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Key Takeaways Sustainable growth requires a long-term vision through investment in market research, technology and the right people.
Understanding customer pain points and value drivers, along with informed sales approaches, differentiates a business in a crowded market.
Adapting to consumer demands and leveraging a mix of marketing channels, technology and strategic partnerships are crucial in scaling a business for the future.
You have a great idea for a product, service or even a brick-and-mortar shop. You’ve discovered a need, an area that you can fulfill or even improve upon what’s already being done. Integral to your planning, sales and marketing strategies is determining how you build and scale the business to drive growth not only next year, but also for the next five or 10 years and beyond. You want your business not only to survive but also to thrive.
Understanding sustainable growth
Sustainable growth is not about getting bigger at record speed and generating revenue quickly. It’s about looking at the long game, so you achieve consistent and stable growth, with real staying power. This involves investing in market research, people, technology, various marketing channels and partnerships.
Know your business
At the outset, define your business, mission and core principles, and ensure you live by them. Why are you doing what you do? Where do you see the business in a year, in 10 years? How can the business evolve? Answer these questions so you know where you are and where you’re going. Then figure out how you will get there.
Related: 7 Strategies to Scale Your Small Business and Achieve Sustainable Growth
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