Small businesses may be an integral part of the American economy, but many entrepreneurs are simply not doing some of the basic steps required to grow their business, whether that means turning a consistent profit each month or maximizing production. Charles Phillips of Oracle has been the CEO of a number of wildly successful companies, and his understanding of basic business principles is a large reason for his success.
There are a few simple ways you can make sure that your business can begin and maintain steady growth in any economy:
Develop Your Business Plan
Ideally, a business plan is created before your business ever opens. However, many small business owners have not taken the time to develop a written plan that serves as a guide for their business. As a result, they have a very vague idea of where their money is going and what practices are making and costing money. This sort of poor planning is a sure recipe for failure.
Pay Attention to Detail
After you develop your business plan, you should know the ins and outs of your business structure. This means having a deep understanding of what goes in and comes out and how it relates to your bottom line. Only then can you begin to implement strategies that will raise profits and improve areas of concern.
Hire the Right People
Your business is only as good as the people you choose to help you run it. It stands to reason that hiring quality people will produce the best results for your business. This also means that you need to learn when to delegate and when to handle things yourself. You want to maintain an eye on your business without micro-managing.
Know Your Customers
Whether you're supplying products for other businesses or operating in a true retail environment, you need to understand what your customers have come to expect from you and exceed those expectations. Only then can you begin to generate the kind of repeat business that is required for consistent growth. This means paying attention to what they want as well as what they are being offered by others in your industry. By staying ahead of the curve, you'll be able to offer a unique buying experience regardless of what you're selling.
Growing your business is more than just increasing sales. It's about taking a well-rounded approach to improving the lives of those with whom you come in contact.
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