Businesses these days are trying their best to keep up with consumer demands regarding sustainable practices. They want to cater to eco-conscious consumers who are after sustainable business practices and eco-friendly offers. The transition itself can be tricky. But it only becomes even more complicated once you start scaling the business.
You will face numerous challenges when trying to grow your brand sustainably. Here are three key challenges you are likely to face and how you can resolve each one.
There are many ways to grow a business. One of which includes expanding your operations. If you are offering consumers physical products, you surely require more space to store inventories, showcase your offers, and accommodate more employees.
There is a need to make sure everyone within your premises is safe. You could already be investing in physical security measures. You have security policies in place and ensure your employees are trained properly to do their jobs and observe safety measures when working.
But how about your brand’s online safety? Sustainable brands are simplifying business processes by going paperless. They are also taking their business online.
Brands can no longer optimize business growth without marketing the business on the internet. One needs to grow their online presence and start offering these products and services to online consumers. There’s also the fact that most businesses these days have employees working remotely.
This only means your growing business is at a bigger risk of online security breaches. Failure to prevent cyber attacks can lead to a series of costly consequences. Your first line of defense should include imposing IT procedures that will help boost your brand’s cybersecurity.
It also helps you invest in security incident solutions to take advantage of professional threat intelligence. Many reliable companies offer comprehensive incident solutions to better cater to your brand’s unique security risks. Services like ServiceNow vulnerability management solutions will help prevent security attacks so you can put your 100% focus on growing your brand.
Consumer’s Transparency Needs
Growing brands can’t simply advertise claims stating their business is now a more sustainable company. Consumers these days want proof that you are indeed taking sustainability to heart. The last thing you want is to be like every other company whose reputation was tainted due to greenwashing practices.
Greenwashing refers to a technique businesses use to trick consumers into thinking their products are environmentally sound. Many brands were already accused of using such a strategy to entice eco-conscious consumers to buy their offers. Revolutionizing your processes from the way you source your materials to how your customers receive your offers will help you avoid greenwashing in the first place.
Being transparent is one way to boost your growing brand’s success. This will give your customers better confidence knowing you are not simply vague about your sustainable efforts. This will also allow you to build business integrity which is something consumers value during these modern times.
Here are some strategies successful businesses use to promote transparency in their organization.
- Provide proofs that will support your sustainable claims
- Solidify core values to give employees a better understanding of your sustainable efforts. Ensure everyone is on board with your updated goals and missions
- Share information to both customers and employees on the results of your sustainable efforts
- Avoid withholding price information
- Stop beating around the bush and start revealing information straight to the point
- Be open about your business experiences and show consumers how you use these experiences to improve your business further
Cash Flow Issues
All brands need to ensure they have enough money to keep the business running and more funds to finance future projects. But if you are having cash flow problems, you will have a hard time growing a sustainable brand. You want to make sure you address any financial issues before you scale the business.
Here’s how you can prevent and solve cash flow issues in the future.
- Create a cash reserve that will handle any financial deficit your business may face in the future
- Think of ways to reduce business costs without putting quality at risk
- Offer incentives to your customers who pay their dues before their due date
- Offer better and faster payment solutions to clients
- Renegotiate your contracts with current suppliers
- Building partnerships with other local suppliers or vendors that are willing to give you what you need for a better price
- Explore different options before choosing
- Look for green investors willing to invest in your sustainable efforts
These are, but three challenges entrepreneurs have to face when trying to grow their sustainable brand. Business security becomes a priority, as well as brand transparency and cash flow. Knowing how to address these issues before you even experience them will give you that competitive edge.