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5 Secrets of Sustainable Business Growth Students Must Know

As a student of commerce, if you are asked to choose between growth or sustainable growth, what would you go for? Before you answer this question, it is better you first understand the meaning of sustainable business growth. It is the maximum growth rate that an enterprise can achieve without increasing its financial leverage or debt financing. According to the financial advisers, if the breakeven point is the floor for the sales growth, then sustainable growth rate is the ceiling for the sales. If a business crosses this rate, then it would require new finance for maintaining cash flow. The idea is not new, and even you might have noticed your mother managing the cash flow while keeping a household in order. So coming back to the question again, i.e., growth or sustainable growth? Surely, you would choose the latter. But, the problem is how to maintain the sustainable growth of the business. Read this write-up that consists of some fundamentals of sustainable business growth:-

1.) Customer-Oriented Goals

The best possible way to retain your customer is to have goals that focus consumers interest. Customer orientation is a simple approach that focuses on sales and customer-relations by helping consumers to meet their long-term wants and needs. The manager must understand that his and employees objectives must revolve around satisfying the customers. Every sustainable business has an Organizational Success statement that includes a commitment to customer orientation and plans to inform and train employees for that purpose.

2.) Create a Powerful Brand

This is crucial from the point of making the business a success. For creating a scalable brand, you have to build an emotional connection with your customer. With the help of those attachments, you can link customers to your products and make them loyal to you. Creating a powerful brand is all about developing and sustaining those tie-ups over time.

3.) Build Partnership and Collaboration

Everything is fair in love and war especially in those that are being fought in the business market. Every enterprise in the starting phase lacks funds. The best way to tackle this problem is to join hands with other big giants dealing in or are showing interest in your field. These hands-on approaches might have field experience that probably you lack. Apart from providing funds, they can also furnish you with their best of expertise and technological aids.

4.) Increase Customer Retention Rate

It is a well-known fact that for a business, acquiring new customers is always costly than retaining the old ones. The companies who know how to handle customer defection rate are making huge profits. This rate depends only on the efforts an organization put in maintaining the warmness of their relationship, thereby making them loyal to the brand throughout their life.  

5.) Flexible Leadership

Every business goes through various transformation phases, so the leaders or managers have to be adaptable and flexible in accepting those changes. They must evolve their leading skills according to demand for a situation and its pace. The heads must inherit skills such as self-introspection, self-motivation, self-awareness and a keen sense of structuring short and long-term business policies and strategies.

 

One thing that you must understand that growth and downfall are the part of a business, but what makes you a great entrepreneur is how you handle the situation. Hope you are now well-learned about the difference between regular and sustainable business growth and how to maintain the latter.

Are you overburdened with your lengthy entrepreneurship assignments? If yes, then dont wait for your deadlines to trouble you and hire us to write your documents. We, at Assignment Prime, have an experienced team of writers and academic experts and provide the best entrepreneurship assignment help to scholars at reasonable prices.








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