Growth should be a never ending process for business owners. The early part of the year is a great time to make a plan for growth. How can you grow as a small business owner this year?
- Go Back to Basics
The most basic business success rule of all time is the customer is always right. The idea is not to give away the store, but to make certain that customer service and satisfaction are first and foremost.There is no way around it. This is what makes a business. If your customers are not happy, they will let others know. Customers drive profit, and profit drives growth, so without customers there is no growth. Technically, without happy customers, there is no growth.It seems simple and obvious, but that makes it no less important.
- Be Clear on Your Operational Needs
Know what you are doing, how much it costs, how much it makes, and why you are doing it.
Take stock of what you have going on and determine if you can outsource it just as effectively and save some money. Make certain all activities are necessary and offer benefit. Is there anything you need to cut out to help streamline processes? Do a cost vs. benefit analysis of all operations and make the hard decisions. It’s like pruning a bush. You will only see more growth in the long term.
- Improve Search Engine Optimization (SEO)
It isn’t something that is often considered, but it is so very helpful. People find businesses online these days. It is a fact. If someone is looking for your type of business in an area you serve, you want to be first in their search results. SEO is what makes this happen. It isn’t easy however. Not only is it not easy, but the processes are always changing. The best way to improve SEO is to hire a professional to help, but there are free resources to help you do it yourself if hiring isn’t an option.
- Refine Your Decision Making Process
Make decisions based not on assets, but on cash flow. You can have a high asset number, but if the cash isn’t there you really cannot afford it. By keeping things in cash flow perspective you can avoid a lot of mishaps.
- Take a Look at Retained Earnings
Whether you generally put retained earning back into the company or invest in outside endeavors, now is the time to re-evaluate. If what you are doing is working, keep it up. If not, now is the time to make a change. You may even find you want to diversify a little.
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