Small businesses spring up all the time and many of them grow to become big businesses employing thousands and making tens of millions of dollars annually. But for any business to grow from small to medium then large scale depends on management practices that engender growth. Here are 10 among many tips that could help grow your small business.
1. Keep and manage Documents well
As obvious as this might seem many small business owners especially those in informal businesses are not very good at keeping and managing documents. With well kept documents, your business can grow and become a fantastic example of small business great concept. Turning your small business into a working business is an achievable fit, certainly not when you don’t have working documents to back your operations.
2. Buy quality first
The popular quote pennywise pound foolish means only one thing – buy the best you can afford rather than the cheapest. This applies to simple things as supplies, labor, expertise, information and what have you. Quality rather than quantity should be our watch word.
3. Use your business plan often
A business plan is not just a document for raising finance it is also a management tool providing valuable insights into how best to achieve your business goals and objectives.
4. Use customer relations effectively
With good customer relations a small business has a very powerful marketing tool at its disposal. Word of mouth and repeat business are inexpensive ways to generate sales and can’t be achieved when customer relations fail.
5. Use social media well
Social media especially online social media such internet networking sites facebook, twitter and hi5 are fantastic PR tools that can put any business in the global market. If you run an internet based small business then without doubt good PR with social media will do your business a whole lot of good.
6. Network with other business owners
Many business owners know more than you do in one aspect of business or the other. By networking with some of them, you will be drawing some interesting leverage and opportunities your way, meet and discuss with other business owners.
7. Plough back profits into your business
Many businesses grow without external financing because the owners often times re-invest the profits from normal trading activities. By ploughing back profit into the business, small business owners can grow their small businesses overtime making them stronger and more profitable.
8. Avoid debts as much as possible
Many successful business owners have said that they often times regret taking loans with banks because of the costs they incur as well as repaying the loan. But besides loans other forms of debt or credit are not necessarily useful, if it is possible to do without them, go ahead else use them sparingly.
9. Spend wisely
Obviously no one needs to say this. Spend wisely and save yourself a lot of hassles.
10. Only hire the best you can afford
One good servant is better than 100 bad servants same too with employees. One good employee is far better than a hundred. Your effort should be to hire the best workers your resources can afford rather than anyone who can deliver at the barest minimum.