alone, a new technology business will be launched every 30 minutes in 2020. Inevitably, the vast majority of these businesses will tragically close in five years, and some estimate that the failure rate will reach 90%. Based on my own business experience, I know that achieving global success is not a linear process. When you first start your Glorious Blog, it's easy to worry about daily noise and endless to-do lists. Of course, daily tasks are the basis for the gears to keep turning. However, it hampers your ability to focus on the big picture and pursue long-term strategies and goals. By establishing SMSGlobal from the ground up during the global financial crisis, I gained valuable insight into how to make a business profitable, sustainable, and resilient.

1. Ensure your product or service is future-proof

Before SMSGlobal, I started some business ventures that I thought would be successful. However, as consumer trends change and new products are released to the market, all businesses will inevitably become superfluous. Those experiences were discouraging, but they forced me to go back to the drawing board and reevaluate. I realized that I needed a product that could stand the test of time. When a friend asked me for advice on the quote he received from the SMS company, my light bulb was popping up all the time. Considering the cost of the supplier, I am very surprised that the budget is so expensive. When I realized that I could provide the same service at a lower price and considering the continued appeal of SMS technology in the coming decades, I planted the seeds for the company that would later become SMSGlobal. In fact, more than 15 years later, SMS technology is still one of the most effective forms of mobile communication. Despite the introduction of several new applications, SMS is still relevant and widely adopted by people all over the world. Given the wide accessibility of SMS, many companies still prefer SMS over other applications. After all, unlike other apps, text messaging is built into all phones. Although new communication technologies appear every year, the familiarity and reliability of SMS has always attracted enterprises and end users. There are millions of entrepreneurs who have credible ideas. But if a company wants to live longer, it must provide a product that does not easily become unnecessary.

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2. Hand over the reins (and hire the right people)

I quickly learned that you cannot micromanage all aspects of your business. Therefore, hiring experts in other fields is essential. One of your first tasks should be to hire the best person you can find so that you can safely hand over the reins. Your team can make or break your business, so you need people who believe in your vision and who will work hard to help you achieve it. The right employees can grow and mature with your business and help you cope with a challenging environment. Hire someone you can trust so that if you need a break (we will at some point), you can trust that the team you build is capable of running your business.

3. Trust your instinct

I firmly believe in your instincts. I think most successful entrepreneurs will do this. When I started to expand my business, many people gave me advice on all aspects of the business, from which products to launch to which countries to target. This technique is not always in line with my vision, and I quickly realized that you can't always please everyone. When you start a business, you may find yourself attracted in many directions. At every step of this process, it's important to weigh which products, innovations, and decisions are in line with your values ​​and deliver those products, innovations, and decisions that don't match.

4. Learn to adapt

If the current global pandemic has taught us anything, it is that the key to survival is adaptability of thought and action. In fact, the 2021 report indicates that many of the S&P 500 indexes will be replaced by companies that have adopted and adapted to the current digital revolution in the next ten years. The competitive nature of the business means that the company must fully understand the customers' changing business goals and the ability to meet their requirements. This ability to evolve with customer needs is undoubtedly one of the key factors for our company's continued success. For example, we have recently discovered that there is a growing demand for instant two-way communication between enterprises and end users. So our team came up with an idea to allow users to easily fill it out within our platform. The SMS conversation window was launched soon and allows you to send a message to a person. You can gain a competitive advantage through services that not only provide solutions to today's challenges, but are also developed according to future needs. Whether it's competitive pricing, user experience requirements, or further customization of the customer journey, building a business that can adapt to changing customer needs, expectations, regulatory changes, and technology advancements is essential. I believe that the way forward is to develop and adapt to the needs of existing customers, always paying attention to the future and continually developing the way forward.