24 October 2017

These are the fundamentals to keep your business growing

When you’re a business owner, your ultimate goal for your company should be stainable growth. There’s really no other definitive objective other than that; otherwise, there would be no point in running a business.

According to Inc.com, sustainable growth is the realistically attainable growth that a company could maintain without running into problems. A business that grows too quickly may find it difficult to fund the growth. A business that grows too slowly or not at all may stagnate.

Hence, based on that definition, the real purpose of a business owner is to find that maximum growth rate that their business can sustain without having to increase financial leverage. How far can their business grow before they resort to debt?

Even though it talks about financial capacity, sustainable growth encompasses all the basic principles that can shape the foundation for a business to grow.

Setting your genuine aspiration — your personal and business why

Every company needs to establish its “why we do what we do.” To achieve sustainable growth, a business owner must repeatedly reexamine his company’s sense of purpose and make sure the organisation serves it well.  When you have an authentic purpose, it’s easier to create products and services of value, and it’s also easier for all the members of your team to be on board.

Creating a powerful business brand

Business owners tend to make their business become all things to all people, and that’s why they fail. If you want to create a good name for your business, you have to appreciate how crucial it is to build brand equity and emotional connections with customers. It’s that relationship that link customers to your products and will keep them returning to you. Building a brand is about developing and sustaining those relationships over time, and as business owner, that should be one of your goals if you want to achieve sustainable growth.

Fostering partnerships and collaboration

Doing everything from within can be enticing in the early stages, especially when you’ve got nothing to spend except your high energy. There’s nothing wrong with a hands-on approach, but taking on more than you can handle, especially in areas where you’re clearly not an expert, can be detrimental. In the age of the global freelance economy, it isn’t hard to explore talented expertise, but you have to know where to find it. You can leverage online marketplaces that provide specialised resources from design, development, and sales to finance, legal services, and banking. If you’re reluctant to outsource, you can try small projects at low investments.

Making your sales repeatable

Creating a powerful brand alone is not enough to achieve sustainable growth. It takes repeatable sales processes to create a growing business. It’s one thing to sign up a few customers; it’s another thing to plan and implement sales processes that can be effectively rolled out again and again.

By creating and implementing a strategy that’s consistent across all of your customer segments and touchpoints, your sales cycle becomes a more efficient machine that offers the same flawless service and experience that is in line with your company’s bottom line. This makes it easier for your to grow and expand your business.

Growing yourself as a business leader

For the business to continue growing, business owners must become the leader the business needs for each particular stage of growth. And since a company’s needs change at each stage, its leaders also need to keep evolving at the proper pace. To achieve that, business must learn to develop introspection, self-awareness, and a keen sense of strategy–both in the short and long term. There are times when you lack the right perspective to make the right decisions, especially when you’re in a tight spot, and that’s when seeking professional guidance comes in.

Be the best business leader you can be! Reach the full potential of your company by working with a Business Coach. My extensive clientele consists of companies based in all of the Midlands including Leicestershire, Derbyshire, Nottinghamshire and Staffordshire. Discover how REACH Business Coaching can help you grow your business by attending our free workshops and seminars.

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