Sustaining Your Business: Key Tips for Maintaining Business Growth
One of the most important aspects of business growth is sustaining that growth. It’s the age old problem which every business, professional, and entrepreneur encounters: your business has experienced a decent amount of growth but now there’s the sudden pressure to maintain that level and grow even more. So, how do you sustain adequate business growth? Here are just a few straightforward aspects which you can implement to ensure business success.
When it comes to customer service, do not compromise. This cannot be said loud enough. One of the absolute best ways to sustain the growth which your business has experienced is to place strong emphasis on customer retention. If your business is struggling to retain the customers which it already has, then your pursuit of new customers will be futile. Maintaining your current customer base, and then seeking new customers, which you also retain, will provide steady and consistent growth. Not only is word of mouth from positive customer experiences one of the best ways to get new customers, but having a solid base of loyal customers with sustainable demand means that your business will be more equipped to deal with hardship. One of the best investments you can make for your business is into excellent customer service.
Connect with the Community
For any business, the local community can be one of your most valuable assets. Your local community provides a unique opportunity for your business! When you connect with and give back to the community, then the community will give back to you. Creating those positive connections and positive reinforcement of the company name means that your business will be trusted within the community. This is one of the noblest ways for you to create a reputable and trusted name for your brand! Whether it’s small monthly donations to a local non-profit or an annual food drive for the less fortunate, your community has needs, and you can both give back and boost your business reputation at the same time!
Often when businesses experiences growth or success, they often feel as though they have to raise overhead costs. Whether it’s for a bigger space, updated technology, or a bigger budget for marketing, your businesses doesn’t necessarily have to double its costs just because it doubles in growth. In fact, if your business is doing well then that is an extraordinary time to lower your costs! Of course, certain things might be worth it like a new product roll-out or maybe an updated website, but there are ways to get out of many major overhead costs. One way is by leasing out an executive suite in a professional co-working environment. When you lease here at Legacy Office Centers, you have access to all the state-of-the-art facilities and amenities, without the extravagant costs. Or, you could go virtual! More and more businesses are transitioning to online. Check out our blog post “8 Reasons Why a Virtual Office Might be Right for Your Business” to explore this option more! Lowering costs or keeping them lower than what they could be is without a doubt one of the best ways for you to sustain your business during the highs, and the lows.
Consistency is Key
Brand consistency means that you are able to deliver the same quality of product or service every single time without fail. This goes back to customer retention. If you are able to consistently provide the same quality of product or service then you will retain old customers, and obtain new ones. People want consistency. They want to know exactly what they’re getting. One of the most common mistakes any business can make is failing to build a quality, reliable brand.
Partnership & Collaboration
We’ve all heard the phrase “Your network is you net-worth” but why is a network so important? Creating partnerships with other businesses and professionals in the area will open doors, create a strong support system, and increase brand awareness! As previously mentioned, word of mouth referrals are some of the easiest ways to get customers, but also noteworthy is that these customers are generally the quality of customer which will provide sustainable and quality demand. Quality of customer is equally as important to the business as quality of product or service. Having a broad network with a diverse variety of individuals allows you partner and collaborate in unlimited ways which can boost your own business as well as the one with which you’re partnering. Here at Legacy Office Centers we recognize the importance of networking. That’s why twice per month we hold our Forum Success Partners meeting wherein we collaborate and discuss a variety of topics from market trends to individual business expansion, to adaptation during the time of COVID-19. Additionally, we regularly hold Meet & Greet events for all of our tenants as an additional networking opportunity. One of the best parts of our community is the dozens of business relationships which have been forged and the countless opportunities for additional collaboration.
Flexible & Adaptable Leadership
Finally, there is retention of strong talent. Sometimes management can be so focused on customers and customer relationships, that they neglect some of their most valuable assets: their employees. It happens time and time again that a strong, passionate individual is hired into a company only to quickly realize that the environment and leadership is not one in which they want to work. Creating a work environment that is comfortable, has open communication, and above all is run by a strong and adaptable leader will be the difference between success and failure. If the work environment you create is not one suitable for top talent, then you will not attract top talent. Taking even small steps towards creating a fun and engaging work environment will make a world of difference! Being a flexible and adaptable business leader will increase employee retention and satisfaction, which will in turn result in your workers taking pride in their job and thus they will be far more inclined to perform at a higher level.
These are just a few basic measures which you, as a business leader, can implement to sustain your business and its growth. Of course, it’s not quite so simple and everything takes time, but if you start slowly but surely implementing these then you are well on your way to building a trusted, quality driven, reputable brand.