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How to achieve sustainable business growth!

How to achieve sustainable business growth!

No matter what industry you’re in or how big your business may be,
business growth relies on practical management.

1. Maintain good books


To achieve real, sustainable business growth, you need to measure and analyse your profits, your budgets, your cash flow and your costs.

In other words, you need to know your numbers.

Many people make the mistake of just monitoring sales and assume that good sales equates to growth. But this isn’t the case.

You need to understand your costs, monitor your outgoings and have strong bookkeeping foundations, so you know exactly where you are at a glance.

2. Set measurable, realistic goals


Sustainable growth isn’t just a single number that indicates success.

To achieve growth, you first need to set measurable goals – not just budgets, but business goals as well.

Setting arbitrary goals like, ‘I want to earn more money’, won’t work. You need to be able to measure and be held accountable for achieving the goals.

A more specific goal that you can measure would be: ‘I want to improve my administration efficiency so I can take on two new clients’. By achieving this goal you are not only increasing your business earnings, but you are reducing costs by becoming more efficien

3. Diversify so growth doesn’t rely on one factor


A key indicator that your business is on track to achieve sustainable growth is that you have adequate diversification of your products or services in place.

Just as you can’t keep your prices stagnant over time, you also can’t keep your service, or product offering to one stream.

Diversification means you have a more comprehensive range of profit sources, so you aren’t relying on one income source.

4. Focus on customer/client success


This brings us to a critical element in successful sustainable growth: maintaining your clients or customers.

By making sure you satisfy your customers’ needs and understand how they perceive your business, you can improve your services.

If you keep your customers happy, they turn into repeat customers, which is a critical component of success.

Loyal, satisfied customers will not only happily pay for your products or services, but they’re also your most efficient marketing channel.

For more information please read the original post by MYOB
https://www.myob.com/au/blog/sustainable-business-growth-practices/

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