Some of the most successful high street brands we know today started small and moved into the big league later, and some of them did it very fast. But this is not true to every small business. In fact, majority of them have to stay as they were when the business started. So what makes this difference? I think there are certain factors that help small business owners in a great way to take their business to the next level.
Any business can grow if ambition and capability are combined. With many small business owners, the enthusiasm with which they once started dies away gradually. Now, they don’t have an ambitious growth plan. This ‘business as usual’ mindset is an enemy of growth. Some others aspire to grow but fail to see that growth does not happen automatically. Smarter leadership, better strategies, new systems and processes and more intelligent people are required for growth. In other words, a business must seek self-improvement for growth.
In addition, reinvestment is critical to small business growth. Many SME owners don’t do that. Getting elated to see their initial efforts bearing fruit, they start spending money recklessly. This is a common mistake and SME owners need to tread cautiously. While reinvestment in the first five years is critical to business survival, to grow and improve with every passing year, a business must keep reinvesting in itself regularly. Small business owners should consider their own business as the best place to invest.
Small entrepreneurs usually try to do everything themselves. When first starting a business, this versatility usually turns out to be a tremendous asset. But as the business starts growing, that is not the case any more. You can no longer grow the business on your own. You need to identify the tasks you don’t need to do yourself and delegate the responsibility. Invest in better people who can do a better job than you did and if you can afford, do it as early as possible.
There is no doubt that business success depends on a number of key factors such a product, quality, pricing, customer service, marketing, promotion, advertising, and so on. But even excelling in all these areas might not be enough to take a business to the next level. If you want to grow your small business into a large one, you must dream big, break through the mental barriers and have the right strategies in place. Growth is always good — it helps not only to earn more profit but also to secure the future of a business.
I invite your feedback.