Five on Friday- Grow Your Small Business

Categories: Five on Friday

5friFive ways to grow your small business without breaking the bank

You want to grow your business but you have a limited budget. You see growth in your immediate future but your bank account won’t allow for all the bells and whistles that come with getting your business to the next level of your business plan.

Here are five ways to grow your small business without breaking the bank:

 

1. Get a really clear vision about your value- It is important to understand what your goals are and how you are going to achieve those goals. Have a clear understanding of your vision and how you are going to go about achieving this vision. Make sure you have a strong business plan that outlines your company’s value in the market.

 2. Know exactly who your target market is- Although this may seem straight-forward, it is amazing to me how many business owners cannot answer this question. Example- If you own a men’s barber shop, the obvious answer would be: men. But it’s not that easy. What age range of men? Are you a classic barber shop geared towards older gentlemen or are you a new, hip salon offering state of the art services geared towards teens to men in their early forties? This is the question you should ask yourself and know the answer.

 3. Know your own Strategic Profile- How do you differentiate yourself in the market: products, services or relationships? Ask yourself this question: how are clients and customers better off after they buy from or work with you? What would a client or customer get from you that they would not necessarily get from a competing business? Find what makes you stand out from the rest and promote that claim whenever and however you can.

 4. Make sure you have the environment and culture to support high levels of performance- A profit culture takes productivity, trust and morale within your company. With those elements, you will remove the organizational drag and have a clear line of sight to your growth.

 5. Cultivate laser-like focus- It is important to narrow down that to do list and make sure you have a concise list of goals and objectives. Pick three things, not 25, so you can really grow to excel.

 

Libby Wagner
Author: Libby Wagner

President, Chief Visionary Officer

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