When starting any small business it is very important to have a concise business plan that is comprehensive yet flexible. One very tricky area many businesses run into is effectively growing the company in a profitable way. There are a few key areas to focus on when your company hits a growth stage: market potential, great workers, and project management. Marketing plans, trade show events, brochure design, and outdoor advertising displays are a great way to grow your company. Growing your small business is a daunting task, however this article will get you started!

Growing Your Small Business

Research the Market

The first area that is very important to research extensively is market potential. If you are going to grow a company quickly it is key to determine if there is market base to support your growth. Studying industry trends, economic trends, and forecasts are one of the best ways to evaluate this part of the market place. It is also very important to work with others in the industry to get hands on perspective of industry trends. After determining that the market will support your company’s growth, you must evaluate your team and modify your business plan.

Employees and Professional Help

Good employees are the key to businesses success. A team is only as strong as its weakest link. If you surround your company with good workers then your company has a much better chance at growth and profitability. It’s also very beneficial to consider outsourcing certain parts of your business to professional’s. Consider where your time is best spent and focus on that! Things like graphic design and web development are great things to outsource to free up time for your company. This also flows into successful project management. With a well developed plan and efficient execution, a business will grow at the rate it’s designed to while staying profitable.

Custom Service and Referrals

Hybrid PRO 10ft Kit 3 Live 2Quality customer service is the most important aspect in long term business growth. Have you called a company and had to go through 20 different automated lines and then wait on hold for 20 minutes to talk to a real person? Compare that to a company that you can call and talk to a live person instantly. Use Creative Imaging Displays for one on one, personal service! Even better, what if that person can help you with the exact question you are looking to answer? Developing a business model that puts the customer first will not only keep them coming back year after year, but will also encourage them to recommend your company to others in their network.

A referral is the easiest client to attain because it instills an instant level of trust and confidence. Of course this needs to be earned to keep more referrals coming. Many companies either hire from temp agencies or find the lowest cost labor possible because labor is a major expense. Many business owners forget to look at payroll as an investment opportunity. Investing in quality employees will not only lead to a more professional work environment, it leads to a happier workforce, clients, managers, and overall business. A quality employee is an asset that is very hard to replace. If you find one, it’s worthwhile to hold onto them. This is the most important part of growing your small business.

Accounting and Financial Management

The failure of many small companies is the lack of financial oversight. It can be an added cost to use an accounting service or higher a book keeper if someone in the company does not have a financial background. Failure to keep good records can lead to reduced profits, missed opportunities, and contribute to improper pricing. A well managed accounting system can bring structure and understanding to how a company is working internally. It can also reveal opportunities where margins can be increased because they are too low, or can be dropped to be more competitive. Accounting is truly the insight to the internal structure of a company and is the most important area to have under control when trying to grow a company.

Growing your small business comes down to setting a proper foundation to build upon. Strong financial management, quality employees, great customer service, and extensive market research are key components for your foundation. Just like a house, the foundation determines the potential for the home that is built on it. Building a strong foundation is the key for your small business to succeed!