5 Growth Tips from a Small Business Veteran

I have been part of several small business start-ups and I know what it’s like to have a great idea that’s almost burning down the house. You want to make it happen so badly you’ll toss aside all reason just to give it a go. Before you take off running off like wildfire, make sure you are channeling all that energy into the growth of your company. Your time is extremely valuable, so use it well.

First Tip

You’ll reach a stage in the development of your business where “phase 1” is complete and now you want to take it to a whole new level. A word to the wise – don’t jump before you’re ready. Stick to you plan and never lose sight of your “ideal outcome.” Expansion is a good thing, but make sure you have set aside enough cash to do it or find an investor that likes what you’re doing.

Second Tip

Until now you may have been saving money by outsourcing to firms for various parts of your production and/or administrative needs. Are you getting enough business now to warrant hiring an employee? Consider the cost of hiring and training and compare this to what your vendors charge. You may be in the position to have a full-time person to help bear the load.

Third Tip

It’s always recommended to network within your business community by joining the Chamber of Commerce or other service organizations. At first you may only have the cash on hand to join some of the lower cost organizations but as you become more affluent, invest in some of the more expensive clubs. It puts you in close proximity to a wealthier stratum of community members that can afford to spend money on your higher-end products.

Fourth Tip

Constantly monitor the activities, all the partners, and employees in the company. Every talk performed by an associate should lead toward the end goal described in your mission statement. If there are activities happening in your organization that are not contributing to the growth of the business, you better find out why and consider eliminating them.

Fifth Tip

Expand your reach. Investigate new methods of promoting your small business to reach more potential customers. Do it intelligently by researching the effectiveness of the techniques you are considering. Continue using the marketing campaigns that have been effective, but open yourself to new ways of making your company known.

More from this contributor:

Instant Marketing Approaches for Small Business

Rules for Landing a Supplier Contract with Walmart

Top Reader Engagement WordPress Plugins for 2011