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What do you think of when the topic of business growth arises? Perhaps you imagine new business locations. Or your mind might instantly go to the need for more employees. While they can indeed be components of growth, it can take many other forms. Whether it’s the physical expansion of your business or the more subtle refinement of your strategies, there are countless ways you can strengthen your business and maintain an upward trajectory.
The most important thing to remember is that all of your efforts should be guided by strategy, not just effort. It’s true, as the old saying goes, that “even a blind squirrel finds a nut once in a while.” But if you’re looking for effective and sustainable improvements, you need to do your due diligence. After all, knowing the landscape is the only way to chart a course.
“Before you even start growing your business, you need to do some research,” advises a business growth article from Forbes. “You need to know what your business is capable of doing with its money and other resources available. Assess your business. Look at all the analytics, stats, and accounting records that are available to you. Analyze how your business has done in the past. And when possible, make projections of how you think your business will do in the future, such as sales projections.”
This approach is advisable for all small businesses, whether they’re in their infancy or have been around for decades. And even if you’re content with where your business is today, it’s impossible for it to remain the same forever. There is no status quo in small business due to so many dynamic factors that are constantly changing.
While you won’t be able to control many of these external forces impacting your business, you have a substantial influence on how your business reacts to them. With the right strategies in place, you’ll be able to ride positive waves and also respond to negative situations.
Most forms of business growth require capital. On the small side, it might be paying $40 a week in Facebook advertising. More significant examples include building new offices or acquiring a larger fleet of vehicles.
Small business owners often use loans to fund their growth. There are loans of all shapes and sizes, but here are 6 of the most sought after products:
Once you’ve done your research and identified areas for growth, it’s time to put your ideas into action. There is a wide spectrum of ways to expand your operations. The following list provides 17 ideas for making that happen. Some are minor upgrades, while others require larger investments of money and time.
If the list above feels a little overwhelming, don’t worry about tackling them all at once. In fact, don’t worry about ever tackling them all. Rather, choose 1 or 2 things you can do now to strengthen your business. Once you’ve seen success with those initiatives, add another to the mix.
This piece-by-piece approach is how the legendary Michel Lotito once ate an entire airplane. It took 2 years, but he ate small pieces every day until the Cessna 150 was gone.
Another thing to remember is that no business owner is an island. Entrust those around you to help you make your dreams a reality.
“When you’re growing your business, you might become protective,” says entrepreneurial expert Mike Kappel. “You might want to do everything yourself to protect your business from outsiders and big changes. But, this protection could hurt your business. If you try to do everything yourself, you can become burnt out. And without outside input, you might not have the necessary creativity to grow your business. You have people you can rely on to help you get things done. Your employees can do many of the tasks in your business. You can hire independent contractors to help. You might also seek help from business experts and local business owners who already have experience with what you’re trying to do.”
By strategically selecting new initiatives and then tackling them as a team, you’ll put your small business on a trajectory to become a bigger business. Each success will pave the way for more. Call it entrepreneurial inertia, if you like. The point is that you need to be pushing upward, not simply forward, to grow.
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Grant Olsen is a writer specializing in small business loans, leadership skills, and growth strategies. He is a contributing writer for KSL 5 TV, where his articles have generated more than 6 million page views, and has been featured on FitSmallBusiness.com and ModernHealthcare.com. Grant is also the author of the book "Rhino Trouble." He has a B.A. in English from Brigham Young University.
Blog
10 min read • Aug 19, 2022