The goal of any business is to grow and be successful. Business owners that shy away from growth, do not stay in business for very long. However, some strategies are better than others when it comes to successfully growing your business.
Are these goals reasonable, and obtainable? If you set a goal to have one million dollars in profits by the first week, this is not reasonable. Set goals that are SMART and stick to them. If you want to make one thousand dollars in profit by your first month, what steps will you take to get there? You can take on more in-house. You can hold off on hiring any employees until you are sure you can support them. What will reach that goal of one thousand dollars. When you hit that goal, reach higher to two thousand dollars. Then three thousand. Be reasonable, but most importantly, continue to have bigger and better goals.
Don’t grow too big too fast:
Growing too big too fast can lead to a number of difficulties down the road. The immediate need for more employees to handle the workload, can lead to bad hires. The urgent need to outsource can lead to hiring bad vendors, or simply not getting the best deal. Anticipate your growth,look at your history, and plan accordingly.
Put the right person in the right job:
A bad hire can cost you thousands of dollars, if not more! This is money down the drain that could be used to grow your business. Employees are your most expensive and most valuable asset. They can help skyrocket your business, or tank it. Avoid the latter.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.
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Manny Skevofilax is a consultant and speaker that assists his clients with successfully navigating the challenges of growing their businesses profitably. Since 2003, Manny helps businesses to enhance their financial results by using his experience in strategic planning, financial statement analysis, operations, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at email@example.com.