Only around 50% of new businesses survive more than five years, and just one-third make it to ten.

So what’s the one thing you can do to help ensure your business is sustainable?

Create a clear, actionable growth strategy.

A growth strategy is more than a vision for success.

Without a concrete plan, you risk stagnation—or worse, losing ground to competitors.

Rob Beiderman, writing for Entrepreneur Magazine, outlines a seven-step process for building a successful growth strategy.

Here’s a summary of his approach, along with a few of my own thoughts based on real-world experience:

1. Establish Your Value Proposition

What sets your business apart? What makes customers choose you over competitors? Your value proposition should be crystal clear. Focus on the unique benefit you offer – and don’t dilute it by trying to be everything to everyone.

2. Identify Your Ideal Customer

You started your business to solve a problem. Who exactly are you solving it for? Make sure you’re targeting the right audience. The clearer your focus on your ideal customer, the better your chances of sustainable growth.

3. Define Your Key Indicators

You can’t improve what you don’t measure. Identify the key metrics that drive your business and track them consistently. Growth should be measurable, and your key performance indicators (KPIs) are essential – not just for tracking progress, but for making smart decisions.

4. Strengthen Your Revenue Streams

Take a close look at how your business makes money. Are your current revenue streams performing well? Could they be improved? Are there new opportunities worth exploring? More revenue doesn’t always mean more complexity – it’s about smart, strategic refinement.

5. Learn from the Competition

Your competitors may be succeeding in areas where you’re not. Study what they’re doing differently. What’s working for them? Why? It’s not about copying – but about understanding different strategies and deciding what could work for your business.

6. Play to Your Strengths

Instead of focusing all your energy on fixing weaknesses, ask: what are we great at? Build on your strengths and create opportunities where those strengths give you a competitive edge.

7. Invest in Talent

Your team is key to growth. Hire people who believe in your business and align with your values. Be frugal where it counts – but never cut corners when it comes to building a strong, motivated team. The right people are your most valuable long-term asset.

What’s striking is how often these principles come up in conversations with clients.

It’s reassuring to see that these common-sense approaches are also backed by strategic thinking.

But remember: growth strategies aren’t one-size-fits-all.

Every business is different, and your strategy should reflect that.

While you can draw inspiration from others, blindly copying another company’s playbook won’t deliver sustainable results.

A tailored growth strategy – designed specifically for your business and your customers – is what truly drives success.

If you would you like to discuss this in greater depth, please feel free to get in touch. I’d love to hear from you!