Not only are many business growth tales inaccurate, they promulgate a myth that business growth is easy. For a business to survive, growth is an imperative, not an option. But only one in ten companies succeeds in achieving sustained growth. So what are the minority doing right, that the others are so often doing wrong?
Ilona Maher, Director at Start Grow Run says, “Myths surrounding fast business growth set unrealistic expectations, which in turn lead to failure. Being realistic about what it takes to establish, grow and manage a business is essential to maintaining motivation and getting runs on the board.”
Achieving sustainable growth rests upon many factors, both intrinsic and extrinsic to the business. “It all boils down to recognising opportunities and adapting yourself and your business to take advantage of those opportunities.” says Maher. “Flexibility, strategy and foresight all play a part, and are quite often game changers in the development of the business.”
Outlined below are 5 quick tips to growing business sustainably.
Innovation. Never assume the relevance of your products or services. Review market demand regularly, and ensure that what you are providing is in line with what customers want. Sounds simple, but you’d be amazed at how many businesses get stuck in a rut and minimise diversification.
Understanding. Know your target market and how to reach them. Don’t just place ads in industry magazines or the local newspaper – look for meaningful connections and build upon them.
Cash flow. Financial strength for sustainable business growth is driven by cash flow. Foresee cash requirements and understand how your business consumes and generates cash.
Information Management. Never enter data twice! Have appropriate systems and controls in place to eliminate manual re-entry of data across multiple channels.
Confidence. Stand behind your products and services, but don’t become over-confident. Listen to what the market says about your offering and consider getting professional advice in areas that are important.
For further information on business growth, financial management or business strategy, get in touch with Start Grow Run today.
