In this brief video, we outline three important components of small business growth:
- Developing a viable product or service
- Marketing and selling that product or service
- Scaling a company to meet demand for that product or service
Unfortunately, too many small businesses and entrepreneurs struggle with the #3 component.
In order to better position your small business to scale for growth, it is important to do three things:
- Tightly manage cash to fuel your growth
- Develop standard processes and procedures for running your company, while leveraging small business software to automate some of those operations
- Ensure employees are incentivized to meet your growth objectives via their reviews and rewards
While nothing can guarantee small business success, these tips will help your small business avoid the likelihood of failure. In addition, they will put you on the path to small business success.
What do you think? What have been some of your biggest lessons learned when trying to grow or scale your company? Feel free to leave comments below to share your feedback and join the discussion.
Learn more by registering for our free online small business training course.