How much misinformation surrounds learning how to grow your business? With these five common myths, apparently there’s plenty. There’s no arguing that a small business is like a living thing–it needs a few things to grow. However, many small business owners aren’t sure what the magic formula for high growth is or how to apply those factors to their specific companies.
Although the success stories of others are inspiring, they aren’t always pertinent to your current business situation. Therefore, let’s debunk a few myths about how to grow your business.
- You can’t grow during a recession. The opportunity for growth is never greater than when your competitors are struggling to make ends meet. If your competitors are struggling to keep the lights on, then they don’t have the resources to invest in growth. It is your chance to wisely invest in your business and even acquire other businesses that didn’t make good decisions during the boom times.
- Demand can’t be created. We don’t see it that way. While building a business by meeting a current market need is a solid way to grow, it’s not the only option. Perhaps, your customers aren’t buying your latest widget in all the new colors because they don’t feel educated about them or believe they “need” them. Expand on your customers’ needs by offering them different options.
- Making more sales calls is the only way to grow your small business. Another myth we’re happy to debunk! You don’t need a higher volume of calls, just more effective calling. Instead of blindly pitching the XYZ item to 200 new people, focus on upselling and expanding your current market.
- Pumping in financing always creates growth. Unless you drive extra financing to the right areas, you’ll be wasting your time–and money! Have a plan for spending and know what the desired results are before you start re-investing in your business.
- You have to be lucky. Sure, there are business owners who end up at the right place at the right time; but most of us have to work at it every day, to find our own “luck.” Don’t believe that you have to be lucky to grow your business. You make your own luck.
Remember, running a business successfully does not need to be complicated. Keep it simple!
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Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, 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 manny@portalcfo.com.