Rules of Growth For Small Businesses
For small businesses, what may seem like the best of times could actually be the worst of times. With over 130 million U.S. companies operating in 2014, there are many more opportunities for co-ops and small start-ups than just a few years ago. As a result, competition is high and major corporations have increased their efforts to outshine their smaller rivals with cutting-edge technology and innovative products. While this might not be a cause for concern in theory, it's still worth evaluating what rules of growth you want to set down for your business now while they're still relatively simple to implement before they become more difficult or outright impossible later on down the line.
Consider the following three rules of growth for small businesses:
1. Know thyself. What is your business's greatest strength? What are its biggest shortcomings? Is it a leader in its field (or becoming one)? Is it a follower? Are you comfortable in either position or do you need to reassess your goals and expectations? These are all critical questions that every business owner needs to ask themselves, especially when they're setting down rules for their strategy or mission statement since these will depend greatly on the answers given.
2. Know thy market. Market research is crucial when setting down rules for business growth. While it's easy to get caught up in what you want your business to be and forget that its success depends on the market's acceptance of it, getting a clear picture of what others are doing in your field and their strategies can be enlightening and help you become a leader in your field or discover new markets that you can follow. What marketing sources do they use? What other resources do they rely on? What's working for them and what's not?
3. Know thy resources. When planning out how you'll grow your business, don't ignore the small details like whether or not you have the right equipment, talent or skills to succeed. This is another area in which market research can prove helpful since it will give you a better idea of what's needed for success, both on the short and long term. Also be sure to evaluate your resources not only on a personal level but also in terms of how they'll apply to your business as well. You may want to purchase new equipment and machines but if they're the wrong fit for your business, it would be a waste of time and money.
These are just some of the rules of growth that you'll need to keep in mind as you assess how to move forward with your small business going forward. But just as with all other areas of life, it's important to remember that rules of growth aren't set in stone and you'll need to change them if necessary. Just make sure that any new plan you have for growing your small business is based on a solid foundation and doesn't get sidetracked by the status quo.
Preston has been a published author since 2010 and has written over 50 articles for major publications in business and finance, including Business2Community magazine. He also provides in-depth content on small business trends and topics through his own website, PrestonDudley.com. Preston has earned an MBA from the University of Texas and works as a small business development trainer at his local community college as well.
Rule number 2 in this article involves market research and is crucial when determining how to successfully grow your company. Market research is the process of studying a particular market or industry to determine what is going on with it, what other companies are doing, how those companies are performing and how you can better capitalize on it. There are many different methods to perform this research, each with its own set of benefits, drawbacks and costs. Here are just a few commonly used methods:
Software – The most common method is software that analyzes data based on industry analysis. Software is typically used for gathering the amounts of money that different companies are bringing in and the types of services they offer. The costs of software vary substantially, depending on how much data you want analyzed, how often and by what methods you want it done.
Generate outside data – Some other methods to perform market research include generating information from outside sources such as government agencies and surveys, questionnaires or for sale ads placed on social media sites. Companies can then analyze the responses to determine how their product or service compares with those being offered by other companies.
Business Owners can find more helpful articles at:
https://www.forbes. com/sites/nextavenue/2016/06/06/10-steps-to-prepare-for-the-gig-economy/#61d475757716
https://www.inc.com/tiffany-cohen/how-to-write-a-great-mission-statement.html
http://www.business2community.com/smallbusiness/top7marketingresourcesformarketingcommunication0390591?lsrc=rss
http://www.prestondudley.com/#!marketingstrategiesforbusinesses/?bz=cj_cn1i
https://www.forbes.com/sites/nextavenue/2016/06/05/10-steps-to-prepare-yourself-forthe-gig-economy/#61d475457737
https://www.inc.com/tiffany-cohen/hereiswhyyouaintreadyformarketstrategies.html
https://business2 community.com/?lsrc=rss&scid=390591_prestondudley
https://www.business2community.com/? lsrc=rss&scid=390591_prestondudley
http://www.prestondudley.com/?lsrc=r
http://www.prestondudley.com/&lsrc=r
https://www.inc.com/tiffany-cohen/marketingstrategiesforthegigeconomy.html
http://www.prestondudley.com/&lsrc=r
http://www.business2 community.com/smallbusiness/top7marketingresourcesfor marketingcommunication0390591?mcid=rss
https://www.forbes. com/sites/nextavenue/2016/06/05/10-steps-to-prepare-yourself-forthe-gig-economy/#61d475457737
http://www.business2community.com/?lsrc=rss&scid=390591_prestondudley
https://www.forbes.com/sites/nextavenue/2016/06?5/?utm_source=attention&utm_medium=nextavenue&utm_campaign=business2community
http://directories.state.pa.us
https://www.forbes
Conclusion
There comes a point in every small business owner's journey in which he/she must decide how to best grow the company. You've read about the various methods of growth, but if you're still confused about how to proceed, it's alright. As previously stated, rules of growth are meant to be broken and not all methods will work for every business. Do your research and figure out what works for your company and your staff and then go from there. But whatever you do, don't allow yourself to get caught up in the status quo because as I'm sure you've learned by now, breaking the rules can often lead to great success...