It is essential to accept and follow the golden rule of business which states that more than the business growth, it is essential to achieve sustainability in business. There is a myth running in the market that “Irrespective of the size of your business always target the growth of your business.’ However, as said earlier, this is a complete myth. Business growth is not the only parameter for the success of the business. The business sustenance factor also plays a crucial and equal role in defining success for the business.
Therefore it is essential to analyze the situation where you need to ascertain that your business is nearing the natural ceiling and you need to sustain it at its optimum size. As per studies business survival rates in the first year of its trading is as high as 91%, but then by the end of the fifth year, the same rate stoops down to 20%. Thus sustaining growth and accelerating business success takes much of efforts, and they are as follows:
Business studies say that there are five stages of business growth after inception; they are existence (getting customers), survival (revenue), success (prosperity) and the other two are more critical namely take off and resource maturity. It is the last two stages where actual sustaining of business occurs. In the take-off stage, the business gear up for rapid growth and resort to the financial means to achieve this. Then comes the resource maturity phase; it is a phase where you need to be innovative and use this aspect and take risks to shine and get ahead of your competitors.
STAGES OF BUSINESS GROWTH
The association of customer experience and revenue growth cannot be declined. There is immense pressure and competition while catering to the customers. The businesses that can provide frictionless services with utmost efficiency, security, and seamlessly are expected to grow and sustain better. Currently, due to digitalization and lack of time, customers tend to switch to digital tools. Along with this, it is transparency and trust that can help you in growing big and creating the loyal clientele base, which will help you to sustain in the market. Going digital and paperless will lead to faster movement of business, and this is the key to growth and sustaining the business.
The best way to let your business grow quickly and also to sustain it is by utilizing sales funnel. The lack of both factors can limit your chances of growth and sustenance. The sales funnel helps in attaining automation, which will further help you to scale and grow your business with great ease and in a limited time.
Tracking transactions with the consumers manually are somewhat impossible but using customer management system can be highly beneficial in this context. Using cloud-based software can be a great viable option for growth as it makes things much transparent and gives the figures a concrete shape that can help in the growth of the business.
In the business world, your efforts towards your business should be endless, but it is also crucial to know what your competitors are offering. The knowledge about what is happening in the market and ways of your competitor will take you a step ahead. As you will easily able to analyze the type of demand and supply and offer satisfactory solutions. Knowing the workings of your competitors and what is the key to their being in business and growing can help you a great insight into the market and thus help you grow tremendously with sustaining the growth.
Try to locate new business opportunities, analyze foreign markets and other areas that could be of potential expansion. Thus with the proper study, you could get a better understanding of opportunities that help in your growth and also sustain your business in the long run.
It is peculiar and extraordinary that many assume without considering other aspects that to justify a business to be successful, it has to be significant or growing rather just sustaining it would be sufficient.