A day in the life of a business owner can vary based on the size and scope of the company or industry. One certainty for every business owner is that they have a number of business functions to oversee everyday. Whether it’s marketing, finance, customer service or maintenance, a business owner’s day is full leaving little time to plan for growth.
Our recent survey of business owners found 84% spend 1 –10% of their working week planning for the future of the business. A third (31%) use their down time in the evenings or weekends to plan business growth. However, those who say strategic planning is “all they do” are more than twice as likely to run fast growth businesses.
Every business is unique and it takes a combination of actions to be a success in business. Here is a small sample of principles that you can begin implementing right away on your journey toward growing your business:
Timing is everything
The timing of your product or service must be right in the marketplace. Smaller businesses have the advantage of being able to make choices and changes without the exhaustive process that slow down major corporations.
Brand, brand, and more brand
Today’s economy requires business leaders to create positive memories for customers and partners. The emotional attachment that links customers to your product can translate into sustainable growth.
It’s false economy not to take advantage of technological innovations to help manage your business. If a small business can identify a genuine need, technology likely exists to fulfil that need both locally and globally. There are few barriers to entry in an age where anyone with wireless can cheaply and quickly access the enabling technologies.
Success without the stress
Small business owners routinely forgo physical fitness and other personal priorities to keep up with business demands. The stress can be relentless. But if you are happy, healthy, and motivated, you can create a business model that provides a positive experience. Investing the time and effort to look after your physical and mental well-being will increase your chances for success. You also set the tone for everyone who works with you!
Please note this article is based on the sole views of the writer. Any advice on business growth strategies should be discussed with a qualified professional.
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