In the small business world, growth can be essential to long-term survival — and to your financial picture. While breaking even or making a small profit in the early days might be expected, you’ll soon want to explore tactics for growth and build your business into a more profitable success.
Growth made easy
Once you’ve built consumer awareness and interest in your product or service, it’s time to evaluate how you can successfully scale it. Growing your business can take many shapes, from hiring additional employees to improving or expanding your product or service offerings, or from creating a robust promotion plan to seeking out additional funding. It’s important to remember that every business is different, so some tactics that work well in certain markets may not be the right fit for yours. Learn more.
Understanding the risks
Just like with any new business, there are risks associated with becoming an owner. These risks, whether from a financial standpoint or related to the customers you serve, depend heavily on the type of business you are running. Staying aware of business trends, challenges and potential pitfalls can help you prepare for them and weather storms. According to the 2017/2018 Global Entrepreneurship Report, being unable to turn a profit was consistently cited as the major reason for businesses closing their doors. However, with the right tools, you can expand your business’s potential and plan for the future. Learn more.
When your company makes an effort to “go green” by changing the way it does business to be more friendly to the environment, it can also help your business save money. Going green can help your business save or make money by reducing your utility bills, possibly claiming tax benefits and attracting new customers who want to support green businesses. Learn more.