What is that one thing you will do to ensure your business outlives you? Well, I am pretty sure your answer will be tied to a sustainable growth strategy. So in this article, I will share with you five steps that are hardly talked about but are very key to your business growth strategy.
Just before then, you can read here the more popular ones you must have heard about.
Learn from your competitors:
Take it or leave it, your competition most likely in excelling in that one thing you need to be struggling with. so contrary to the small business owner belief that you should focus only on yourself and ignore your competition, you must, as a matter of fact constructively analyze what similar businesses are doing to inform your growth strategy. Make friends with your competitors and ask questions. Do not ever assume that you are smarter than they are.
What are your key growth indicators?:
You must define your key indicators and ensure you track and measure changes. You must identify those key indicators that contribute positively to the growth of your business and then invest in these areas. Such indicators include tracking:
- Customers satisfaction and loyalty( you track their loyalty with repeat purchases)
- Cost of customer acquisition
- Operational Excellence(Performance and Productivity)
- Revenues(Income Vs Expenditure)
Feel free to test what works and isn’t working and decide to stick with what is working while looking for more ways to still innovate and remain relevant.
You must invest in great talents:
We are dealing here with sustainable growth practices so you cannot have a set of employees who are not motivated by your company’s value proposition. If you invest in cheap talents, you do run the risks of stunting your business growth as they will never represent your business interest with your customers. Once you have identified your key growth indicators, invest in the right personnel, tool, and machinery to drive the much-desired business growth. You don’t necessarily need to have a ton of employees. Hire the few that can deliver on the objectives and goals of the company.
What are your current revenue streams?:
You must identify your current revenue streams, look at your business holistically, and ask what customers need you could still meet. Identifying new customer needs, gaps, challenges or problems opens up opportunities for new revenue streams. You must ensure that your current or planned revenue streams are profitable. Why there may be a need you could meet, meeting that need with a new innovation may not necessarily be profitable. As a business owner, you must understand that it is all about profitable revenue streams to see sustainable business growth.
Leverage your strengths:
While it is okay to try and improve on your weaknesses, leveraging your strengths to stand out helps you establish your brands in a highly competitive market. Look out the playing field, Play up your strengths, and grow your business.
Based on the ever dynamic market clime, you must never make your final decisions based on the success of other businesses. In learning from your competitors, you must adapt and align your plan to suit your business needs, your strengths, and your customer satisfaction. It is never a one-size-fits-all in developing a sustainable business growth strategy.
If you have any questions, please drop me a comment.
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