Every company wants to grow their business, yet few know how to sustain it for the long-term or look beyond the next quarterly or yearly report. Growing a business requires the right people, carefully selected strategic plans, and products and/or services with strong marketplace demand. Beyond these fundamentals, sustaining growth requires a strong operational foundation – to reduce the risks to the business over time.
To sustain your business, or to build your business in such a way that it survives and grows over an extended period of time, there are many components to which the business owner must attend. However, we would like to offer 3 simple things you can do to make sure your business survives – and thrives – over time:
1. Operational Efficiencies.
Be sure you have the right systems in place and are aware of how you utilize your resources. Efficiencies can drive costs down and embed a mindset within the workplace culture that makes people sensitive to costs and ways to streamline how the organization communicates, operates and connects the dots of opportunities. This helps to assure that activities within the organization are in alignment with the needs of the business to create and sustain growth.
2. Customer Service and Communication.
This one sounds simple, but it’s where most small business always miss the mark. Providing exceptional customer service is one major component of business that can distinguish you from others in a most noticeable way! Simply returning calls and messages timely is a rare thing these days, so if you can do that – you’re already ahead of the game. Look for ways to connect with your audience/clients – and share information transparently and consistently. This will help set you apart from the competition and will help build a solid reputation for your business.
3. Be innovative and collaborate.
Always be on the lookout for ways to innovate your business or add revenue streams. Inviting others to collaborate with you can breathe new life into your business and it can also broaden your reach as a service or product provider. Assessing your business on a regular basis can help you see where you need to change or make adjustments that will provide opportunities for you to do things a little different in business. This helps keep your business relevant so that you are constantly gaining new customers and new interest in your business.
When sustainability becomes part of your organizational culture, you’re not only better able to sustain business growth – you’re able to remain five steps ahead of the game. To get there, leaders must be potent pioneers — blazing new paths few would see through to the end, let alone go down in the first place. This can fuel opportunities previously unseen and infuse the workplace and employee engagement with new-found purpose and excitement – further sustaining the growth of the business.