How to Grow a small business
Let’s define growth for the purpose of this article. Growth means increasing the bottom line on a regular basis. Just by reading the paper you know that the owner of a successful large business has, on an average, three times the income that a successful small business owner. Many small business owners tell me that they like being “small” but, in my opinion, a business is like a tree, if it doesn’t grow it dies.
Growing a business is a skill that has to be learned as you work in your business. There are several issues to consider:
- Growth means new customers/clients and for the small business that becomes the main focus point. What happens next , is that management , internal strategies and processes are given a back seat. The key here is to realize when you have grown to a critical mass and before you are no longer providing your customers/clients with the services they deserve and value.
- This next step is where it becomes more difficult; letting go of some of the many “hats” that you are wearing and trusting new staff to help. Many small business owners do not recognize this critical mass and continue doing the same thing while hoping for different results.
I have often said “be in business for yourself, but never be in business by yourself”.Very, very few businesses succeed without outside help, a flexible growth plan and accountability.
At this point in your business, whether you are just starting or have been in business for several years, stop and determine your growth goals and chart a path to reach those goals. New goals have to be set yearly or even more frequently in today’s changing market place.
I can only help if you realize that you need to step outside of your daily work schedule and are willing take a look at your goals and your action path.
Let’s talk! (602-989-1592) or e-mail nick@nickpetra.com
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No great task is accomplished without people to do the work and a leader to guide them.
Have a great day!
