Posts Tagged ‘ Business plan ’

How to Grow a Small Business, Part 1

by Vahan Karian

Unless you are blessed with a staggering amount of capital, your business will begin like any other: small and vulnerable to the pitfalls of growth. For several years, I have lent my business expertise to companies eager to grow from minor operations into nationally known brands. The following tips and strategies have served me well in my efforts to evolve small businesses.

1. Draft a Business Plan You might think that taking the time to create a business plan tailored to developing your company to be a waste of time. After all, payroll, sales, and other concerns likely dominate your work time. However, just as a business plan helps lay the groundwork for starting a company, they prove as effective for expanding one. Writing a plan will force you to think long-term on subjects such as sales, marketing, product development, and other issues.

2. Reduce Expenses In your campaign to grow, certain aspects of your company must shrink. The advice likely seems paradoxical, but it makes good business sense: cutting costs in unnecessary areas frees up capital that better serves some other, more vital avenues. Examine your records and statistics, looking for ways to eliminate, consolidate, and trim. For example, some companies might consider trading goods and services rather than accepting a conventional payment.

3. Broaden Your Network Remember, who you know is as important in business as what you know. As you seek to expand, you may need the aid of others familiar with the road you walk. Make friends in a wide array of industries that you can call upon later when you need help. Of course, they may see fit to call upon you in return.