Many small businesses are happy to make a profit period, but if your business is coasting along with the same profit margin for a long time, you could be headed for trouble.
Many businesses build to a certain level, hit a plateau and remain there. That stability can turn into stagnation, says small business owner Ivan Widjaya on www.noobpreneur.com.
A stable profit margin can mean you’re not generating new leads. You may be holding on to existing customers, which is great, but what happens if a customer or two cuts back or stops doing business with you altogether?
If you don’t want to find yourself in that precarious position, you should always be looking for leads. You’ve probably heard it before, but it bears repeating: The best place to find new leads is at local small business networking events.
Start by visiting your local Chamber of Commerce to find out when they hold meetings and which other local businesses are involved. Attend those meetings and get to know like-minded business owners in your area so you can share tips, marketing strategies, and build working relationships and friendships. Remember, people will help their friends first.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to