There were 5.4 million Americans who applied for a business in 2021. But nearly 1 in 5 U.S. businesses fail within the first year, and almost 50% of businesses fail after five years.

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As a business owner, you want to stay afloat despite numerous challenges such as competition, inflation, supply chain, and workforce. 

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Reinforcing your business with sound strategies is crucial. In this article, we’ll discuss ways in which you can achieve sustainable growth and continue taking your business to the next level.

How to Achieve Sustainable Business Growth

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1. Be driven with an authentic purpose.

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Always go back to your "why." This should be your guiding star across your teams and leaders. Having a strong purpose for the business drives growth and profitability. This will help your people have a sense of focus and your customers have a sense of attachment.

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2. Create a strong brand identity.

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When you know the audience you want to serve, it becomes easier to build brand equity and establish emotional connections with customers. Sustaining relationships and connections through your brand is what will make and keep loyal customers.

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3. Aim for productive partnerships, collaborations, innovation

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Tapping other businesses from a different industry can immensely help overcome roadblocks that your company could be experiencing. Utilizing others’ expertise can make workflows more efficient. 

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A good example is when your business has limited resources for digital innovations. You can search for resources to assist you with your needs and avoid losing time and money over attempts to do everything yourself.

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4. Create a customer experience map and ensure customer satisfaction.

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It costs less to keep your current customers than to acquire new ones. Look at your customer experience map and see which stages need to be addressed. Get feedback from your customers too to see if your actions are perceived as valuable or if there’s a gap.

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5. Maintain a repeatable sales model and retainers

Adopt a sales process that will let you gain a steady conversion rate and revenue. You can also entice your customers into a subscription model rather than simply focusing on one-off purchases.

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6. Keep your team engaged.

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When your team members are happy and aligned with what your business serves, this will translate into better productivity and higher customer satisfaction. Create a culture that encourages feedback, integrity, and shared responsibility. Invest in activities and tools that promote a positive working environment.

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7. Review, analyze, and revise strategies regularly.

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Circumstances and markets change. So it’s not economical to stick to the same strategies you used when you launched your business and still expect them to bring you growth after a decade. Analyzing data and revising strategies may help the business outperform others.

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8. Align your messaging across your sales and marketing teams.

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Your sales team will have a better grasp of your customer's pain points, and your marketing team can help work out a plan to address them. These teams should work hand in hand to come up with actions to effectively achieve your revenue goals.

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9. Prepare for disruptions and be flexible.

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It’s important to be adaptive to the various challenges that your business comes across. Don’t fear change and continue to explore your short-term and long-term strategies. 

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Ride Out your Obstacles

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Achieving sustainable business growth may not be a walk in the park. Focus on being intentional and creating a scalable strategy to help you manage a successful, growing business.

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