Growing Your Business

7 Best Ways to Grow Your Small Business

7 Best Ways to Grow Your Small Business

As a new business owner, you're supercharged and ready to see your business thrive. Most business owners start out expecting rapid growth and plenty of attention for their venture, even if it may be fledging already.

However, overnight success isn't the standard in nearly all cases. There's no "special sauce" that makes for the perfect recipe for instant results. No startup, no matter how well planned and funded, is guaranteed. 

Nevertheless, you can improve your chances of reaching those milestone moments that can catapult your business into the success you've envisioned. To do that, focus on your foundation through these steps. 

#1: Always hire the right people

The right people are not necessarily those with the highest degree or the shiniest resume. They are people that fit your company's culture. They fit in from the start. Pay well, establish a solid company culture, and strive to hire people that bring in something special and unique to your business. Every hire should offer something valuable and not otherwise present to your business. 

#2: Focus on your profit centers

Instead of focusing on the nice perks you plan to offer that cost you money and bring in nothing extra, focus instead on the profit centers. Put your time, talent, and funding into those areas where profits are most likely first. Then, fund other ventures later. 

#3: Secure financing when you need to grow

Don't limit your business's potential profit margin because you don't have the funding to make it happen. Seek out financing to speed up your growth rate when you are confident that doing so will lead to improvements in your bottom line. Look for the least expensive financing or a partner to lessen the blow.

#4: Automate whatever you can

The more time you put into the creative and customer-centric portions of your business, the more time you are investing in profit margins. Automate anything you can. This may include using cloud accounting services that can handle your finances without you having to invest the time into the process. It may include using technology to manage other components of the business as well.

#5: Know, monitor, and master your KPIs

KPIs, or key performance indicators, are at the heart of your profitability. This may be net revenue or customer loyalty, for example. Ultimately, you need to define what key factors impact the success of your business and then master those areas through focused attention. 

#6: Become an industry influencer

Is your business truly standing out in the crowd? To do that, innovate, change-up, or provide fresh perspective to the industry. Do something that's outstanding, unique, and attention-grabbing in the right way. This will lead to becoming recognized as an industry leader, which drives growth and profitability. 

#7: Be ready to pivot

Successful startups have the tools and resources to change rapidly. Even if your business model has everything necessary to do well, if it doesn't, you need to be ready to make changes. Your business model may change.

You may need to change your primary product or service offering. Monitor and respond to your customer base to continuously meet their needs. 

Growing a small business means focused attention. Pinpoint areas costing you and focus on improving them. Look for ways to offer something that stands out or allows you to wow your customers. This is what will ultimately deliver the best outcome for your business in the long term.

As noted, there may not be a secret sauce to a quickly profitable business, but there are plenty of powerful ingredients you can offer to entice customers to favor your business and help it to grow.

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Sherri Hastings

Sherri Hastings

Tim Murphy is the managing member at Murphy & Murphy, CPA, LLC, a full-service certified public accounting firm, with emphasis on tax preparation, audits of governmental, educational, and non-profit entities, retirement planning, estate planning, business valuations, litigation support, and banking. He is a Certified Public Accountant in Maryland and Virginia. Tim is also a CERTIFIED FINANCIAL PLANNER professional, Personal Financial Specialist, Accredited Estate Planner, Certified Valuation Analyst, and Investment Adviser Representative.

MURPHY & MURPHY, CPA, LLC.
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