Your Small Business
- Is in a competitive marketplace.
- Needs a clear vision.
- Must grow to thrive.
- Is achievable with a strategic plan.
- Requires a team effort.
- Will take your business to the next level.
Small business growth is essential for long-term success. While only 40 percent of small businesses are profitable and 30 percent are breaking even, you’re thinking bigger. In a leap year, what can you do to advance your company to the next level?
As a small business owner, you have a vision for growth but your progress may have leveled off. To help you regain your momentum, here are five easy steps for taking your business higher.
Stepping Up to the Challenge
Look before you leap.
Start by carefully examining your business’s current stage of growth and identify what the “next level” means to your business. Do you want to add a new product or service, broaden your business footprint or attract more visitors to your website? Be specific with your goals.
Once you have determined what you want to accomplish, you need to develop a financial plan. Over 80 percent of businesses fail because of a lack of cash flow. Make sure you are prepared to invest in the growth of your business. For inspiration, study other companies that have achieved your objective, to determine how you can apply their successful techniques to your business.
Lead your team to higher ground.
Strong leadership is critical to helping your business reach new heights of success. When developing your growth plan, you should make sure your team understands their objectives. Secure buy-in from your employees by being clear about what is expected of them. A great way to motivate your team is to let them know you value their roles in your company’s expansion.
Listen to your employees and be sure their input is heard. In his book “Good to Great,” Jim Collins explains good-to-great leaders are “self-effacing, quiet, reserved, even shy – these leaders are a paradoxical blend of personal humility and professional will. They are more like Lincoln and Socrates than Patton or Caesar.”
Increase your vertical through technology.
Small and midsized companies that embrace technology increase annual sales 15 percent faster than those that don’t. Getting to the next level can be a challenge but technology can help you make the climb. Stay current with the latest innovations, sign up for online newsletters and read case studies to help you make informed decisions and increase your productivity.
Your business is growing, so consider expanding your online presence with a new or revised website, updated content, blogging and social media. Enhancing your online marketing strategy will make it easier for people to find your business, attract more customers to your website and increase revenue.
Trust the process.
Taking your business higher may feel risky. It’s okay to start with a small budget and test things out as you go. Keep the faith, trust the process and encourage your employees to do the same. Don’t be afraid of falling short – you can’t reach the next level without committing to it.
Stay passionate and involved.
Now that you have reached that higher level, what is it going to take to stay here? Be prepared for the realities of stronger competition and use it as motivation for you and your team. Use website analytics to measure online growth and consider investing in search engine optimization content to attract more website visitors and eCommerce opportunities to expand your customer base and maintain momentum.
Reaching a higher level of success is quite a milestone. You should celebrate this success with employees, friends and loved ones to keep your passion high. Besides, you have earned it.
“The vision must be followed by the venture. It is not enough to stare up the steps – we must step up the steps.”
– Vance Havner, Evangelist and Author
Take Your Business to New Heights
Attaining that elusive next level of success can be hard work but these steps will help you make purposeful strides toward reaching new heights for your business. After working with over 3 million small businesses, Web.com understands your mission and we’re here for you every step of the way.
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