In business, there are three essential elements necessary over the long term to remain sustainable.
The three essential elements of long term sustainability for any business are access to cash, having the right people, and the latest technology. All three elements are key to long term success.
- Cash –Cash availability is essential to successfully operate a business. Having available cash provides the capacity for growth. Cash is the lifeblood of a business, especially The Loan Company.
- People – A cohesive, proficient team of people with passion and clarity to accomplish the company’s goals. A valuable employee knows why the company exists and believes they are making a difference.
- Technology – The latest technology to optimize operations for efficiency and effectively communicate with customers.
Business sustainability is a combination of having cash liquidity to maintain and grow the business, having passionate people in the right positions, and having the latest technology to perform at the highest level possible.
A business will eventually fail without prioritizing all three elements referenced above, especially cash.
For example at The Loan Company, we are acutely aware of the three essential elements of sustainability and are constantly working on improving each one. We are currently undertaking the development of our customized in-house loan origination/processing/servicing software. This improvement in technology will help make us more efficient and competitive.
What’s a specific idea in your business you can contribute or improve on that would add value to any one of these essential elements of sustainability?