Prepare Business for Potential Growth

This forum is for entrepreneurs and small business owners around the world to discuss and share experience to help other's business. The Forum provides small business support, business advice and ideas for business growth.
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Re: Prepare Business for Potential Growth

#1 Postby 055Hnoor » Wed Mar 04, 2015 5:09 pm

Know your product and the skills that set your business apart from the competition. That is the ticket to lasting success.

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Joined: Mon Jul 15, 2013 5:32 pm

Prepare Business for Potential Growth

#2 Postby shreya » Mon Sep 23, 2013 10:23 am

The fact cannot be denied that SME's drive our national economy, but fewer than half survive beyond their first five years. Sadly, a number of them fail simply because they do not plan effectively for potential growth.
Many small business owners hope to grow their firms — but not all of them are prepared to seize the opportunity to expand when it arrives. Many grasp for every customer and collapse under the weight of their own ambition.
However, by analyzing the company’s current resources and the projected growth predictions, the entrepreneur can design a successful plan to ensure their continued dedication to customer service and reliability. Following strategies can be considered: :arrow:

1. Prepare for Growth
Rarely do start-ups initially have unlimited resources available to handle substantial growth.
In many cases, you alone (or your partners) control every aspect of the business. If your business does gain momentum and a large number of new customers, you have to be prepared to accommodate the new business without sacrificing your quality.
So, create a suitable plan for potential growth. Analyze your gross daily profit and gross total debt on a monthly basis to clearly see your recent activity and project accordingly.

2. Overextention of business
Entrepreneurial instinct suggests that bigger is better for your company. :lol: Likewise, it seems sensible to diversify your services or products to reach the largest audience.
These two assumptions kill many promising small businesses... :shock: Instead, focus on what led to your success, rather than what you hope will lead to astounding revenues. Know your product and the skills that set your business apart from the competition. That is the ticket to lasting success.
While overextending yourself early can spell disaster, you can plan for eventual growth once you are stable by securing domain names and profiles on major social networks.

3. Customer is the King Pin of Market
The basic funda of market is "Customer is the King". So, Prioritize the people generating your revenue i.e., your current customers.
Make effective and frequent communication with customers a priority. By communicating how important your top clients are through quality service, you build bridges to larger clients and revenues in a practical, reliable way.
Those sellers opened their own online stores and gained loyal clients. As a result, even when eBay adjusted to provide more services for large sellers, they had already lost out on many opportunities.

4. Hire for the Future
One common mistake rapidly-growing small businesses make is hiring mediocre employees to fill new positions.
The wrong employees can quickly damage your reputation and reliability. Even during stressful times, reflect on your goals for the business and how surrounding yourself with quality people enhances those goals. Taking a little more time to find the right people for the job can save you from backpedaling a year from now.
By focusing on the infrastructure and resources your venture needs to reach your long-term goals, you avoid rushing into short-lived success...
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