Every entrepreneur wants to see their business grow, yet few understand the significance of sustaining that growth. We all know the right ingredients, we include the right intellectual capital and talent pool to deliver strategic partnerships, and products/services with high demand. But, you need to look beyond the fundamentals to sustain this momentum.
If you have ambitions to grow your business, implementing new systems and processes that define your goals will give you a bullseye to aim for. More importantly, however, you should also be aware of how your current systems and processes are being adhered to. Knowing where you stand will enable you to make more informed growth-driven decisions.
These insights can assist you in determining the growth factors that need attention in your business:
Get the right people
The challenge lies in sustaining growth. Jim Collins coined the phrase ‘get the right people on the bus’. So, if you’re looking to go to the next level, it could be worthwhile assessing your talent pool and asking yourself how you are currently offering value to your clients; and is your team delivering on expectations.
Do you have the right talent in the right roles? A small shift in key areas could revolutionise your business. Is your team able to identify the right opportunities to create/sustain growth? Are you continuously improving to ensure high-quality delivery?
Related: The importance of getting your business processes right
Ensure operational efficiencies
If you are efficient, your operational costs are lower. Instilling a culture that sensitises employees to costs encourages them to seek ways to streamline. You need to drive efficiencies by design, not by accident.
This helps to ensure that your internal processes are in line with business/consumer needs, and that they allow you to create and sustain growth. Operational efficiencies have a direct and significant impact on the bottom line.
Approach the right clients
Embrace an entrepreneurial attitude when prospecting clients; you want to ensure the business not only grows, but sustains itself over time. So look for, and seize, opportunities previously unseen or that others don’t see at all. As Simon Sinek says:“Do business with people who believe what you believe.”
Embracing an entrepreneurial attitude allows you to see beyond the obvious and spot the best clients that support your business model. This keeps acquisition costs low and assures client relationships are mutually beneficial. It’s about doing the right business, in the right way, with the right people.
Leadership is important
The most successful leaders have a clear direction, are decision-makers and cast a vision internally and externally to excite and motivate stakeholders.
Being in events, I have made millions of decisions, and have become almost immune to pressure situations; and I am intuitive about casting strategic, long-term plans for the future.
To sustain growth, you need to be confident in your decisions, and see the glass as half full. However, the key to growth is to ensure you cultivate this skill within your leadership team (managers), so it does not rest solely on your shoulders.
Related: Plan ahead for new car purchase
Take (strategic) risks
To sustain growth, you must embrace the idea of risk taking, and be comfortable with making calculated risk-related decisions. For example, when we opened our Cape Town office, it was a risk. We are well known, but, competition in Cape Town is fierce and awareness of our brand was low, as we are based in Port Elizabeth.
Yet, there was an intuitive belief that we could create a successful offering to a large consumer base. Therefore, it was a calculated risk and one that I am proud to say has paid off.
Sustaining growth requires you to share your momentum with employees, suppliers, and customers. You, as an entrepreneur, cannot drive sustainable growth alone, you need a strong, collaborative team.
When sustainability becomes part of your organisation’s fabric, you’re not only able to grow, you steam ahead of the competition. As leaders we need to be pioneers, push the boundaries and create new paths.