For years, I have tried to answer this one question that:- What such things are done by small scale businesses that achieve sustained growth differently from those that do not grow?
As a senior consultant for Inc. magazine, I speak to thousands of business owners each year. I’ve learned that there are no silver bullets or 17-point checklists that will lead to guaranteed growth.
There are, however, nine specific areas in which growth companies concentrate their efforts.
1. Strong Sense Of Purpose:-
Most leaders of the companies that have achieved growth discover that it takes more than the promise of increasing financial reward to fuel their aspirations and ambitions. They find a higher calling than simply the pursuit of “more money.”
2. Outstanding Market Intelligence:-
This is an organization’s ability to first recognize, then adapt, to fundamental changes in the marketplace. Many times, small-business owners become too myopic, seeing only a limited view of the markets in which they compete. But the Growth leaders see the bigger picture.
3. Effective growth planning:-
This is the best predictor of whether the business will grow or not grow. To be effective, a plan for growth does not need to be overly formal or complicated. However, it does need to be written, well-communicated and regularly updated.
4. Customer Driven Processes:-
These days, every company I talk to believes it is customer-driven, when actually very few really are. Take a look at all the business processes from a customer’s perspective. Are they in place to make it easier for the company, or to help deliver on the promise of faster, cheaper and better for the customer?
5. The Power Of Technology:-
Successful leaders don’t let the boom and bust of technology cycles give them the excuse to ignore that we live in an information age. If a company is in business, it is in the technology business.
6. The Best And Brightest People:-
Growth leaders recognize that they are only as good as the people with whom they work. The ability to hire, train and retain the best and the brightest people are often the difference between success and the failure.
7. Seeing the future:-
Few organizations take the time to regularly consider the future. Growth leaders learn how to diligently monitor and interpret the macro forces of change affecting the world’s environment in which they live.
8. Participate in Networking Events:-
Increasing your brand visibility, it can help you to attract new customers and grow your business. A good way to do this is by attending networking events. Check local professional organizations, and don’t be afraid to attend a few events to get the word out about your business.
•You can participate in these events by:-
-Attending and meeting other business owners.
-Putting up a booth to promote your business.
-Speaking as an industry expert.
9. Consider Franchising Your Small Business:-
Business franchising is a common growth strategy for small businesses. This means you sell your business’ rights to an independent owner. Then, they open and operate their own franchise of your business. Many well-known companies sell franchises, like McDonald’s, Starbucks and Marriott hotels. When a new franchise opens, it increases the number of locations of your business, which helps bring in more revenue.
Before you agree to sell the rights to your company, you have to know, is your business fanciable? The franchising process is more appropriate for certain types of industries, such as fast food restaurants or gyms.