Five Key Things for Small Business Growth
Despite recent disappointing economic statistics, many small businesses are determined to press forward on a growth path. Even for those that hesitate to hire during this uncertain economy, can’t help but think about that next product or service line that would propel the company.
Regardless of where you are in economic uncertainty, here are five important things to remember for small business growth.
1. Your purpose
It’s okay to step away.
It is easy to get lost in the weeds and forget the overall purpose. A strong sense of purpose helps you to stay on track. Regularly stepping away from the weeds, and visiting the bigger picture will help you stay energized. Remember why you got into the business in the first place.
The truth is, best ideas come when I step away from the day-to-day grind. In doing so you may see what may be holding your business back from growth. Or you may just get that innovative idea that propels your business purpose forward.
2. Your strategy
Don’t be afraid to solve hard problems that everyone else is afraid to tackle.
What is your vision for your company? What are the critical success factors that will make or break you achieving your vision?
Compile strategies that can help achieve the vision and purpose of your business. Will strategies such as market segmentation; acquisition, new product development or partnerships help propel your business?
This bears repeating, don’t be afraid to solve hard problems that everyone else is afraid to tackle.
3. Your customers
“Listen to your customers and act on what you hear” Richard Branson, Virgin Group Founder
Big business is widely seen as missing this mark right now. Go to twitter and type in the search box “customer complaints.” Not only will you find countless exasperated customer comments, but you will also see how companies respond or not respond. If you listen to your customers and implement solutions to help them you are already ahead of the curve.
Need ideas? Type in “best customer service” in the Twitter search box. Customers will talk about good and bad service. Find out what it is that customers will rave about in social networks.
4. Your people
Right people. Right positions.
Recruitment is the front door to all things good or bad for a business. People can thrill customers and encourage them to come back. Or people can insult customers and run off suppliers. Hiring the right people is a critical step for any business small or large.
We get it. You are busy and need the help. But this is not the time to take shortcuts. Take time and do your due diligence. Check references. Be clear about your expectations both in job postings, job descriptions and through the interviewing process. Hiring the right people into the right positions can make all the difference in the world for business growth.
5. Your success
The best time to start your dream is now. Regardless of the economy, competition or market conditions, success is yours to achieve. Pay attention to what is happening in the market, identify problems to solve and then solve them. Leverage social media.
Stay determined. Don’t let go of the dream. Achieve more. You’ve got this.
Tresha D. Moreland, MBA, MS, SPHR, SSBBP, founder of HR C-Suite, is an HR thought leader in Human Resource Strategic Management. She has held key human resource leadership roles for over 20 years in multiple industries most recently a senior vice president in the healthcare industry.
Tresha is the founder and publisher of HR C-Suite (www.hrcsuite.com). HR C-Suite is a game changer results-based HR strategy website. It is a first-of-it's-kind site that organizes HR strategy based on desired business result.
She has developed a business philosophy of integrating human resources with business strategy, thus creating a hybrid HR leadership approach. This approach enables the leveraging human resources to achieve business results.