In 2022, the Upper Cumberland Business Journal reported that 43 percent of Americans had plans to start a business within the next 12 months. But despite these entrepreneurial ambitions, the reality of entrepreneurship is that the majority of businesses will fail within ten years.
How can you avoid that outcome? What can you do to maintain steady and sustainable business growth while the competition struggles?
You create a business growth strategy that delivers short-term and long-term results. Keep reading to learn about how you can position your company for success without having to spread yourself too thin.
1. Be a Great Place to Work
From organizational knowledge to production and resources, your employees are the engine that makes your company run. But job stress and burnout are shockingly common workplace productivity killers.
According to Mayo Clinic, risk factors for burnout include:
- Heavy workloads and long work hours
- Poor work-life balance
- Feeling a lack of control overwork
When your staff members feel happy and empowered at work, you’ll have better retention rates, less churn, and more productivity.
2. Create a Holistic Strategy
Regulations, forms, and precision may be necessary when you’re the IRS. But if you’re a business or an enterprise, meetings and complicated processes could be costing you time and money.
Frameworks like SAFe 5 don’t just focus on business growth strategies — they encourage company decision-makers to be lean and agile while paying close attention to the way that teams develop.
Some businesses will choose to rely on sprints while others will go all-in on refining their processes. But the important thing is to have an established company-wide approach to handling your day-to-day activities.
3. Don’t Grow Too Fast
Many businesses run a few successful campaigns and immediately start getting excited about the possibility of doubling their revenue. But while their increased orders might be telling one story, the chaos happening behind the scenes will tell another.
Take a look at your internal resources and think about what you and your staff can realistically handle. As you hire more people and refine your order fulfillment process, you’ll have an easier climb to the top of your industry.
4. Know Your Metrics
Are you focused on making more money this year? Do you want more customers and to reach a certain level of demand or are your internal metrics more precise than that?
Google relies on key performance indicators, or KPIs, to set its goals. If you’re looking for a business growth plan that’s precise, focused, and specific, this is one of many models at your disposal.
Want Your Business to Succeed? Try Focusing on Sustainable Business Growth
Whether the plan is to take the industry by storm or to achieve slow and steady organic growth, business owners like you have serious choices to make when it comes to achieving growth.
Creating and executing a growth strategy in business can be a potential gamechanger. Armed with the tips we’ve just provided, however, business growth isn’t just a nice possibility — it’s an achievable outcome.
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