Struggling with how to grow your business? Perhaps you’re not thinking big enough. Here are 5 essential steps to grow your company to several times its current size.
First essential step – look at financing alternatives.
As an entrepreneur, you need easy access to small business loans through bank, angel investors and other sources. You should also consider partnering with a larger organization that is seeking a small innovative partner like you. You’ll need capital for increased inventory, more personnel and more space.
Think big and be bold.
Small business owners should become creative and think about where they can take their business. Think both inside and outside your business sector because that may be where the opportunities really lie. Study your competitors carefully to see where they are planning to take their business.
Increase your visibility.
Make sure that people consider you an expert in your field. Get as much publicity as possible through contact with the press and through the web and social media. Setup a LinkedIn business page and share some of your expertise. Consider writing a blog or leave comments on other experts’ blogs.
Work on and not in the business.
Thoroughly understand your strengths and weaknesses and build a team accordingly. Make sure that the right people are in the right positions and can help you get to the next level and beyond.
Establish a support network.
Every small business, whether established for a while or just starting up, should have a small business support network. This should be at a minimum an informal group of friends or acquaintances who are there to provide both moral and subject matter support. The group can be more formal as an Advisory Board to give you advice and counsel whether for a fee or better yet pro bono.