Gaining Sustainable Growth

May 3, 2019 |

Sustainable Growth

Gaining Sustainable Growth is a business’s way of funding its growth without leveraging finances or debt. (SGR=Retention Ratio X Return on Equity)

Searching for a way to optimize the growth of your business is not easy to find but assessing all the different factors that interfere with your growth will allow you to visualize potential strengths, weaknesses, opportunities, and threats.

Address The Issues

Once you’ve discovered all the environmental factors that contribute to your company’s growth, the next steps must address two issues: Your businesses infrastructure and your business plan. These two aspects of your company contribute a solid foundation and help in forming strategies that will yield consistent growth. Knowing the issues your company faces and formulating a plan to differentiate your brand will be essential to continuous growth.

Building Your Brand

Starting a brand is not easy, essentially you are giving your products/services identity and to do this it takes tremendous amounts of time, energy, money and consistency. Start with the basics by posting on social media every day, engaging with followers, start a blog, be on a podcast or host networking events, any way you can get your name out to the public and convey your message. This will allow you to establish a reputation, which we all know, takes time. However, building a professional brand will make customers feel more comfortable choosing you over competitors, especially if you have differentiated your products/service in the beginning.

After you’ve gotten a consistent strategy for brand recognition its time to stretch the lengths of your companies reach. Partner and collaborate with other companies. Build valuable relationships with industry experts to leverage information, services, barter deals, testimonials, referral deals, and other methods to get more exposure as well as business in general.

Next, you’ll want to have a process in place for retaining customers. This is where tracking and measuring business data becomes an important aspect of implementing sustainable growth. Acquiring new customers is expensive, almost 5 times the cost of simply keeping an existing customer. Make customers happy by keeping them engaged with promotions, emails or deals that show them you care.

Attract Sales

Lastly, you’ll need to have repeatable sales. Sales really are the biggest driver of any business and without it, there is no growth. If you have set a solid foundation of what makes your product/service different and branded your company as something unique then repeat sales should not be a problem.