Growth
Setting the Bar Higher
Growth is an essential Component and can be achieved without losing control of your business. In small businesses, your business starts and ends with your customers, but fewer owners go for growth and create value. Growth requires two things: Strategy and execution.
Strategies to Grow your Business
Stages and Phases of Businesses
Most of small and growing businesses face a problem of Existence.
In this phase the main challenges are:
- Where do we obtain customers
- How do we deliver our services and products
- How large of customers can we sustain and become profitable
- Can we expand from one key customer or product into more broader customer base.
Survival, Commitment, and Thrive
This phase the challenges shift to a new numbers of problems; Survival
- Are we managing our Expenses and Profits
- How far are off the Break-even
- How long can we sustain it in this way
- What do we change
Strategy and Growth
This is where the business stands on its feet creating independent, yet stable sources of resources. In this phase another new problems arise;
Key resources
- Can we thrive in the Environmental Change
- How do we minimize ineffectiveness
- How do we maintain above-average economic health
- How do we improve our service and products
- Does expansion makes sense
Our Response to Covid-19
Expert Advice and tangible Assistance
While people are general supporting their local businesses, the pandemic has created an unparalleled challenges to small business owners. Recent National Survey shows that small business have encountered 82% financial difficulties, while about 60% of small business employees expressed a negative impact on their job security.
On going reality
The age of new reality. While it is not just small business that are caught by surprise, the business that are impacted the most are unfortunately small and mid-sized companies. More than 54% of small business listed Financial and e-Commerce as the key area they could use advice for.
Adapting and Re-opening
The new reality and the age of return to Normality.
The pandemic forged small business into thriving leaders, creating a strong connections between owners and customers. Nearly a third of small business owners reported they innovated a new way of conducting a business.
With small and mid-sized businesses proximities to customers they are in an advantageous spot to bounce back and dominate the markets.