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Growing your Small Business

When starting any small business it is very important to have a concise business plan that is comprehensive yet flexible. One very tricky area many businesses run into is effectively growing the company in a profitable way. There are a few key areas to focus on when your company hits a growth stage: market potential, great workers, and project management. Marketing plans, trade show events, brochure design, and outdoor advertising displays are a great way to grow your company.

Research the Market

The first area that is very important to research extensively is the market potential. If you are going to grow a company quickly it is key to determine if there is market base to support your growth. Studying industry trends, economic trends, and forecasts are one of the best ways to evaluate this part of the market place. It is also very important to work with others in the industry to get hands on perspective of industry trends. After determining that the market will support your companyís growth you must look and your work team and evaluate your business plan.

Employees and Professional Help

Good employees are the key to businesses success. A team is only as strong as its weakest link and if you surround your company with good workers then your company has a much better chance at growth and profitability. Itís also very beneficial to consider outsourcing certain parts of your business to professionalís leaving more time to grow your company. Things like graphic design and web development are great things to outsource to free up time for your company. This also flows into successful project management. With a well developed plan and efficient execution then a business will grow at the rate its designed to while staying profitable.

Custom Service and Referrals

Quality customer service can be the most important aspect in long term business growth. Have you called a company and had to go through 20 different automated lines and then wait on hold for 20 minutes to talk to a real person? Compare that to a company that you can call and talk to a live person instantly. Even better, what if that person can help you with the exact question you are looking to answer? Developing a business model that puts the customer first will not only keep them coming back year after year, but will also cause them to recommend your company to others in their network. A referral is the easiest client to attain because it instills an instant level of trust and confidence. Of course this needs to be earned to keep more referrals coming. Many companies either hire from temp agencies or find the lowest cost labor possible because labor is a major expense. Many business owners forget to look at payroll as an investment opportunity. Investing in quality employees will not only lead to a more professional work environment, it leads to a happier workforce, clients, managers, and overall business. A quality employee is an asset that can never be replaced and its worthwhile to hold onto them.

Accounting and Financial Management

The failure of many small companies is the lack of financial oversight. It can be an added cost to use an accounting service or higher a book keeper if someone in the company does not have a financial background. Failure to keep good records can lead to reduced profits, missed opportunities, and contribute to improper pricing. A well managed accounting system can bring structure and understanding to how a company is working internally. It can also reveal opportunities where margins can be increased because they are too low, or can be dropped to be more competitive. Accounting is truly the insight to the internal structure of a company and is the most important area to have under control when trying to grow a company.