Sustainable business growth – Why is it important?
Every company has the potential to achieve long-term sustainable growth. Everything you require to do so should be underpinned by rigorous plans and processes meticulously thought out and then deployed; along with strategies to overcome challenges and seize opportunities.
In a recent survey conducted by PwC (2018), their research showed that around 88% of companies feel positive about their ability to achieve business growth for the coming year – so why shouldn’t you? However, sadly there are some obstacles.
Here at Buxton, we have highlighted some key steps you can follow to have the best chance at sustainable growth:
Fundamentals
It’s an absolute necessity to never lose focus on the everyday operational functionalities of your business. Efficient and proactive management of the supply chain that actively meets customer demand; competent and proficient day-to-day accounting and cash flow administration; and a corporate culture that cultivates sustainable growth are just a few key functions needed for your business to prosper in the long term
Find the balance between existing and future business prospects
For sustainable and organic growth to occur, there is a balance to be struck between dedicating existing resources employed to keeping your current client base satisfied and content whilst also considering investment in acquiring new business.
Customers are priority number one; however, it’s important not to place all your focus on current customers, especially when operating in a heavily competitive industry; the prospect of losing clients to rivals is always a consistent risk. There is danger in overlooking existing clients when in search of new possibilities
Keep your employees happy
This is arguably the biggest challenge a business currently faces. However, deploying factors, such as: improved flexibility, more autonomy and responsibility and a good work-life balance have become ways in which businesses can achieve more productivity, efficiency and sustainable growth.
Ensuring your Human Resource Management is regularly captivating staff to benchmark good morale is a matter of huge importance
Don’t fear change
An established business model may have culminated in the success you are currently experiencing, but don’t assume it will continue without making adaptations to your product or service to keep it in line with changing consumer trends and demands.
To evolve and grow sustainably whilst keeping up with competition entails regular self-evaluation and critique of your core strategies – but don’t be too harsh on yourself.
Prepare for disturbances
It’s inevitable that businesses will encounter some level of disruption; it’s a question of when not if. There can be innovative competitors, advances in technology, political developments, the list goes on – you just have to try and anticipate them arising so you can be prepared as best you can.
Developing a brand image and perception strong enough to withstand disruptions, consistently delivering value to customers and researching your industry to forecast shifts can all be productive ways of improving your readiness for disruptions.
For more blogs that can help your business grow and improve, make sure you check out our other blogs – you won’t regret it.
