Running a business is never an easy task. You’re plagued with constant worries about making a profit, making sure your workforce is satisfied, taking care of your clients’ needs, and in the midst of it all, maintaining your sanity. Of course, when business is good, growth is the obvious way to go. Sometimes, several factors come into play that affect how you grow and by how much. If you’re unsure of what exactly determines the growth of your business, this is what you need to know.
Know your market
Business owners who seek to remain at the local neighborhood store are the bread and butter of many towns and cities. These places aren’t meant for business dreams of high grandeur. It’s all about surviving on a day-to-day basis because there aren’t that many people in the market, to begin with. The sensible thing to do in cases like this is to implement the traditional business plan of a local store in such communities. Although the model is simple, the business can run for decades because it appeals to the demands of the town. On the other hand, places like LA are cultural hubs populating millions. Any anonymous person can act as a food critic and undermine your online business, which can wreck the flow of your customers. In such cities, the logical thing to do is to attract as much attention online. And above all, treat yelpers as elite food critics.
Money in, money out
As a businessman, you’ll often have trouble trying to focus on each and every department of your business. Is it the workforce that needs attention, the vendors, or the marketing department? And you’ll often feel as though there’s something you’ve forgotten, and that’s the accounting department. Having an accessible track of your financial records is really a no-brainer when it comes to business growth. This can easily be done by getting your CPA accreditation, or more conveniently, you could try online bookkeeping to keep track of your finances and protect your investments. This will also help you track your profits and losses, and prepare you for paying taxes.
Customer service, marketing and sales
To some, they might seem to be separate entities, where you can choose one and rule out the others. Some business owners focus on one or two of them and build a business plan accordingly. But the truth is, the key factor to any successful business is the three of them combined. Customer service shows customers the willingness of a business to keep them as customers and their openness to improvement. Sales and marketing are equally important and require data collection. If a sales and marketing strategy is not available to you with ease, head to one of your local marketing companies.
Starting your own business in this economic storm we’re in is a risky business, which might end up in liquidation, or worse, bankruptcy. However, you should embrace your entrepreneurial self, and it’s going to get you to your goals. Trust yourself, and follow the simple guidelines for business growth beforehand based on your location and demographic.