It is a known fact that small businesses are the engine of any economy. But in order to achieve continuous growth within any organization requires engaging on new responsibilities, learning how to better manage the organization, and solving ever more complex problems.
According to a recent survey, the top three challenges small business owners face in today’s economy include –
- Finding clients/developing a market
- Maintaining sufficient cash flow / maintaining growth
- Work/life balance issues / long working hours
The survey also revealed the following 5 essential key components for any small business to achieve growth and success –
- Develop an effective Business Plan
- Manage time efficiently
- Engage in Networking
- Seek professional business advice/assistance
- Aggressively solicit clients/business
An effective Business Plan is very important in achieving sustainable growth, by helping small businesses identify potential customers, target new/existing markets, understand the competitive landscape, and other important aspects. A good business plan should start by identifying what’s different about the particular business; what is it about the company’s products or your services that separates it from the competitors; and why should investors choose to engage in the particular business?
Achieving business growth means finding the right people to fill expanding roles in a company. It implies abandoning routine and pursuing innovation; that, in turn, requires at least some familiarity with technology. Rapid growth may not be possible if a company restricts itself to only a local or domestic market: it may have to go abroad to find markets large enough to sustain growth.
If your business is struggling to grow its market share, customer base or achieve financial growth, a good starting point is to go back to the basics. If your company does not have a Business Plan in place, than it is time to seek a professional services organization to assist in the process. A good strategic business consulting firm will be specialized in reviewing your business goals, objectives and potential in order to plan out the next 3 – 5 years of your company’s operation. “Companies don’t plan to fail, they fail to plan.”