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Top Tips on How to Successfully Grow Your Small Business

December 28, 2017
Top Tips on How to Successfully Grow Your Small Business
How to grow your business roundup. (Photo credit): Gettyimages.com/ PeopleImages

Strategies to help you kick-start business growth and expansion.

Many small business owners are excited to grow their business ventures, but sometimes they expand too quickly and without careful planning, they fail at the end (the Small Business administration lists “unexpected growth” as one of the causes of business failure). When you want to grow your business, you need to be prepared, take your time to plan out the necessary steps, and look inward—into yourself as a business owner and your employees, your company’s greatest asset. Here are some business tips and Reach Further stories on how to prepare for expansion, accelerate business growth, and reach milestones that can propel your business to success.

  1. Create a culture of inclusion and diversity

    Research shows that companies with a more diverse workforce perform better financially. Specifically, a company is 15 percent more likely to turn a profit above the national average if it has diversity, and 35 percent more likely if a company has racial and ethnic diversity. Having a diverse workforce can also improve innovation, customer relationships and employee retention—all essential elements for business growth. However, diversity has to be a conscious effort, and companies wanting to recruit and keep diverse employees need to create a culture of inclusion, which needs to start at the top. Learn more about how you can attract and retain diversity at Grow Your Business with Diversity and Inclusion.

  2. Shot of a diverse group of employees joining their hands in a symbol of unity
    (Photo credit): Gettyimages.com/PeopleImages
  3. Learn how to delegate tasks

    Effective delegation can improve productivity, cut costs and boost employee morale and, as small businesses start to expand, become a necessary tool to save both time and money. Handing over tasks isn’t something that comes naturally to everyone, and it’s especially not easy for business owners who may be used to doing everything themselves. Experts agree that a lack of delegation is one of the biggest reasons small businesses fail. However, delegation, just like any other skill, can be learned and mastered. Get the techniques on how to successfully delegate at How to Delegate: Giving People the Tools for Success.

  4. Business group standing close to whiteboard, solving a business problem
    (Photo credit): Gettyimages.com/Hinterhaus Productions
  5. Map out an effective scaling strategy

    Scaling—adding revenue at a faster pace than you increase your expenses—is what all companies should aim to do to ensure long-term success. Scaling up your business can support healthy growth by improving revenue and efficiency, and doing so effectively can get you ahead of your competitors and improve your bottom line. However, scaling up can be a crucial and dangerous time for businesses, especially if you don’t have a scaling strategy in place. Learn more about what to keep in mind at 5 Tips to Successfully Scale Your Business.

  6. Business people forming upward arrow
    (Photo credit): Gettyimages.com/Hero Images
  7. Make sure your staff is happy

    You have probably heard this before, but a person who feels appreciated will always do more than what is expected. This is especially true when it comes to your staff. Putting people before profit can enhance employee morale, boost productivity, improve your company culture, and increase retention—but simply offering salary and bonus increases is not enough. Sometimes it’s not about the money at all—employees are largely motivated by recognition from their co-workers. Learn more about what incentives and polices you can adopt to keep your employees engaged and motivated at Keeping Your Staff Happy: How to Boost Employee Retention.

  8. Chinese venture capital investments infographic
    Venture capital investments in China
  9. Obtain fast cash to maintain financial flow

    Sometimes, as your business expands and grows, you need extra cash. That’s where microloans come in. Microloans provide working capital for small businesses and are good options for entrepreneurs starting a new venture, as they don’t require any physical collateral or perfect credit history. These loans are lines of credit which can be renewed each year as they are paid back, and business owners can utilize and draw on the funds, as needed. Learn more about the advantages of microloans and how they can help small business owners to take your business to the next level at How Microloans Help Business Owners Stay Profitable.

  10. Woman holding a sign that says open
    Venture capital investments in China
  11. Be prepared and avoid common mistakes

    Many small business owners are driven by their feelings when they have an opportunity to grow and are not properly prepared for expansion. Determining how much debt a business can accrue, when to hire additional employees, and being financially and psychologically prepared, are all key factors that business owners must consider before they decide to expand their business. To avoid headaches and setbacks, find out what you can do to prepare yourself and your business for growth at Watch Out for Slipups When Expanding Your Business.

  12. Businessman slips on banana peel
    (Photo credit): Gettyimages.com/PeopleImages

    Click to read more tips on growing your company

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