Startups and growing businesses in the one to five year range normally have their own set of challenges to contend with. Here are a few simple but powerful tips to grow and sustain a small business.
1. Setting Smart Goals
Goals are the invisible force that can keep a business moving forward relentlessly. Without goals, a business would lose perspective and motivation. By setting the right goals, a business can be given laser sharp focus, which would then move it closer to achieving that goal every single day. However, it is important to set the right goals. The goals would have to perfectly align with the vision of the organization. The goals should also be achievable and realistic. Unrealistic goals, how much ever noble they are, can discourage employees and instill a sense of defeat.
2. Re-evaluating Target Markets
It is said that when the Apollo 11 was launched towards the moon, every few minutes the rocket had to have a course correction. The primitive electronics of that era had the vehicle veering off course frequently, which necessitated a course correction every now and then.
Likewise, every small business needs to constantly re-evaluate its course to see whether it is moving towards the right target market. Catering to the wrong market could be like shooting for the sun with only enough fuel to reach the moon. If the business realizes that it had been targeting the wrong market, it can always switch targets and head in a new direction. Re-evaluating target markets periodically can help a small business avoid disasters.
3. Analyzing past marketing methods
Marketing is one of the most crucial elements that determines the success and growth of a business. Even a successful business can stagnate or shrink with ineffective marketing. Analyzing the effectiveness of the marketing methods and strategies used in the past can help a business decide on the strategies to use for the upcoming year. Making mistakes is never as bad as failing to learn from them. It is therefore very important to weed out the ineffective marketing methods and nurture the ones that produce fruit.
4. Making financial projections
Once realistic financial goals are set for the business, it is important to make financial projections in order to determine the amount of business needed to reach those financial goals. The business can then go ahead and align its marketing goals to those targets.
Following these simple tips can help a business grow and sustain itself in various market conditions.
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