Tips for Sustaining Your Business' Growth

Let’s say you’ve kicked off the birth of your business and you’ve successfully run it for its first few months. What happens next? How do you make sure it doesn’t die? How do you go up the stairs of progress? Here are a few tips on how you can sustain your business’ growth.

  1. Work with people. Success is all about working with the right people who can be a useful asset in your business. Are your people using their skills to their utmost potential? What have these people received in return from you? Have you done enough for them to stay and have they had personal growth during their stay? When an employee feels appreciated and their presence valued, they will love the company and do more for it. They both benefit from each other.
  2. Work for people. Businesses are meant for profit, but where do you get this income? You get it from the people who patronize your offers. You need to know who is your target market and how you can entice this audience to avail your products or services. A business grows not only when you have the right people to work with but when the people you are targeting are supporting you.
  3. Be a leader, not a boss. First of, you have to know the difference between a boss and a leader. A boss is someone who dictates and gives orders in an authoritative manner while seeking control. On the other hand, a leader is someone who influences and encourages a group of individuals for the achievement of their common goal. Bosses have employees who work for him while leaders have followers who work alongside him. Think of two iconic cartoon characters in this example. Sheriff Woody and Buzz Lightyear. Woody is a boss while Buzz is a leader. Woody pushes people around because he wants to be the star, while Buzz motivates the people around him in order to form a constellation. Be more of a Buzz who will lead the team to infinity and beyond.
  4. Have a positive outlook. Even when the going gets tough, you’ve got to be tougher. Strong competition? Stay tough. Employees unproductive and leaving? Stay tough. Lack of funding? Stay tough! There are many obstacles that you will face but as a business owner, you need to be strong for the whole company. Because when you falter, everything and everyone else will follow soon. You need to learn to look at the glass as half full even when everyone is seeing it as half empty.
  5. Remain relevant. The consumers’ taste always changes every now and then. You have to remain relevant so that people will find you useful or necessary. Otherwise, it will be hard for you to compete in an ever stiffening market. Knowing who your target consumers, what they need, and what they want is a great way to remain relevant. At times, you may need to change a little bit—sort of reinventing yourself. You may even need to create a new or better service or product.
  6. Stick to what works. It has often been said to not fix what isn’t broken. If your business has been doing well during its run, keep doing what you’re doing. You may want to try something new, perhaps new flavours or new deals, but don’t make abrupt changes. Ease it into the choices your customers can avail. Changing completely would be a wrong move because it removes your brand identity. If you want to try something new, take that risk but don’t lose yourself in the process.
  7. Don’t stick to what doesn’t. Once you’ve known what works and what sells, stick to it. Print it and laminate it and frame it on your wall. It’s now time to know what doesn’t work. By knowing these, you can eliminate them and actually make space for those that contribute to growth. You can allocate the resources that you used for this and use it on a different project of different approach.

Sustaining growth is difficult but it can be very rewarding. You know that you have done and you are doing something right. You are now harvesting the fruits of your labour and maybe asking yourself “what is next for me and my business?” There are greener pastures waiting for you. It’s just a matter of continuously learning, improving, and growing.

Check out our previous articles in this series: Common Problems Faced by Startup Entrepreneurs and 5 Common Problems of a Growing Business.

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