3 Tips for Creating Sustainable Business Growth
Growing too fast or in the wrong directions can end up in failure or growing pains that overstay their welcome. You’ll have to put your planning hats on to get a harness on your growth and manage it in an efficient and long-term way.
Here are some tips to get it done:
- Start with stepping stones. Every business planning to stick around should have 1 year, 5 year, and maybe even 10 year goals. That can include client growth, employees, revenue, and products. But to get to bigger goals, smaller steps need to be taken upfront. Focusing on quarterly action items towards smaller, two-year goals is great for creating his sustainable growth strategy.
- You better have these two departments. While not all growth is in terms of dollars, you will need a firm grasp of your finances to ensure profitability and sustainability. So it’s crucial to have a financial department that helps you understand their meaning. Another department to keep in mind is operations. This department is responsible for creating and delivering products or services. Your sales, marketing, and production teams are essential but finances ensures you can afford them and operations make their promises happen.
- Align your strategy. A strategy should be continuously revisited. Doing quarterly reviews can be a great way to maintain your path. Regularly meeting with your financial advisors and employees is essential to keep a pulse. There should be short-term and long-term visions that everyone needs to be aware of and working towards.
Check out the full Forbes article for more planning tips and steps you can take towards making a vision a reality.
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