Many business owners may have grown their business, but only a few know how to sustain the growth. Sustaining business growth requires a different strategy; it could be carefully selecting strategic partnerships or talent, improving operations and marketing, or more.
Here are our top 4 ways to sustain the growth of a 6 star business…
Evolve To Be Sustainable Into the Future
Businesses that work towards growth are much more successful than the ones which are focused only on ROI. Apart from following consumer trends, you should update yourself with recent developments in your industry and pay attention to what’s relevant to your target market.
Evolving also means investing in technology and spend time reviewing your marketing strategy periodically to sustain your business growth. For boosting the online presence, you should research and thereby implement different digital marketing strategies that suit and complement your ideal customer. As the year progresses, you should be clear about what you need to achieve and consider future scenarios to get there.
Being able to foresee the future requires flexibility, and it ensures the stability of business in the long run which is an important attribute of the visionary entrepreneur. Hope you have increased your business IQ.
Create a Strong Growth Mindset
Sustaining growth in your business should start within you – the business owner. Even if you are an employee, vendor, partner or supplier reading this, you should still consider this message because we ALL need a strong growth mindset. Why?
Simply put: we all must have a strong growth mindset to endure challenges, consider and embrace risk, and make the right decisions along the way. It requires us to develop perspective in our approach and look at situations from the 30,000 foot view – rather than being so close to the detail and reacting to the immediate situation.
Never Ever Compromise When it Comes to Customer Service
It can sometimes take a lot of effort to get your customers or clients to trust you, depending on your products and how long it takes to deliver them. If you’re in an industry that has a lower level of trust generally, then it may take time to deliver results consistently before the trust is built.
Sometimes, when customers are less than trusting, all it takes is one error and you’ll lose them all prior to even being able to explain. Irrespective of your businesses successful intervention, reinvention, expansion, or growth, high quality customer service needs to be permanent and of the highest priority.
Not only that – your staff need to of the same mindset when it comes to your customer service. Some of the most successful organisations have invested in their customer service staff way above their other people and paid them handsomely for it. The investment you make in your customers will show in the delivery of your products and services.
Deliver Excellent Customer Service to Retain Existing Customers
It’s incredibly important to keep your customers happy. According to studies, Businesses can grow revenues between 4% and 8% above their market when they prioritize better customer service experiences. Additionally, 89% of companies with “significantly above average” customer experiences perform better financially than their competitors.
These metrics are one side of the coin: by having above average customer experiences, we can confidently ensure that we are creating a good reputation across our ecosystem and generate more revenue – factors that are essential in sustaining business growth.
Businesses should focus on the potential for future growth and sustainability using these 4 different areas of focus. Should a business become increasingly complacent – coasting along rather than thinking about how to solve the issues at hand – they could stagnate and will easily lose competitiveness. Building a strong business model and value proposition is not enough; if operational infrastructure, decision-making and leadership are weak, this does not provide for a sustainable long-term growth solution.
Let’s focus our efforts on creating 6 Star Businesses that are sustainable for the long term.
