Businesses will not survive and grow without it
There is a lot of talk about sustainability, while some companies do it better than others, some ignore sustainability all together. Much of a companies ability to survive and grow is the ability to intertwine its growth practices with the outside world.
It's not enough for a business just to exist anymore. That is why many companies choose to have sustainable practices because, well, it's about us, and the world around us, right?
All the talk about the environment can spin you for a loop. Just be sure to take that energy or loop, from mind to action.
When we think about the old adage that says, “what is not growing is dying” we quickly understand that growth is vital. You see, some companies may not think that they need to grow but growth isn't necessarily all about vertical change in financials or vertical changes in products or services. Growth can also simply mean much better products and services, or much better customer engagement, which then leads to increased value, and a heightened sense about the company in general.
This is typically what we mean when we think of serving others well. When a company adds value for its consumers, that value will translate into an increase in some way. When we think of innovation for our companies, we can think of enhancing and optimizing what already works as one model for success. This is translated in our ability to listen to the customers desires, the ability to serve them well, and the ability to improve on what the market has already proven to you that they enjoy. If you start there you could save on costs and bring ROI shooting upwards without needing extra capital, or taking on new projects.
Furthermore innovation is the key to surviving threats. While incumbents will always be competitive, standing out from your competitors will ensure your survival and sustainability. The key here is to know how to move with your customers needs and satisfy your market well while maintaining and always moving towards enhancing your business competencies and your impact on a whole.
A key advantage to innovation is that we can use it to serve customers with less, while we give more. Remember there are many ways you can enhance your current products and services as well as grow new ones.
Below we share 5 steps to improving and/or extending what you currently are already offering to your customer or clients.
1) Conduct Surveys- Before you begin your journey to enhance, improve
or grow your products and services conduct a survey to ask your
customers/clients what they want and what their experience with
your company is like. Dig deep to solve pain points
2) Improve Your Customer Engagements- See how you may improve customer engagement or how to extend that by evaluating where extra help may be needed around existing products or services.Our second component is innovation activity which is comprised of 3 major elements:
3) Schedule your - Put your review for product and/or service reviews on the Calendar at least a few times a year to see where you measure up in specific areas as well as overall customer satisfaction.
4) Share your intention to improve- Give your customers previews of what you are planning to do. This encourages excitement about your activities. Customers will then anticipate what you’re doing and respond more favorably when actions are taken.
Schedule your - Put your review for product and/or service reviews on the Calendar at least a few times a year to see where you measure up in specific areas as well as overall customer satisfaction.
5) Find away to reward your customers for participating or offering any feedback. You can choose specific discounts, coupons, special introductory pricing on new products etc.
Kudos to the companies that put their customers first, while it’s easy to say, it’s the action that counts here.
Now lets discuss 6 activities that are crucial to being a sustainable company, these activities are monitored and repeated periodically once they begin.
1) Scan the Environment- Both your natural environment and the societal environment before you begin your journey to engage in sustainable activities, see what your environment can offer and vice versa. Note
the natural resources for the company. Note Your Societal Environment, managers can take note of economic, technical, political, and social cultural forces that impact the company.
2) Analyze your task environment / Industry.
3) Monitor the existing trends in the societal and natural environment .Monitor the existing trends in the societal and natural environment .
4) Review the results as well as your impact on the eco system /environment as company on a whole or how you can have a better impact.
5) Choose and then commit to an area that your company is positioned to best serve.
6) Develop and execute a sustainable plan that allows you to maintain growth based on your strengths. Be sure these plans can be merged with your strategic/business plans without jeopardizing your interests.
If businesses can work on maintaining their positions in the market while giving back to the ecosystem it is a part of, it creates a great combination of enhanced value that lets customers know that the business plans to be around for the long haul.
Here we pride ourselves on analysis, we know insights derived can be crucial for taking advantage of opportunities.
As you look forward into the new year, evaluate your goals for sustainability and survival.
We'd love to hear how we can help, schedule a call with a team member today.
Malek Mia Management Strategic Planning Services and b2b sales consulting services here: www.malekmiamanagement.com