As a business owner, it is only natural to be continually on the lookout for ways to make your business grow. While there are no guaranteed answers for stimulating business growth, there are a few tips that you should keep in mind to help ensure the short- and long-term growth of your business.
Tip #1: Maintain Positive Cash Flow
Perhaps the greatest step you can take toward growing your business is to work toward always maintaining positive cash flow. Without positive cash flow, you will not have the funds that are necessary to make business growth your number one priority. Similarly, if you overextend your cash to the point that you have negative cash flow, you create a cash flow burden that can quickly lead to a downward spiral for your business. As such, negative cash flow not only prevents growth, but it can lead to the failure of your business.
Tip #2: Look for a Quick Return on Investment
As you look for ways to grow your business, place an emphasis on those opportunities that will result in a quick Return on Investment. With the help of the profits that you gain from these projects, you turn around and grow your business even further. Similarly, looking for a quick ROI is essential so your money is not tied up and preventing further expansion.
Tip #3: Live Up to Your Promises
While it is important to keep an eye on your profits, it is also essential that you do not sacrifice quality in the name of growth. When exploring growth opportunities, be sure to take measures to ensure the quality of your products and services remains the same or better. Throughout the entire growth process, you must continue to meet client expectations. If you find that quality is suffering due to growth and expansion, you might want to consider slowing down the growth process until you have the infrastructure in place to make the change without affecting your goods or services.
Tip #4: Stay True to Your Business
In addition to making sure you are maintaining the quality of your goods or services, you also need to pursue only those growth opportunities that align with your business. This means examining your skill set and your client base to grow in ways that leverage your assets while helping to further meet the needs of your clients.
Tip #5: Use Your Time Wisely
If you are the owner of the business, be sure you are spending your time engaging in activities that will have a direct impact on your company’s ability to grow. Your management team should be working on the daily operation of the business while you spend your time focusing on issues related to profitability and assets as well as strategic growth issues. This means getting to know your top customers and how you can best meet their needs.
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(all data current as of 7/24/2017)
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