Over the past three or four years, startups and small businesses have faced unique challenges such as the lingering effects of the pandemic, fluctuating inflation rates and global supply chain disruptions. Surviving, much less thriving, has required tremendous effort and ENDURANCE. As we head into the final quarter of the year, what insights can we glean from small business successes in 2024?

Growing from a startup to a successful, sustainable business takes years of dedication – a truth I can wholeheartedly attest to as I look back on 20 years of entrepreneurship. The average startup growth rate drops from an impressive 268% in the first year to 71% in the third year, so what should we expect for the fifth year? Year 10? You don't necessarily need to cross state lines, pursue outside investment, or go public to reach regularly and repeatedly. growth as a startup. Here are four important lessons I've learned from leading a company that continues to thrive and be recognized for its growth after 17 years in business.

Related: 4 Growth Hacks That Helped My Startup Increase Revenue and Profitability

1. Let your customers be the compass of your business

Your customers are the foundation of your success. What is best for your customer is best for your business, and from the benefits your customer will ultimately benefit from 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 deliver ongoing value. Couple this with an unwavering commitment to exceptional customer service and you'll see lasting loyalty and create customers for life.

It wasn't easy, but from the early stages, I committed to growing my company 100% organically without taking on debt or outside investment. This may seem like an ambitious goal, but I promise there are ways you can achieve it too. WHEREAS foreign investments while they can certainly accelerate growth, they don't come without trade-offs.

Accepting funding often means responding to your investor's demands and shifting your focus away from your customers. Investors may prioritize short-term gains and scalability, reacting to market trends rather than thoughtfully and deliberately innovating in ways that matter most to your customers. A customer-driven strategy will increase loyalty and your competitive advantage, driving organic growth and leading to a more resilient business model.

2. Embrace automation but maintain the human connection

Automation can revolutionize your business increasing efficiency, reducing operational costs and allowing you to scale faster. Time is one of your most valuable resources as a startup founder, and simplifying routine daily tasks with technology frees you up to focus on innovation 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 an example of an area where I refuse to compromise on genuine human connection because our relationships with our customers are our greatest asset. Let automation handle the repetitive and mundane, and let your people focus on creativity and strategy.

As a software business, our customers use our product to simplify tasks like data entry and accounting. We often share tips about using AI to save time when clients are writing rental listing descriptions, but we encourage them to maintain a personal connection with their tenants by showing properties in person and being available for maintenance issues when they are born.

Related: How to advance the efficiency of your brain and automate the tasks of the world

3. Success is built on relationships

As Helen Keller once said, “Alone we can do so little; together we can do so much.” relations are fundamental to business success and cultivating them is essential to your growth journey. Investing in and celebrating your employees, vendors, partners, customers and community will strengthen your business from within.

A comprehensive and supportive workplace culture that recognizes victory will create more engaged, passionate and productive employees who will thank you by driving your business forward. Fostering long-term relationships with your vendors and partners ensures that you'll have trusted resources and allies in your corner when challenges and opportunities arise. Actively engaging with your community through charitable initiatives, events or local partnerships will amplify your brand's reach and impact. Investing in your relationships is an investment in the long-term success of your business.

4. Build trust through expertise

A sustainable competitive advantage is more than your product or service – establish your brand as an authority where customers can rely on accurate and valuable guidance and expertise. Build your credibility and reputation by becoming a preferred expert in your field.

My property management software company makes it a priority to become a trusted resource for landlords, property managers and tenants by offering a variety of free, on-demand educational tools that empower them to navigate an ever-changing industry. I've found that this not only strengthens customer relationships and loyalty, but sets us apart from our competitors. We are not just a service provider; we are a dedicated partner invested in the success of our customers.

Related: 7 ways to prove you're trustworthy as an entrepreneur

We just celebrated a 76% growth rate, surpassing the third year average in our 17th year because our strategy and approach have always remained rooted in guiding principles — from start-up to sustainable success. As you adopt new technologies, strategize with your team, and continue to navigate the path of growth, always stay true to your roots. Frequently revisit the core values ​​that founded your startup and let them be the ultimate guide on this journey. Be determined to leave a lasting and resilient legacy that endures success for years to come.