Small businesses come with their own set of opportunities and challenges. Running a small business with an intention of growth can be extremely challenging for its owners. Growth can be measured in several ways and the rate of growth at which a small business expands varies from one company to another. Some businesses may prefer rapid growth over sustainable steady growth and vice versa. The role of consultants and marketers come into play when a small business decides to grow. Globalization has given a rapid boost to competition which has made the market environment more dynamic than it ever was, hence, informed decisions have become a necessity.
Running businesses in a digital era has a great opportunity to reach potential markets but it has also eased the establishment of companies for everyone. Business owners who don’t compete get wiped out of the market as easily as they enter one. Therefore, the significance of using the right tools at the right time through the right people is the key to successful business growth. It is said that, “The customer is always right.” This statement holds true in almost every part of the world. Growth of business depends on how the main asset, customers are treated. A company with a strong and stable customer base is more likely to grow and sustain the growth than one where the customers show no loyalty towards their products/services.
Flexibility in strategy can be very helpful for small business owners as implementation of improvements can be done to accommodate any changes that occur in the industry. A flexible business model is better equipped to navigate through turbulence rather than a rigid one.
Small businesses are characterized by limited access to capital and tight funding therefore efficient management of funding sources is of great importance. The biggest challenge is to keep operations running while also keeping the enterprise growing according to the plans. One of the most viable options in this case would be efficient out sourcing of activities that don’t add value to the business if done internally. The quality of employees a company hires and building an effective team is also a key to ensuring that the business prospers. Networking and digital presence is a great way to connect with people who can help you build your business. Building brand awareness is a great way to attract new businesses. As corporate social responsibility goes a long way, sponsorship or participating in a community event can be a great way to raise your business profile. At Ali Syed CPA we provide you tailored strategies and consultations to equip you to grow in a sustainable manner.