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Planning for Growth: Five Tips for Young Businesses

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Some people are happy with running a small business that is easy to manage for one person. However, if you have big dreams, everything you do in your business should be built around sustainable growth and continuous improvement. From improving your supply chain to training your employees; there are so many things to take care of before your venture can grow. Find five tips below to help you plan for long term growth.

1.Have a Clear View of Your Finances All the Time

To have any type of realistic business growth plan, you first need to make sure you have a clear vision and know where your finances stand all the time. You might want to get a simple accounting system put in place, so you can keep an eye on your income and expenditures. As soon as your business starts growing, you will need to start seriously thinking about consulting with a CPA firm, to make the most out of your incorporation and taxation methods.  

2.Smart Investments

You next need to start focusing on the return on investment (ROI) whenever you purchase advertising, equipment, or employ new people or consultants. Without this mindset, you might end up wasting money on things that don’t improve your future. The best small investments are those that are related to training and technology, and increase your business capabilities.

3.Keeping an Eye on Future Technologies

It is also important that you stay connected with your current industry. Visit trade fairs and exhibitions, and be among the first who get the latest machines that are more effective and greener than the previous models. This way, you can start offering more to your customers and capture a greater market share.

4.Taking an Advantage of Emerging Customer Trends

You need to keep in sync with your target market at all times, if you want your business to grow. Customer surveys can have several benefits, and they are cheap to administer. Find out about the change in customer preferences and expectations as soon as possible, so you can get your company to prepare for them before other businesses do.

5.Sustainability

Your final focus when growing your business should be on sustainability. Sustainable growth can be described as a way of expanding your business that doesn’t involve getting into debt, regulatory, or legal troubles. You have to think ahead: how is the legislation in your industry going to change in the next few years, and how can you address these changes in time? Is there a cheaper and greener production method out there you can start implementing now? Are your customers going to stay with you if your company loses its focus on service levels? Consider all the above, and come up with a business plan for continuity and sustainability.

Whether you are only dreaming about growing your business in the future, or it is already happening, you will need to focus on sustainable plans, clarity, and the current and predictable changes in your market. Make smart investments, avoid financial troubles, and you can maintain the momentum for years to come.

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About Author

Ben is a follower of Christ, a rabid computer geek, small business owner, and breaker of things. He is married way above his station in life and has three wonderful children who have made driving him insane their mission in life.

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