4 Ways I Grew My Business From Startup to 17 Years of Sustained Success

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4 Ways I Grew My Business From Startup to 17 Years of Sustained Success

By Nathan Miller | Edited by Kara McIntyre | Entrepreneur Magazine | October 4, 2024

Extractive Summary of the Article | Listen

Over the past three or four years, startups and small businesses have confronted unique challenges like the lingering effects of the pandemic, fluctuating inflation rates and global supply chain disruptions. Surviving, much less thriving, has required herculean effort and resilience. As we head into the last quarter of the year, what insights can we gain from the successes of small businesses in 2024?

Growing from a startup to a successful and sustainable business demands years of dedication — a truth the author can wholeheartedly attest to as he look toward 20 years of entrepreneurship. The average startup’s growth rate plummets from an impressive 268% in year one to 71% by year three, so what should we anticipate for year five? Year 10? You don’t necessarily need to go across state lines, chase outside investments or go public to achieve regular and repeated growth as a startup. Here are four important lessons he has learned from leading a company that continues to thrive and be recognized for its growth after 17 years in business.

  1. Let your customers be your business compass.  Your customers are the foundation of your success. What’s best for your customer is best for your business, and what benefits your customer will ultimately benefit your business. Every decision and move you make should reflect their needs, wants and pain points. When you truly listen to your customers so they feel heard and supported, you can shape your products, services and overall business model to consistently deliver value. Couple this with a steadfast commitment to exceptional customer service and you’ll see lasting loyalty and create customers for life.
  2. Embrace automation, but preserve human connection.  Time is one of your most valuable resources as a startup founder, and streamlining routine day-to-day tasks with technology frees you up to focus on innovations and strategies to better serve your customers.  Embrace automation wherever you can, but your goal should always be to complement the critical human elements of your business rather than replace them. Customer service is one example of an area where I refuse to compromise on genuine human connection because our relationships with our customers are our greatest asset.
  3. Success is built on relationships.  Relationships are foundational to business success and nurturing them is critical to your growth journey. Investing in and celebrating your employees, vendors, partners, customers and community will strengthen your business from the inside out.
  4. Establish trust through expertise.  A lasting competitive edge is more than your product or service — establish your brand as an authority that customers can rely on for accurate and valuable guidance and expertise. Solidify trust and your reputation by becoming a go-to expert in your field.

2 key takeaways from the article

  1. Growing from a startup to a successful and sustainable business demands years of dedication. The average startup’s growth rate plummets from an impressive 268% in year one to 71% by year three, so what should we anticipate for year five? Year 10? 
  2. The folloiwng four important lessons the authors has learned from leading a company that continues to thrive and be recognized for its growth after 17 years in business: Let your customers be your business compass, embrace automation, but preserve human connection, success is built on relationships, and establish trust through expertise.

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Topics:  Startup, Entrepreneurship, Growing a business, Sustainable Business, Business Longevity

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