Sunday, December 14, 2014

Just Because You Have a Small or Home Business Doesn’t Mean You Shouldn’t Grow It

Business Growth is Crucial to Survival

how to grow your small business
Just like humans and animals need to grow in order to survive and thrive, so do businesses. Public and private businesses, international companies, and even small or home businesses need to see sales and overall growth in order for them to continue to exist. But what is the definition of “business growth?” Business growth is a term that is often used to describe a variety of things, including sales increase, employee increase, and other items. Simply put, business growth is a demonstration of an increase within a business that is accompanied by an increased yield. While growing a business is important to economic survival, it should not be the only reason why you work for your business to grow.

Business Growth is Important for Market Expansion

Aside from surviving in the business world, business growth is important to help ensure you will have the resources you need to make a move to the next level of your company. Many small or home business owners have dreams of their current business structure being successful, but also aspire to someday being able to make changes or expansions to this structure and see continued success. These changes could include bringing current products or services into a new market or developing new products or services to introduce into the current market. By growing your current business, it will help to make these jumps to new levels much easier and can help to ensure continue growth throughout.

Business Growth Aids in Profit Growth

When a business is successful, but does not work toward growth, it will continually see the same amount of profit being earned year after year. While this may be significant in the beginning, that profit will continue to shrink as the costs of running a business continue to grow. Business growth plays a key role in profit growth, which is something that is very important not only to overall success but also business survival. Profit growth is also beneficial for the business owner and the business – these profits can either be paid out to you as the owner or reinvested back into the company to hire more employees, update equipment and help to make the business run more efficiently and effectively.

Business Growth Grows Brand Awareness

As a sunflower grows, it becomes easier to see, prominent, and more eye catching. The same concept applies to business growth – the more a business grows the more exposure it will receive and the more consumer and business associated will be aware of the company. Brand awareness is important for attracting consumers to the business and possibly enticing them to make a purchase. This awareness is also important for attracting possible business partners that may be able to work with you in a strategic partnership toward a common goal or help to create a new project. Having a strong brand presence affords the business more opportunities in the long run, which can lead to even further business growth.

Would you like more tips on how to grow your small or home business? Stacy O'Quinn has helped dozens of entrepreneurs and he can help you too! To find out how, click here.

*Photo Courtesy of David Joyce via Creative Commons License

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