Effectively Managing your business growth

Getting your home business off the ground is the first major challenge to overcome. Once this is achieved your focus then turns to how to grow the business and make it a profitable entity. I began my home business with a very meager sum of $300.00 (three hundred dollars) and within the first eleven years of operation was able to grow the business to revenue of over $9,000,000 (nine million dollars). When your home business begins to grow, you must learn to delegate, innovate and concentrate on the area of your expertise. If you insist on holding to all aspects of the business, you’ll stifle the growth and the business can bleed to death.

For more info: https://www.inc.com/guides/small-business-growth-strategies.html

When my sales volume began to approach about sixty thousand dollars, I brought my wife on board to help with the keeping of the books of the company while I gave my time totally to building a thriving client base. Managing the growth of your business is the ingredient that guarantees the survival and solvency of your home business for the next generation. Within the first five years of your business, no matter how quickly or consistent the sales volume and the profit may seem, it’s not time to rush off to buy that dream home, car, boat or take expensive round the world expeditions.

I could recall during the fourth year in my business my sales volume was over hundred thousand dollars and my accountant made a surprising remark. He told me that among all his clients, he had observed that despite the rate the business was growing, I’ve not made any major personal purchases. According to him some of his clients would’ve spent ten thousand dollars or more on their personal toys. I learned a lesson earlier, in sales nothing is really guaranteed, it’s always better to reinvest building equity in the business than on yourself.

You may be reaping substantial profits for sure, but remember managing your profits is very essential for growth and expansion. Sales figures may be impressive, beyond your wildest expectation, but don’t forget business has its hiccups. You could be tempted to venture out into areas that you couldn’t previously but be sure you’ve put aside three to six months of your monthly expenditure before such move. Be careful not to plunge into consumptive habits that may suddenly drain your capital and frustrate your future growth. Bear in mind that one of the constraints that face small business is the source of capital. Let your growth be measure by the assets that you’re building in the business than any other thing.

Take a deep breath, sit down and consider how to maintain and possibly increase your market share. Ask yourself, are these sales figures sustainable for the next three years or more? If you’re uncertain, begin to develop ways to bring your home business to a level of stability and guaranteed operation through the business cycles.

Managing your home business growth is a very important factor that needs no oversight. I’ve watched many entrepreneurs start profitable businesses and are successful for several years then they encounter problems because they didn’t put into effect the right mechanism and self-discipline into their growth management.

Accelerating Business Growth Online

Anyone wishing to experience business growth in the current economic climate knows how tough the competition is out there. With e-commerce and other web-based business systems continuing to gain popularity Australia-wide, businesses need to engage in specialised online marketing solutions to achieve sustainable growth. Online marketing is no longer about spam emails and tacky web banners; there is now a huge assortment of online business solutions that can aid your business in generating interest and creating sustainable business growth.

These days you will rarely find a highly successful business that doesn’t have some type of web-based strategy, usually supported by an engaging website. With consumer behaviour drifting strongly towards online trends, your business needs a viable business growth strategy to entice your chosen audience. If you’re thinking that a company website is the way to go, you must think tactically. Not only must your website be visually appealing and easy to navigate, it must be engaging to the user. You only have a very short time to capture the attention of prospective customers so there must be something on your website that is attractive to your target market. This means you must create a balance between aesthetic appeal and important information. It would be worth looking into visual style guides and interactive design principles as a foundation.

So, you have a website that is visually attractive, engaging, and includes all the information you want, but how can you use this website to create business growth? Firstly, you need to lead prospective clients to your website so they can see what you have to offer. So how do you generate traffic to your website? There are many tactics you can utilise to drive traffic. For example, you can employ Search Engine Optimisation (SEO), where you optimise key words – that also relate to your products or services – on popular search engines. This is an effective and proven tactic to generate leads because when the keyword is searched, your website will appear first in the search results. This will greatly increase the chance of a prospective customer visiting your website and it will create business exposure. You will be their first choice, meaning that you will already have an edge over your competitors.

Minisites are also an excellent way to propel your business’ online presence and are a driving force in a business growth strategy. Minisites act as shortened versions of your main website and are a great tool in directing traffic to your main website. Not only do minisites increase brand exposure but they can also direct a customer to your business when they search for a particular product or service. You can customise your minisites to target niche markets and therefore create a wider customer base.

So when you have a website and you begin to experience business growth, what do you do next? Technology, especially online, has a tendency to rapidly change. You must keep up-to-date with technology changes to stay ahead of your competition. A common mistake made by businesses is not updating their business growth strategy when necessary. If you wish your business to continue building momentum, you need to continually update your website and your business growth strategy according to what is working and what isn’t. Your current clients will appreciate ongoing information and updates on your services. A transparent relationship with your customers increases your credibility and successfully builds on your online presence. This has a flow on effect that helps direct more traffic to your website and increases your chance of business growth.

How To Grow Business In Slow Industry

Small business growth has never been more of a challenge. Post recession, the U.S.A. is still a full percentage point below the long-term average growth (3.4%) average.

Just a one percent drag from the long-term growth average results in a significant reduction on consumer spending, normal lending practices and hiring.

With millions still unemployed, housing prices stagnant and the government likely out of meaningful stimulus tricks it is time to look at areas where owners can control.

Growth for your firm can happen much easier just by riding the right wave.

1. The Gray Wave

No demographic wave is bigger than the baby boomers born between 1946 and 1964. Consider the millions of boomer newly retired or downsized from their normal paycheck every year. In addition, an increasing number of wannabe retirees look to supplement limited retirement funds or expensive health insurance.

There are dozens of attractive niches for boomers’ growing (and graying) needs.

Some of the best advice includes finding a niche in retirement, home and health services. Consumer studies confirm the non traditional ways tomorrow’s retirees are expected to follow.

Think extra padding for roller blades equipment not rocking chairs!

2. How Smart Are You?

About smart phones that is. Did you know that 35% of US adults now have a smart phone? A surprising 25% of those use that as their sole access the internet to browse and shop.

Begin to integrate smart phone tools to make it easier for your mobile centered customers.

The easiest place to begin include QR codes on your sales collateral and loyalty programs your customers scan with their phone.

An immediate way to gain on your competition is to have a robust web site that is smart phone friendly.

Short videos about important announcements and new products and services will propel your small business growth ahead of your competitors. Easy opt ins to your newsletter or pending announcements for smart phone users is another way to capture this fast growing customer segment.

With smart phone technology platforms getting faster and more integrated with the web look for an explosion of new apps available to engage your customers.

Ignore this exploding area at your own risk. Europe already has a much higher rate of smart phone use. Look for even more US smart phone users to help your small business growth.

3. How Much Do You Care?

One of the most neglected areas for small firms is in the customer service area. Imagine the small business growth revolution that would occur if more owners embraced this area much more seriously!

Cost cutting and technology done wrong builds barriers with your customers and drags small business growth. With surprisingly affordable and innovative customer relationship management (CRM) tools this is an area to make significant gains in.

Why is CRM a key for small business growth? Trying to compete on price and quality is a real fight in most markets with small financial returns. Most small firms understand the commitment to making customer satisfaction a competitive advantage. However, few invest in enduring customer relations.

What’s the secret of the best CRM approach?

An effectively designed CRM systems methodology communicates your brand consistently and personally. Think mass customization in a personalized way. Targeting attractive market niches leveraging your strengths makes a business plan come alive. Helping each customer feel listened to and understood creates fans of your business.

What is the best small business advice? Start small with a current customer segment and develop your CRM approach to measure small business growth indicators.

Next, apply your approach to new markets or even new products and services your customers want.