This year is already proving to be economically challenging for businesses. In this environment, small work at home business growth may seem unachievable. However, a recent Guardian Life Small Business Research Institute study revealed that small businesses can do several things to enhance their performance. Following their advice can put your company on the fast track this year.
Being prepared to handle financial issues is always good but is especially helpful during these difficult economic times. Of the high-growth small business owners polled, 47 percent were prepared to access cash reserves if revenue declined suddenly. High-growth company entrepreneurs were also more willing to borrow money than were owners of struggling businesses.
What is done with borrowed money can make a difference between success and failure. Unsuccessful businesses use the funds to hire staff, open additional offices, or add new capabilities. Successful companies apply it to research and development efforts. Most owners of these organizations also find that having a clear vision for the organization has the most impact on their success.
Getting advice from experts like financial advisors, accountants, and peers has served high-growth business owners well. If you are currently relying on a newspaper or the television for business advice, consider going straight to the experts. Make a point to understand what must be done to grow the business and improve strategic planning for the long-term. Managing money better should also be a top priority because 75 percent of high-growth entrepreneurs have done this to aid their operations.
Though being an entrepreneur provides freedoms, many people assume that a better work-life balance is not one of them. After all, entrepreneurs must be on top of every corporate detail. According to the study, owners of successful small businesses said that being entrepreneurs actually contributed to higher-quality time with family and made them better people.
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