Four Strategies For Small Business Growth
If you are a small business owner, it is very easy to lose focus
of your primary vision, mission and objective, and invest your precious time in
worthless ideas. As an entrepreneur, executive, or leader, focusing on small
business growth opportunities can be quite challenging when you're dealing with
imminent crises that distract you away from strategic business planning.
It is crucial therefore that you spend quality time to develop
business strategies for navigating your company, setting clear goals and
objectives, and achieving your desired results.
In 2011, a blueprint of the biggest problems small businesses
are facing was released by the Institute of Directors. The report clearly
identified the key problems challenging small business growth and how they are
impacting their survival. The purpose of this article is to help you understand
how to turn those problems around to grow your business and increase
profitability.
1. Lack of
clearly defined plan
Did you know that many small business owners run their
businesses without a business plan? Obviously, there is not business that
operates without a plan that grows.
If you want your business to grow faster, make sure you invest
quality time regularly in business planning activities. If you already have
one, it is important also to revise it and update with current trends.
2. Ineffective
leadership
Many times you discover that almost 85% of small business owners
and executives are saddled with the responsibilities for almost everything in
their business. You constantly find yourself in the habit of switching from
your primary leadership functions to managing thereby losing the concentration
you need to grow your business.
Every time you lose focus of your primary leadership roles and
responsibilities, you invariably position your business to fail. You must
always focus on your core priority functions to maintain your effectiveness.
3. Lack of
execution
Lack of execution is probably the major problem business owners
face.
Did you know that leaders and executives spend less than one
hour a month to develop business strategies? Worse still, they do not execute
the strategies they developed and their employees are never aware of them
either.
It doesn't matter how realistic your business strategies look on
paper, if you are not committed to take enough action to implement them, the
business will suffer. Make sure to break your strategies down into small
actionable steps you can achieve daily. Begin with the smallest part first.
4. Marketing
and sales effectiveness
No matter what your business is established for, if you are not
making enough sales to cover your cost and make profit; your business will
probably not grow. Marketing and sales are the key elements of business
survival and should be properly planned.
Planning your marketing and sales entails that you must
understand the values your products or services are meant to deliver to your
customer and develop business strategies to actually create them. You see, you
must learn to approach your prospect from the point of view of providing
solution to their problems. Succeeding at this means that you must list the
cures, values and benefits your products/services offer your target market.
Small business growth is not achieved by luck; you have to work
it out. You can discover how to Grow Your Business with
guaranteed help to increase your profits faster. You can also Download
Free Business Planning Tool and
get help to plan your business and increase your return on investment.
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