What Do You Need for Sustained Business Growth?

Dave Thomas

November 03, 2020

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In running a small business, are you seeing the sustained growth you need to so that you can be around for the long haul?

One of the big challenges facing small businesses is getting through the first year.

As the U.S. Bureau of Labor reports, two out of 10 businesses go under in their first year of operation. Meantime, the Small Business Administration (SBA) Office of Advocacy notes that only some 50 percent of small businesses make it past the five-year mark.

So, if sustained growth is not in the cards for you and your small business, it can make things much more difficult. In fact, it can make it so you are not in business if not careful.

Put the Odds in Your Favor

So that you have a better chance of being around for the long haul, here are a few tips to help you sustain growth:

1. Know when you need help – If you are too stubborn to ask for help, it can put you and your small business in a financial hole. This is why whether seeking a loan, line of credit or other means of financial support don’t be stubborn about it. Know when you need to get that financial boost to help your business out. There are plenty of small business financial providers online that can help you out. Visit some of their websites and reach out to discuss potential financial solutions. If you have some friends in the small business world, talk to them. See how they may have gotten through any notable financial challenges.

2. Keep evolving with times – One of the best things you can do is to continue evolving with the times. Not doing so can put you at a disadvantage as it related to your competition. For example, do you have a small business app? According to a 2019 report from VisualObjects.com, just over 30 percent of U.S. small businesses had a mobile app as of 2019. Keep in mind that an app can give you a 24/7 connection with consumers. While not all are going to do business with you, some may well consider doing so. That app allows them to browse your website at their convenience. If you have an online store, they can also shop with you at their convenience. By evolving with the times when it comes to technology, you are doing something to sustain your growth.

3. Socialize things – While the exact number is not known, millions are online at any given time. This is why being socially active works in your favor. You can use sites such as Facebook, Instagram, Twitter and more to connect. Use your social platforms to go about promoting your small business. You can also interact with consumers via your social offerings. According to data from SCORE, more than 75 percent of small businesses turn to social media. That is in their day-to-day regular operations. This includes tasks such as customer service and marketing. So, are you socially active? If not, what is the reason for being out of the loop?

4. Customer service is key – It goes without saying customer service is key to success. So, are you doing all you can to provide top-notch customer service each time out? Yes, even one slip up can cause a customer to go elsewhere. That is why you can never take quality customer service for granted. Doing so could be the last time you see a specific customer do business with you. One of the ways to see how you are doing with customer service is to ask the customer what they think of you. Did you meet or even exceed their customer service needs? What could you have done differently to make for a better experience? Would the customer be willing to refer your small business to family and friends? These are all questions that you in fact could use the answers to at the end of the day. Not knowing what a customer is thinking can be one of the most dangerous things for a small business owner.

As you look to sustain your growth and stay in business for years to come, what do you need to brush up on sooner than later?