How to grow your small business sustainably
Whenever the early shoots of business are derived, the overall aim is to sustain the company for the long-term. It sounds like an easy thing to do, but the reality is that this is not necessarily the case. It takes a lot of hard work, dedication, determination and most of all planning. A strong vision of the overall aim much constantly be sustained.
The article is published at Nordic Business Report website.
Small businesses are very much on the increase. In 2017, there were 381,885 small business ‘births’ in the UK alone, with 24% of them registered in London, but not all of them will have become the success the founder would have hoped.
We have put together a list of the leading five things you need to do to grow your business sustainably:
- Set targets within your long-term goals
Every business should have a long-term goal, that overall aim of where you want your company to reach and the standards you want it to achieve, but the quickest way there is not to rush to it, instead, it is important to build things up block by block.
One way to do this is to set short-term targets, each with a big goal in sight. Not only will this get you to where you want to be, but it will keep everyone motivated to reach much more achievable landmarks along the way.
2. Maintain a balance between existing and new clients
When trying to grow your business it is a necessity to seek out new customers. The more new customers you attract the bigger the company will get but do not fall into the trap of just going after new business and forgetting the customers you already have. You do not want to lose loyal customers and be back to square one, especially if the industry you operate in is a competitive one.
The best way to keep that balance of pleasing current clients and finding new ones is to set up two different teams, one to deal with the customers you currently have, and another to go in search of bringing extra custom into the business.
3. Make sure your workforce is happy
The biggest asset you have will be your workforce and it is important to keep them happy at all times – the hardest working staff members are the happiest ones after all. Ensure your workforce know how important they are to you and keep them happy. Make sure the morale is high at all times. Team bonding sessions, occasional bonuses, flexibility and promoting a positive environment are all ways of ensuring those who work for you remain happy.
4. Be keen to embrace change
You will find that formula that gets your business to a certain level, but there will come a time where that method reaches its limit. This will be the time when embracing change is required to move things to the next level.
Make sure that you are regularly analysing your strategies and procedures to allow the business to grow. Work with the ones that are performing well, and do not be afraid to change the ones that are not. This is a key way of staying ahead of the competition.
5. Keep on top of the advance in technology
As with everything in the modern world, the advance in technology is moving at quite a pace, and if you are going to stay ahead of the game you need to keep on top of it because if you don’t, your competitors will do.
Search out the advances in technology which can benefit you, your business and your customers and integrate it into your plans at the earliest opportunity. Researching your market, and anticipating shifts within it, is a huge part of running a successful business.