The main focus for any company remains attached to making long term profits. ‘Long term business growth’ is what it is termed officially. It can only be achieved through proper planning, strategies, processes as many challenges are encountered while operating a business for long term success. Some of the challenges like maintaining the quality of services/products, delivering products/services on time, solving clients’ queries precisely are mostly faced by companies today. Hence, thorough research on business growth ideas, types of business growth, reasons set for business growth, business growth stages and business growth strategies are ever important to design before taking steps towards making business sustainable. For convenience, we have come up with a few major processes involved in the way to make a sustainable business in this article.
- Building a hard rock foundation for business growth – By giving importance to the fundamentals like efficient supply chain management for regularly meeting customer demands, everyday accounting, and cash flow administration, etc., any business can reach good heights. It is however somewhat difficult to do from the very first day, but with every business operations functioning properly, it is done easily. Even if ambitions are not that big, just by keeping an imperative focus on the daily functioning of the business, greater heights can be achieved.
- Determining the perfect balance between existing and new business – There is a thin line that has to be given utmost importance before investing in the acquisition of a new business or offering resources for making existing client base happy. This is because it is never preferable to rely heavily on existing clients in a competitive business market. On the other hand, there is always a risk of losing the old clients by focusing entirely on the new clients. So, it is always advisable to create a dedicated team who sees the thin line with magnified vision and give opinions, new directions and perspectives.
- Create a happy place – No matter to what extent technologies like artificial intelligence, virtual reality, or augmented reality intervenes in a workplace, the employees remain the major important asset. A happy and motivated employee group gives hundred percent to work, thereby increasing the efficiency and productivity. HR team should involve the employees in routine discussions and listen to them about their demands. A good work-life balance is what they want at the end of the day.
- Give Importance to skills – Shortage of skilled employees is a big problem for many companies today, specifically for the companies in the digital and technology segment. A Company needs to adopt attractive strategies in order to acquire talents. At the same time, it should never defocus from offering a competitive salary and allowances. Hiring candidates from trade fairs and social media have gained glory.
- Professional change – Learning new business models, conducting timely skill enhancement programmes for employees are major growth benefactor for businesses today.
- Staying prepared for disturbance – Businesses go past rapid changes in the modern technology engulfed world. Therefore, adapting to flexible, future-proofed technologies can help in reducing firm’s exposure to disturbance. Disturbances can also come through changing customer expectations for which a company should always be prepared for making spontaneous strategies.
- Make productive networks – This ultimately increases productivity and channelizes innovative strategies in a company. It also reduces workload and helps in the process of shared cost efficiencies.