While it's exciting to start your own small business, it takes a lot of hard work, dedication, and even a few personal sacrifices to keep it going. With all of the time, money, and energy you put into your small business, it would be a shame to have it fail. Unfortunately, failures happen all of the time, even for the most excited entrepreneurs with big dreams and a great vision. In fact, as many as 90 percent of all startups fail. There are many reasons why a small business fails. One of the most common reasons why a business fails is that there is no business plan or the business plan is poorly developed. Businesses might also fail because the owners put all of their eggs in one basket, don't keep adequate records, are inexperienced, fail to manage their money well, or don't provide good customer service.
If you are fortunate enough to fall in the low percentage of startups that make it, don't congratulate yourself too soon because there is plenty of work left to do. If you want your small business to reach its full potential, this is when it's crucial to start growing your business. This can be almost as hard as starting a business. There is much to keep in mind when growing a small business. Not only do you have to keep up to date with your products and the demands of the market, but you need to keep up with new technology and its uses as well. Growing your business will also largely depend on the kind of customer service you offer. Maintaining your reliability and integrity can become key factors when it's time to expand your business, as you need to make sure that your current customers stay loyal and will recommend you to potential new customers.
Another aspect of growing your small business is realizing that as it grows, you can't continue to do everything on your own. There will most likely come a time when you can't be the marketing department, the technology department, and the accountant, too. Eventually you will have to find skilled people who share your vision to help you in these areas. If you are a small-business owner who can take advice from others, your business is bound to prosper.
- Ideas for Growing Your Business: This helpful article posted on the U.S. Small Business Administration's website offers ten tips for growing your business, including targeting other markets and expanding your business to the Internet.
- Developing a Marketing Plan: If you need help growing your business, you will find a lot of helpful hints and useful resources from BusinessUSA.
- Simplifying Small Businesses and Midsize Companies to Unlock Growth: For those businesses competing in the global marketplace, it's imperative not to get bogged down by the complexities of the digital age. This whitepaper discusses how to simplify while still succeeding with growth.
- Stop Listening to These Five Self-Limiting Beliefs Stunting Your Business: Sometimes, if you want to expand your small business, you need to conquer some beliefs that may be preventing you from moving forward. This article contains five such beliefs to overcome.
- The Five Stages of Small-Business Growth: If you are wanting to understand the key factors that go into growing your business, this article delves into five important stages that are important to understand before your business can grow.
- Why Small Businesses Fail to Grow: For small-business owners who seem stuck in a rut, you may be able to recognize some or all of these 10 reasons why your company is failing to grow.
- Prepare a Business Plan for Growth: One part of growth that can be overlooked by small business owners is the business plan itself. This article discusses the importance of reviewing your business plan if you want your business to grow.
- How Certifications Can Help Grow Your Business: Something you may not have considered when it comes to growing your business is getting certified in order to gain access to government contracts. This article contains the resources to help you do it.
Added by Gary Taylor