Two Questions Every Business Owner Needs to Answer About Business Growth

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Becoming more skilled at working “in” your business, doesn’t always translate to business growth. In fact, with all you’re doing to run your small businesses, it’s easy to lose sight of the two most important influencers of small business growth — your goal for growth and your growth strategy.

Small Business Growth Defined

Simply defined, a growing business is one that is growing their revenue through increasing customer demand. It experiences a growth in revenue and cash flow at rates faster than those in the economy.

A growing business does more than pay overhead or eek out a measly paycheck for you. It produces enough money to reinvest in opportunities to continue to grow the business.

Small business growth isn’t an event in good times alone. A growing business, set up correctly, grows through good times and bad.

The Daily Double

The two things you need to know to grow your small business are:

  1. What is your goal for business growth? Research shows that businesses that experience an annual growth rate in excess of 20% are most likely to withstand whatever is thrown at them.
  2. What is your growth strategy? Like rungs on a ladder, there are several growth strategies you can select. The higher up the ladder you go, the greater the risk — and potential for growth. Know the growth strategies that guide your movements.

Consider this: More than 60% of American’s businesses since 1980 no longer exist. Will your small business suffer such extinction? Not if you know the answers to the two vital questions about your business growth.

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Testimonial

Brooke Billingsley

Vice President
Perception Strategies

Synnovatia is a strategic coaching firm that is detailed and knowledgeable about business. i have a small business that grew from $150K to $750K because of the goal setting and resources that Synnovatia provided. It saves me years of learning on my own.

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