7 rules for business survival in the 21st century

Learn about the 7 steps that companies need to take in order to survive the digital transformation.

Survival is about reinventing your business model: transforming the way you make profits and giving much more value to your customers through a more attractive digital communication strategy and providing new experiences are crucial factors.

1. Increase the customer's desire to pay

When customers are satisfied with the experience of working with you, payment will become a priority for them.

2. Make suppliers important allies of your business

The goal is also to improve your provider’s experience of working with you, so that both you and your suppliers benefit and lower the economic and emotional costs.

3. Make collaborative alliances

Your business model should adequately acknowledge and satisfy the desires and needs of your customers as well as those of your suppliers.

4. Base your business strategy on your employees’ passion

You must understand that beyond money, what drives people to improve their performance is their passion. Customers will always notice a firm’s commitment.

5. Innovation

Being the first in a market niche increases your possibilities for taking it completely. However, you should always build alliances that make your potential capacity grow and generate new and disruptive businesses models.

6. Put all new technologies to the test

While you should never forget that your ultimate objective is customer satisfaction, today’s business metrics for new technologies can help you to achieve short term goals.

7. Never forget your ‘star’ product

Business growth should be based on solid ground: a ‘star’ product can be an anchor to guarantee your firm’s survival in the long run.

Available at: El País