You could succeed; you could fail. Either way, it’s a fifty-fifty chance when it comes to small businesses making it past the 5-year mark. Obviously, you want to be in the former half, but more than that, you want long-term small business growth and success. But don’t worry! Keep reading to learn about 3 important factors to consider in your small business growth strategy and discover how you can use them to defy the statistics.
Cash-flow is a major factor in your small business growth strategy. In fact, having a lack of sustainable funds is a top reason why some small businesses don’t succeed. And in order for you to win in your business tactics, you need to be wise with your funds so you can have plenty of cash-flow to support your business growth. Keep good track of your costs and profits and make sure your they are where they should be. Also, determine a budget that works well, and set up an emergency fund for trickier business seasons. Avoid debt, especially credit card debt with high-interest rates since making payments will be another expense that can hinder your cash-flow. If you currently have debt, pay it off as soon as you are able. This way, you’ll have more funds available to help make rough the patches less rough and upgrades more affordable. By using these business tactics, you’ll be avoiding a common trap some small businesses fall into and will be setting yourself up for long-term success.
2. Resource Management
Having cash-flow is important for small business growth, but the way you use it and other resources are equally important. Know the purpose of each business purchase you make and choose upgrades wisely. For equipment investments, plan your purchases in advance and at peak sales times, such as Black Friday to help you find the best prices possible. Additionally, consider your marketing strategies and tailor them to match what is most effective for your target audience. If you haven’t yet determined your target audience, think about these questions:
- Who needs my product the most and why?
- Who would be most interested?
- What is their budget range?
- What marketing methods receive the greatest response?
Also consider using some inbound marketing strategies, such as blogging, webinars, and giveaways.
and finding the right set of store hours is very important. Whether it is through electricity, water, or employees, it costs money to be open. Therefore, having the correct store hours can potentially save you money. Creating a routine can also up productivity, helping you to accomplish more, stress less, and help you achieve small business growth and success!
Final Thoughts on Small Business Growth
Having great small business growth is definitely doable. And by paying attention to these three factors as you’re forming your growth strategy, you can defy the statistics and set your small business up for success. Looking for more business advice? Check out this post for awesome tips on how to supercharge and inspire your workforce!