Struggling with how to grow your business? Perhaps you’re not thinking big enough. Here are 5 steps to grow your company to several times its current size.
1. Look at financing alternatives.
As an entrepreneur, you need easy access to small business loans through banks, angel investors and other sources. You should also consider partnering with a larger organization that is seeking a small innovative partner like you.
2. 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.
3. 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.
4. 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.
5. 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 or the group can be more formal in the shape of an Advisory Board to give you advice and counsel whether for a fee or better yet pro bono.