When annual financial results are evaluated, many business owners find that they don’t meet the expected growth target. These days, many small businesses are vulnerable. Not only that they suffer from slow growth, but many of them slowly decline.
Ensure Steady Growth of your Small Business.
1. Be flexible with strategy implementation:
When your business strategy contradicts the real world, then the real world must win. Even the most brilliant plan may lose touch with reality sometimes. It takes real life experience to refine your business strategy. It’s true that if you fail to plan, then you are planning to fail. But, it doesn’t mean that you need to follow your plan rigidly. If you can’t implement your plan fully, because a roadblock that you can’t circumvent then the success and growth of your business will be hindered. After defining an end goal, you should make sure that the plan allows that to happen.
2. Prepare effective skills:
You may have an excellent plan, but there are actually a few people in your company who can implement it, due to the lack of skills. Human resources is a critical ingredient for the steady growth of your business. A good blend of skills could dominate the market or industry. Combined with a degree of experience, you can have a team that’s empowered to achieve success, by making certain key decisions. A person with the right skill should be given a proper role in the organization.
3. Prepare enough financial resources:
Growth needs a strong financial foundation. Executions of strategic plans may fail, if you don’t have financial resources to back that up. Without enough financial resources, you will underfund your strategy and plan. It means that your growth goal won’t be achieved.
4. Perform research regularly:
During the initial phase of their businesses, people love to research about anything. They learn about new trends and do research about them. Your opportunity to grow is based on interaction with customers. You can interact with customers better, if you have researched their characteristics. Any result from research should be processed through analytics and it should be applied to the business process.
Without proper research and analytics, a business may decline over time. This is essential if you want to rapidly grow in a competitive market.
5. Define functions of your products:
You need to know what your products need to meet in the market. If you believe that your brand and product are the most trusted in the market, you need to know whether they are still like that.
If you find that the product is no longer able to fulfil the projected function, then you should deploy resources and efforts towards regaining that. If your product loses its primary function, it will progressively lose share in the market.
If you want to maximize the growth potential of your product, you need to make sure that it is always fully functional, regardless of the changing trends in the market.
6. Don’t be blinded by past successes:
When your new business is awarded as the disruptive startup of the year, arrogance could start to set in. If you believe that you always have what it takes to become a leader in the market, you will start to slip away from that position. The market is a dynamic battleground. When competitors see your unique disruptive technology, they will prepare a response. If you fail to improve your current solution, competitors will eventually surpass you.
7. Business owners and managers need to learn constantly:
In many small businesses, owners are the most knowledgeable and experienced when it comes to product design and functionality. However, the know-it-all attitude is a big impediment to growth. A business owner with exceptional technical skill may lack the knowledge in marketing or public relation. Although they don’t have to be an expert in all business knowledge fields, good understanding will help to define the most effective decisions.
Without enough understanding, everything will look good on the surface. Any meaningful opinion from the team can be ignored, because business owners don’t know that it’s actually important.
8. Be innovative:
Being innovative requires creativity.Just trying to be innovative isn’t enough, because whatever you do, it is possible that you are not actually being innovative. In this case, you need to create an innovation framework. With a framework, you will know what to do next. You will focus on one thing at a time. Even if you are feeling not being innovative and creative, a good framework will bring you closer to innovation.
The end result should be something unique that is highly functional and effective.
9. Learn from your failure:
People make mistakes and they will fail eventually. Learning from your failure can help you to become better and grow. In fact, you need to celebrate failure as a step for you to move forward. You need to have a culture of transparency and openness in the company to learn effectively from your failure.
Failure isn’t such a bad thing. You need to learn from it to scale up faster.
10. Fully support strategy implementation:
Your strategy needs support for proper implementation. People in the organization should have the same thought about your strategy. If your Business strategy isn’t supported, it will head nowhere. You may need the help of an external expert to help validate your facts. Hire consultants, because your view and decision could be influenced by assumptions.
A consultant may become neutral referee to help you measure success.