5 business growth strategies to survive a growth streak
They say slow and steady wins the race, but in business the race never ends and slow and steady will soon be left behind. The problem is that the faster the growth rate, the greater the risk. Many companies that experience their first accelerated growth fail to get out the other side. If you are a small business owner, be sure to familiarize yourself with these business growth strategies before hitting the first and all-important growth push.
1. Increase Your Profits, Not Your Income – It’s easy to go blind when you see your income increasing rapidly. Don’t forget that your expenses are surely growing too, perhaps even faster than your income. Growth breeds more growth, and many companies fall into the trap of embracing growth before laying the right foundation. Poor growth management can cause efficiencies to decline and overall costs to rise dramatically. Don’t sacrifice profit margins to increase revenue, they are not sustainable business growth strategies.
2. Develop your infrastructure – That brings us to what sustainable business growth strategies are: the companies that surprise in their growth streak are those that have a well-developed infrastructure. Make sure you have systems in place that allow your company to absorb and respond to new challenges effectively and efficiently, such as clearly defined work procedures, communication channels, short-term and long-term goals, etc.
3. Have a bold vision – Speaking of goals, what are yours? All business owners have a vision, their business wouldn’t get very far without one, but there are many out there. What sets you apart from the rest is the boldness of your vision. In this age of instant gratification, if you are not trying to find a new or innovative way to meet people’s needs, then you should not be comfortable with the idea of long-term growth.
4. Stay Loyal – Just because your business is growing doesn’t mean your head should be growing. No one is successful without the help of their partners, employees, and customers. As your business grows, don’t neglect the people and community who helped you get this far. “Think Global, Act Local” is one of the business growth strategies that applies regardless of shape or size.
There are many ways to grow your business, but you need to be careful that you don’t like to let growth slip away. Negative cash flow is the reality for many young growing companies, but it doesn’t have to be. Follow these to make sure your growth is sustainable.