|Start-ups and small business owners often wonder how they can attain sustainable growth with little or no resources. Think in terms of the product, process, and people. Think of the latter (people) in two folds; the customer and human resource. These areas can either help or hinder your venture from building sustainable growth. |
Let us start with the product. What problem is it solving? And if it is an existing product, is it still solving a problem for the customers? Customers tastes and preferences change. And if the product is not addressing any problem, even latent ones, those are signals that that you need to go back to the drawing board.
People are often mentioned as the most important part of your business. While this may be true, it does not make any other area less important. People are very integral to sustainable business growth. Do you as an entrepreneur have the human resource to deliver on your USP? Are they on the same page as you in the delivery of the product and service? It is worth considering your people’s capabilities and what needs to change to create a competitive advantage and agility to capitalize on opportunities that arise.
Your processes can also make or break the sustainable growth potential of your venture. Recall we mentioned changes in customer tastes and preferences earlier. Customers whether B2B or B2C want products and services delivered much faster for example. And it is hard to compete against instant gratification, so you want to review your processes. Is all that paperwork necessary? Can a few processes be automated, or can some be eliminated?
Finally, you want to pay attention to factors beyond your control. Do not ignore them! Factor such as economic, political, or technological trends should be closely monitored. The more informed you are, the better prepared you are to run for cover or capitalize on opportunities.