3 Key Ways to Successfully Grow a Business
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Management

3 Key Ways to Successfully Grow a Business

by NewsCredFebruary 14, 2017

A CEO’s work is never done – especially when it comes to growing a business.

Numerous factors impact your bottom line: your business model and pricing. Your marketing strategy and execution. The methods you use to attract and retain customers. The team you hire to bring your vision to life. And more.

Each factor plays a crucial part in a company’s success. So it’s not a wonder that many CEOs lose sleep at night thinking about how to best address each one.

NewsCred’s CEO and Co-founder, Shafqat Islam, has run the company for nearly a decade, scaling it from a three-person startup to a successful global business. He has a unique perspective on the role of the CEO, especially as it pertains to growth, and he shared his thoughts in a recent Fortune article

“I’ve learned that what keeps you up year one is not the same as year three, five, or eight,” Islam says.

The following three action items are what Islam currently believes are key to a company’s growth and success:

Retain and Grow Existing Customers

People often mistakenly think that growing a business is dependent on new sales. But real, rapid, and sustainable growth comes from retaining the customers you’ve already won. Retention is part art, part science. While you need to make sure you deliver what you sold them and continue to innovate, you also need to carefully study trends across your customer base, identify areas where accounts may hit issues or churn, and then plan to mitigate those proactively.

Consider Your Team a Constant Work in Progress

There are millions of hardworking people in the world, but finding those who are the right fit for your business can feel like finding a needle in a haystack. As your company grows, the demand for people will increase, and it’s up to you not to get complacent and hire “a body” vs. the greatest A-team player you’ve ever seen.

Relentlessly Advocate for Your Culture

Day-to-day, it’s easy to get lost in one’s to-do list. Yet, as NewsCred has grown, I’ve found that it’s incredibly valuable for the entire organization to understand our clear vision and core set of values. By underscoring those elements of our culture every day, the to-do lists have purpose and a true north to help guide prioritization and commitment.

 

For more on these insights, read the full article on Fortune.com.