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Sustainable growth practices every business leader should know

June 15, 2022 -  By
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Photo: Khanchit Khirisutchalual/iStock / Getty Images Plus/Getty Images

Photo: Khanchit Khirisutchalual/iStock / Getty Images Plus/Getty Images

The green industry enjoys another season of strong demand, but accelerated growth at times like this comes with risk.

As businesses grow, the stakes go up, and that can be scary. There are practices seasoned professionals rely on to protect their companies. Applying one or more of the following practices could prove to be valuable preparation for whatever lies ahead.

1. Get to know failure to avoid it

Legendary investor Warren Buffett and his partner Charlie Munger built an unparalleled investment portfolio by betting on what’s not likely to fail. They choose companies with predictable growth instead of taking risks on faster growth that may later prove unpredictable.

Planning to fail is the inversion of planning for success. It’s avoiding the probable obstacles that trip up many businesses. One way to do this is through diversification. When taking on new work or team members who do not fit your typical profile, limit your risk by planning for what could go wrong. Regardless of what happens, celebrate the lessons learned to strengthen your company.

2. Quietly offer VIP customer service

Your best customers already receive your best service, but not all value it equally. Some expect it, and others may be willing to pay more for it. Consider formalizing this elite level of service to quantify its value and determine which customers should get it. It’s a well-known practice in the hospitality industry to reward perks such as upgraded rooms and seats for the customers who value the company the most.

Every company should consider setting up a VIP program to enhance its customer service. VIPs will sense greater appreciation and feel more invested in the company’s success. Most importantly, they are likely to mention it to friends. To better manage expectations for all customers, you may wish to quietly market this service to your most profitable ones.

3. Learn to say yes slowly

There are multiple paths to success, but the one to sustainable growth is well worn by industry leaders who have preceded you. They learned to say no to the many distractions that stood in the way of their company’s vision, mission and goals.

Saying no may seem inconsiderate or arrogant, which is why mastering the art of slowly saying yes works better for earning respect as a thoughtful and considerate leader.

Keep track of the time sucks that come your way — in a normal week — to determine what to eliminate or delegate. Then practice your responses to more freely say yes to the needs of loyal customers, employees, business partners and family.

These are unprecedented times. There’s more work than most companies can handle, but there are also shortages of materials, certain types of equipment and skilled labor. Apply one or more of these practices to predictably sustain your current growth for years to come.

Jeff Korhan

About the Author:

Jeff Korhan is the author of Built-In Social, founder of Landscape Digital Institute, and a Duct Tape Marketing Certified consultant. Jeff works with service companies that want to drive growth and enhance their brand experience with digital platforms. Learn more at www.landscapedigitalinstitute.com

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