Attaining sustainable business growth is one of
the biggest challenges business owners face. To have a successful business
turnover, you need to create long term value without exhausting the finite
resources you have.
Although technology continues to evolve and
circumstances for businesses now are different, the fundamentals for
sustainable business success remain the same. Here are seven of them.
1:
Authentic Purpose
Every business starts with a purpose of, “why we
do what we do”. This purpose acts like a North Star for the company and guides
every business decision, such as recruitment, customer management, product
development and sales.
With a strong business purpose, you drive your
company’s growth and profits. To achieve sustainable success, businesses should
regularly re-examine their idea of purpose and ensure that they are serving
towards it.
With an authentic and inspiring purpose, your
company has
· A constant and
consistent sense of focus
· A strong emotional
engagement - within the company as well as with the customers and the partners
· A continuous and
pragmatic innovation
If you carefully observe, most sales and
marketing experts usually talk about Unique Selling Points (USP). In simpler
terms, the factor or considerate representation by a seller as the reason why
your products and services are different and better than that of your
competitors.
Having an authentic purpose gives your company a
rise in its USP. When your company has a clear perspective of what it
wants to do, it becomes easy to create products and services to achieve that
vision. For example, Charles Revson, the founder of Revlon always said, “He
sold hope and not makeup!”
2: A
Powerful Brand
If you hope to create a business that is
scalable, you will need to understand how essential it is to build brand equity
and connect with your customer base.
It is due to this attachment that your customers
will be drawn back to your company, its products and services. Building brand
identity is about building and sustaining these relationships over time.
Here we give you some necessary rules that will
help you connect, shape, influence and lead with your product and brand:
· Decide your
intended target audience. The most obvious way a business can fail is by trying
to provide everything to its targeted audience.
· Connect with your
target audience. Ensure that you make your customers feel connected with the
products and services you provide them. This will ensure that they keep
returning to your brand and increase their trust in your company.
· Inspire your target
audience. Sending a simple inspirational message across to your customers is
far better than highlighting too many product features, functions and ideas.
With a proper marketing plan, businesses can
build their brand identity. If you do not have enough finances for a marketing
budget, you can start posting your content on social media and create awareness
amongst your target audience that awy. Social media marketing is becoming
increasingly popular as more and more people use social media more often than
any other medium.
3:
Partnership and Collaboration
During the initial phase of your business
management, handling every aspect of your business yourself is very tempting.
Although there’s nothing wrong in employing a hands-on approach, taking on more
things than you can actually handle (especially when you do not have the
required experience in that area), can damage your business.
In today’s era of global freelance economy, it is
very simple to find talented individuals. But you need to know where you can
find them. Also, a business does not solely function on talent. It also
requires sufficient funds to function and continue its growth.
Securing business funds can be a complicated
process. However, SMEs can now easily secure funds with the help of alternative finance firms.
These finance firms not only provide funds to SMEs and start-ups but they also
provide the funds at a comparatively lower rate than that of the banks.
For any successful business venture, business
owners should know what exactly they want to achieve and put essential
resources towards accomplishing it.
4:
Customer Retention
When a company plans to acquire new customers, it
is bound to cost five times more than retaining the ones they already have. As
a matter of fact, 2 per cent of increase in customer retention has almost
similar effects as decreasing a company’s cost by 10 per cent.
To frame it in another way, when a company
decreases its customer defection rates by only 5 per cent, its profits rise by
13 per cent to 25 per cent (depending on the market your company is functioning
within).
A successful customer retention process starts
when the company initially contacts the customer and continues to do so
throughout the lifetime of the relationship.
5:
Community
In a business ecosystem, countless numbers of
organisations and individuals interact with each other in numerous ways. It is
due to this ecosystem that companies evolve their capabilities competitively.
Ecosystems are essential for growing your
business as they provide the needed structure that supports the businesses
within them. In other words, they extend stakeholder-ship out from the business
and into the society.
6:
Repeatable Sales
In today’s business world, it is not enough to
create a unique product and a brand. Such repeatable sales processes make a
business scalable. There is a difference between signing a few new customers
and designing and implementing sales processes that could be deployed
successfully again and again at an even greater scale.
You will know that you have developed a scalable
sales model when:
· You hire new
employees at the similar productivity level as that of your entrepreneurs or
the sales leader
· You have a sales
conversion rate and return that can be consistently increased
· Your cost of
gaining new customers is less compared to the revenue you generate from your
customers over time
· Your customers get
the correct product at the correct place and the correct time
Because of repeatable sales models, businesses
get a platform to scale. However, a lot of experimentation and intense research
must be carried out before a company achieves a sustainable sales model.
7:
Flexible, Adaptive Leadership
Entrepreneurs need to become leaders at every
stage of their business’s growth for a company to experience sustained growth.
As every company needs to change at each of its growing stage, their leaders
also need to keep evolving at the right time and right place www.CarSite.co.uk.
For this purpose, leaders need to have
introspection, self-awareness and a keen sense of strategy, both short term as
well as long term. Mindfulness is important to develop a flexible and adaptive
leadership style.
Leaders need to understand that their individual,
interpersonal and working lives are all interconnected for buy Cars. Hence, by being
mindful, they understand these relationships and know how they can utilise them
to create, innovate and lead.