3 Pillars of Solid Business Growth
It’s easy to get wrapped up in trends and buzzwords that get attached to business growth strategies nowadays. But sustainable growth is relatively simple and not as elusive as business magazines and seminars make it seems. In fact, a company can find its place in the corporate world and become one of the bigger fish in the sea by following practices used all over the world in all sorts of industries – from agricultural business in third world countries to domestic startups who exist on the forefront of new technology.
Build a Brand
Branding isn’t just about finding the right company name or slogan and then setting your business to autopilot. No, in fact, branding is much more about finding your company’s target and building real connections with them. A brand knows that it cannot be all things to all people, but it can be the perfect things for the right people.
A brand should also help define and communicate a company’s true purpose.. It should speak to the “why” behind a business’ offerings – i.e., why should the customer buy this product or this service from this company and why does the company think they’re the best ones to offer that product or service.
Maintain Flexible Leadership Styles
In order for a company to head in a specific direction, someone needs to lead them. In order to lead, the person in charge has to be willing to be flexible and adapt to the landscape around them. A rigid management style forestalls growth, as leaders focus more on being right than doing right.
Some of this flexibility means knowing that different circumstance, including the stage of a company’s lifecycle, necessitate different types of leadership. A business with ten employees is vastly different than that same business at a hundred or a thousand employees.
Retain Your Customers
It’s hard to define “business growth” without speaking about the need for customers. Without someone to buy what the company sells, a business cannot succeed. Further, without tactics that combine customer acquisition and retention, an entrepreneur will find themselves not growing but simply chasing after customers.
As a customer’s lifetime value increases, a company becomes more valuable. Maintaining loyal customers by proactively seeking their feedback lets them know you care about what they have to say. Creating incentive systems, like discounts for multiple purchases or targeted emails that celebrate a customer’s anniversary or birthday, also aids in creating a long-lasting relationship with purchasers.
A business can grow in a hundred different ways. However the pillars that support sustainable business growth are unchanging, regardless of time, location, or circumstance.