Every entrepreneur enters into this world knowing the risks and statistics. They know only half of all startups will make it to their fifth birthday party and they know it’s just a third of them that will get to blow out ten candles. It’s that little niggle that forever lingers at the back of their minds, which is why they need to ensure they’re doing all they can to make their business sustainable.
The question is: what strategy can make you stand the test of time?
Well, if offence is the best form of defense, having a growth strategy is surely the best way for your business to succeed. It’s having a tangible plan that will help you reach the levels of success you’re not-so-secretly dreaming of, staying ahead of the competition and not losing your revenue stream, all of which needs to be a deliberate move.
So, without further ado, here are the things you need to be doing to ensure your business is sustainable (read: growing):
- Play To Your Strengths
It can be so-so tempting to try and bring your weaknesses off the floor and strengthen what you believe to be your weak links, and this is not a bad strategy to adopt. But before you do this, try and focus on your strengths. Identify what they are, play to them and then use these to establish where your most promising growth strategies lie. It’s about changing the playing field to suit your style of play and then building on this.
- Invest In Your Employees
In order for you to be successful, you need your employees to be successful. It’s as simple as that. It really is. That’s why you need to invest in them as much as you possibly can. These are the people on the front line, the ones that have direct contact with your customers and push your company forward, so it’s imperative you hire right and pick people that motivated by what you are trying to achieve. If your budget is tight, then make sure you are spending it wisely, which means opting for cheap furniture and smaller parties and paying your staff a ton of money, even if it is just a pool of freelancers to begin with.
- Have The Foundations Laid
Growth can be one of the most problematic transitions to try and navigate, which is a surprise to a lot of business leaders. It’s because people don’t realize just what you need to have in place before you can really start to capitalize on a growth period. It’s having your business ready to handle a sudden increase, which can be done by simply opting for managed IT services by USWired. It’s about having products that are flawless. It’s about having a website that is regularly and thoroughly tested. It’s about having a pool of trusted freelancers that can jump aboard whenever you need them. Little things like this will see you thrive in the good times and not crumble.
- Know Your Competition
Every business has its own unique way of growing. The trick is to look at similar businesses that may be growing in ways you hadn’t considered before and seeing how they will fit into your growth strategy. Usually, it is just a matter of trying to work out why they have done what they have done. It’s a tough thing to master, but imperative too.