Small Business Growth 7 Tips to Manage Your Growth Successfully

Fast growth can be seductive; but challenging to manage. All small business owners want growth; and fast growth sounds like it should be a good thing – something to strive for. However, it is important to control your small business growth or risk your business’ future.

One of the most exciting times for small business owners is when they see their sales grow; even more exciting when those sales grow quickly. Sales are often used as a measure of business success. In reality, all business owners should use profit as a key measure of the business’ success because sales growth can require a high price.

Rapid sales growth can be achieved either organically (that is, through activities internal to the business) or inorganically (that is, through activities external to the business). Organic growth typically occurs through the launch of new products or services; by expanding the geographic market; and by starting up a new business – although growth in this case can start slow and then speed up. Inorganic growth typically occurs through mergers or acquisitions.

While inorganic growth is often very fast growth – if you buy a company that’s bigger than you, you’ve more than doubled your size – it is often expensive growth in terms of money, time and resources. Buying growth by buying a company means that you will often purchase the bad along with the good. For example, the bad can be the total cost of the acquisition; purchasing old equipment and/or inventory along with new; acquiring unhappy or high priced labor; a bad reputation; and more. The good can be acquiring the sales book, which is the company’s list of customers; additional services; a larger territory; more staff, taking out a competitor; and more.

The additional considerations for buying or not to buying growth should be how challenging is it to merge the two companies and the two cultures; what synergies can be gained – if any; if the acquisition results in an over-staffing who will be laid off, how will the lay-offs be decided, who will do the lay-offs, what will be the outcome and the environment after lay-offs. Do you have enough in-house human resources support for this type of growth? If not, can you outsource to a competent individual or firm?

The difference between acquiring a company and merging with another company is usually related to either a win-lose proposition (one company is the winner, the other the loser) or a win-win proposition (both companies are motivated to merge successfully for a number of business reasons). Mergers can consume a different resource focus: ensuring that both companies, their staff, their customers and all stakeholders feel that the end result was a win-win.

In either of these inorganic growth strategies, create a checklist approach to ensure that you carefully review all the pros and the cons and weigh the rationale carefully before you move forward on the merger or acquisition path.

Organic growth is typically a slower and more manageable type of growth. However, if your business is growing through a period of fast growth, you need to manage that growth before it overtakes you.

7 Tips for Managing your Growth:

  • have a comprehensive human resources plan to handle fast growth and peaks and valleys in business activity;
  • have job descriptions and a structure for your company;
  • have developed standard operating procedures for your business;
  • have a strong customer service program – so that customers are not negatively impacted by your fast growth;
  • have a strong quality and continuous improvement program;
  • ensure that you have the operating structure (whether that means increased inventories, longer hours of work – moving from a one shift operation to a two shift operation; adding more productive equipment); and
  • have the cash flow to sustain growth (you will need to pay for more supplies and materials, for labor, for transportation, etc.) – unplanned and/or fast growth can have a big, negative impact on liquidity.

Whether you grow organically or inorganically, you need to plan for sustainable growth. Your plan needs to include how you will manage fast growth.

Starting a Home Business Tips 3 Causes of Failure

Lots of people tend to fail when starting a home business due to some few reasons we are going to discuss in this article. After reading this article, you will learn a few thing to avoid when searching for a home based business to begin.

Information Overload – This is of the major causes of failure in a business especially one based online. There are tons of things you need to know or rather there are many things you need to learn. All individuals are not the same, some can fin their way by themselves some needs the help of an experienced teacher. Whenever you find yourself in this kind of situation the best thing to do is take it one at a time. Try to focus on one thing and move on to another when you are done with it.

Bad Product – Picking the wrong product can hinder you from making money. A lot of people have given up the struggle as a result of picking a bad product. There is competition in almost any kind of business you decide to go for. You need to know that there are many others promoting the similar or even better product than yours. To break through the competition you need the right product.

Action – If you have all the information on how to be successful and you do not apply it, you can’t get any result from it. Majority of the home business seekers do not believe they have to work to earn money especially when it has to do with the internet. There isn’t any free money anywhere online or offline, you have to earn it.

There are the 3 causes of failure when starting a home business.

Starting A Home Business Tips For Success

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One of the most common things that are happening to people in the modern world is that they are finding themselves in very difficult situations when it comes to their professional life. There is no such thing as safe job anymore and it sees that even people with the most secure jobs are now suffering serious consequences and losing their positions unexpectedly. They probably get a good compensation for this, but what happens when that money runs out? The most viable choice in the modern world is to start your very own business and this is going to make it easier for you to achieve your goals and dreams.

Starting a home business is no easy task and it certainly does take a lot of effort in the beginning, but the rewards are certainly worth it. The first one is the fact that you will be working hard for your own gain and not to make someone else rich. This is going to be the best and most powerful choice you could ever make in your life. You really need to take the time to analyze what kind of business venture you want to be trying out. This is going to allow you to determine what kind of risks you are taking and how profitable your business venture could be.

The best way to begin is to find out what kind of products and services are currently popular. The most important rule for any kind of business is to make sure that you can do the job that you advertise with professional results. You are never going to be able to achieve success with your business if you do your job poorly. You need to pick a business that you re good at. If you sell products, you need to be a great salesman, if you provide a service, you need to be professional and efficient. This is the kind of thing that you really need to consider.

The next step is to start working on you marketing strategies. This is the most essential part of any business venture. If you don’t market your business properly, you will fail to create the kind of exposure that will allow you to start getting new clients to work with. This is going to extremely important and you need to choose the best platforms I order to advertise efficiently. Social media networks like Facebook and Twitter are a great place to start and getting your own website domain and hosting will also be extremely helpful.

The following step is to ensure that your customer services are always impeccable. This means that you should always answer any questions and deal with any kid of customer even if they are rude. You have earn to keep your cool and handle business appropriately.

Then you need to be consistent with everything we have mentioned. You have to always work hard to provide the best customer service, the best outcome from each project and you need to be consistent with your marketing strategies. This is going to prove to be essential in every aspect of your business and you fill be able to achieve the success that you always wanted. Remember that hard work is a requirement in life if you want success and happiness but hard work always pays off.

Starting your own business can be very challenging, so we do suggest that you at least have two or three months’ worth of savings in order to be able to handle the difficult initial stages of your business. It will give you the edge that you need.

How To Start An Online Business

How does a Web Business work?

This is a subject most first timers touch when they try building an online business. And there a lot of ways you can do this as well. But for the sake of the audience reading this article, I will try and explain one of the many ways it is done, and that’s the way I am doing it right now.

Let me explain broadly how I do it.

First, the key to affiliate marketing is having a product to promote, and building a list to which to promote. And there are many products out there and many websites which ask you to promote them to potential customers. But it is advisable,and this is something that I do, that you choose a product that you know something about, which you think could help those potential customers resolve their problem. You don’t have to, but it is easier to promote a product which you have used.

Ok. So you search the Internet long and wide, and after a while you finally found that product you were looking for. Now what?

Well now, the first thing to do is create a Squeeze Page. What is a Squeeze Page you say? Well, the Squeeze Page is a One Page website in which you only try and convince the visitors to sign up to your list. You will not sell them anything on this page. You will not try to convince them of anything else than to sign up to your list. And that is because you want their addresses so you can promote your product at a later time. And how will you do that?How will you make them give you their email addresses?…By giving them something of value for FREE. Yes, for FREE.

So now they have signed up to your list. They entered their name and email address and pushed the “Sign Up” button. What happens now?

Well, after this, two things will happen:

1. They will be taken to a “Thank You” page in which, well, you thank them for them signing up. you can try and sell them a product in the thank you page but this is not how I do it, as I think as this is coming a little too strong.

2. They will be added to your list.

This list is managed by an online service called an Autoresponder.

But a responder is needed, and even though it is an expense, it is a small one.

Why it is needed? Because as they are reading the “Thank You” page, the autoresponder sends them an email to their inbox. In this email there will be a link, which will send them to your “Download Page”, in which you give them a link to the FREE gift you promised them if they sign up to your list.

Ok. So now you have their name and email address. What to do now? Well, the next thing to do is nurture the relationship you have established with your subscribers by sending them occasional emails, other free gifts, other tips to help them with the problem they came to your site. And it is easy, even if you don’t know anything about the related problem. There are many free sources on the web from which to inspire your answers.

Well, this is the basic model of how A web business works. And i say basic, because there are a few other aspects of a web business you need to understand, as a newcomer to this field, to operate a business online.

Ok. Hope I cleared the fuzz a little for the beginners out there. As I said. There are many ways to start your own Web Business but this is, partly, how I do it, and it works for me.

Effective Tips on How to Start a Home Business

Getting started with home-based business may be troublesome and in many cases people may get mystified on ‘how to actually go about it’. Many individuals wish to undertake online business, but the fears of starting usually pull them behind. Here, you need to realize that ‘information’ is the function of acquaintance which means that ‘the more knowledge one gets regarding what he wants to do, the easier and better it becomes for him to do it’. Therefore, you need to look for useful details before you decide to undertake home based business.

Tips To Help You Get Started With Your Home Based Business

  • Always setup a separate space for working at home. It does not matter if it is the part of garage, spare bedroom, a corner of your living hall, or any other area that is away from rest of household activities. It is important to keep some area that you can specify as own ‘working area’. This will surely give you the room and space you require to translate your dreams into reality.
  • When it comes to the proper management of time, you will need to specify your considerations for home-based business, what hours and days will you be working? Where and when will you advertise? How will you proffer products or services to cliente? Will you be able to keep this all in order?
  • An important step is to fill the working area with adequate materials. Now, this may sound very basic for many, but you must realize that an underlying aspect of tremendous success is to have an effortless access to necessary materials, tools or various other things you need. Keeping everything closer by will surely keep you away from wasting your precious time looking for it. This step can be included into the time management plan.
  • A common pitfall to any thriving home-based business is involving in action devoid of enough planning. That means you may confuse ‘being busy’ with ‘working on some really important projects’. The best technique is to plan next couple of objectives and work backward to create step by step action plans to realize them. Once you have plans, you can take actions to accomplish them.
  • The fastest way to develop any home based business is to network like ‘crazy’. Be certain to share enthusiasm and passion with other people at each opportunity you come across. Let others know ‘who you are’ and what products or services you offer. Keep in mind, individuals cannot purchase if they do not know you are selling.

If you wish to be perceived professionally, you need to present a ‘professional image’ at all times. Setup a separate account for business, install a different fax and telephone line, and create professional advertising materials. Be pleasant and courteous in customer communication. In simple words, try to be ‘someone’ others wish to conclude business deals with.

So, what are you further looking for, it is just the right time to start your home business.

How To Start a Home Business and Make Massive Profits

How would you like to have a dynamite home business that experienced massive profits? I am here to tell you it is possible. Starting a successful and profitable home based business is easy as pie. That is if you follow a 2 simple precautions.

1. Choose the right business. This might sound silly. However, this is the biggest mistake that people make. And, it is the number one reason home businesses fail. Thousands of home based businesses go out of business simply because of this one issue.

2. It is critical that the would-be business owner complete a Business Plan. Starting a new business without one is placing the entire investment on a crab table. Believe it or not many people honestly believe that a 90 day plan or some quick start outlined summary along with a few how-to’s is somehow a business plan. Forget that. Without a well written Business Plan a new business is doomed be it at home or not. And, again this is the one of the biggest reasons home based businesses fail.

Considering starting a new home based business? Get in line and join the ranks of hundreds of thousands who are turning to this work alternative. However, instead of turning into a depressing shirt losing statistic, it’s time to begin taking the steps necessary to get these 2 major steps completed.

Getting started: How to select the correct business? A business that will be a pleasure to work and provide a generous income? And, how to write a good effective business plan? A plan that will launch the new enterprise into a profit making success?

There are literally hundreds of simple work-at-home businesses just pick one. They can be divided into 2 categories. 1. Your very own business with your own product or service 2. Work as in independent contractor for a MLM Network Marketing company and sell the company’s product or service. Each has advantages and disadvantages.

Go with your very own, simply select a business that is your passion, something that you really enjoy. For example, if you’re an exercise nut and you love to workout. Start a personal trainer service. That might be your cup of tea. If you’re a computer whiz/ geek, a computer service (the geek squad) or a web designer might be just the thing. Or, if you like animals consider a doggie daycare, grooming or walking service? Each one of these businesses can be run from home successfully.

Other businesses include: child daycare service, floral/plant service for offices and hospitals, pooper-scooper service, answering service, vending machine service, homemade soap, lotions and potion, mobile windshield/tire repair service, dress maker, alterations, researcher, freelance writer, business card and letterhead designer, courier, shut-in/shuttle service, landscaping service, carpenter, pool cleaning service, garage sale and flea market vendor, private investigator, typing service, interior decorator/designer, wedding consultant, hot lunch/snack vendor, pet grooming service, catering service, media production, flower arrangements, graphic artist, mobile nail technician/ hair stylist, mobile message technician, advertising consultant, companion service. And the list goes on.

Then there is Multi-level-Marketing (MLM) often called Social Networking? There are literally hundreds of MLMs and they are growing. MLMs offer the work-at-home entrepreneur ready made products and/or services. No need to manufacture, test market, develop or invent. No need for company branding. However, on the down side, MLMs have been shrouded in negativity. Many people tend to think MLMs are pyramid schemes or something totally negative. And, rightly so.

Many illegal pyramid schemes have hidden behind the mask of of being an MLM. This charade has confused and robbed thousands of unsuspecting investors and consumers. Today MLMs are legal and they are truly and honestly the best way to earn a fantastic (residual) income. However, you should still be on your guard.

How do you tell the difference between a legitimate MLM and a rip off Pyramid Scheme? Exactly what should you look for? Do your homework. It is important that you know how to tell a good deal from a hook. Honestly, there are hundreds of excellent, powerful and legal MLMs with quality products and services out there.

Now that you have an idea of what you would like to do. It is also very important to complete a business plan. A bona fide business plan. A plan that you could take to a Bank or an accountant. That would not be a 90 day plan/Quick start outline. It is a well thought out and well prepared document.

A good Business Plans considers operating costs, ‘target market’, investment, rate of return, schedules etc. Are there actually people out there who need what it is you want to sell or provide (service(s)?. Where are they and how will you find them?

For example, your passion is making baby booties. You decide to go into your home business making baby booties, let’s call it the Baby Bootie Bonanza. Exactly how much is it going to cost to start up and run your business for one year?. I mean all costs, EVERYTHING (SUPPLIES, MARKETING, SHIPPING, PHONE SERVICE, STORAGE, ETC.)! What is your target market and how are you going to find them. And more importantly how much will that cost? Without a target market your new business will not be around long. And let’s not forget your rate of return. What is your rate of return going to be? When will you realize it? HOW MANY BOOTIES DO YOU HAVE TO SELL to realize a profit? A Business Plan will include all of this information and then some.

This is where the rubber meets the road.

5 Quick Business Debt Management Tips For Business Women

Business women must take control of their finances in order to control debt management. One powerful way to do this is through good budget planning and management. In fact, not understanding your business budget is a great way to find your business in a lot of trouble. Here are five quick tips to help business women see that budgeting doesn’t have to be difficult and can be a way to keep business debt under control.

#1: Be Grateful for a Balanced Business Budget: Money and budgets are two intertwined concepts. Having enough money to start your business and then being able to generate new money through your business is a reason to enjoy working within your budget. Learn to be grateful for having a business budget that is balanced. That means, you have more than enough funds to cover the expenses of your business and some left over for your profits. Stopping to give thanks for a balanced business budget is a great habit to form when learning how to make the business budget process joyful.

#2: Keep an Eye on Budget Categories: A properly prepared business budget sets out categories for different expenditures in the business. It’s important to keep an eye on the categories as you make expenditures. Which categories stay within the budget line? Which categories go over budget? Which categories need less money and perhaps have enough to shift to another category?. Keeping an eye on the categories lets you see exactly how you are spending your business money each month and will let you end the year without going into business debt.

#3: Be realistic about business income: Income in business is similar to personal income. You want to plan and use your budget so you can begin to see when you have more income and less income from business operations. This is not easy for self-employed business women, commission based sales women or business owners, because business fluctuates. It is particularly difficult in the first years of operations when you don’t know how the income will fluctuate. Try to estimate expenses high and income low the first year in order to keep the budget realistic.

#4: Make budget goals realistic. There’s more to budgeting than just writing the numbers on paper. You what to set and attain your financial goals, too. That has to do with being a business success. Before you sit down to create a budget, take a few minutes to evaluate and document the financial goals of your business. Do you want to save for more office equipment? Should you try to hire a new helper in six month? Are you thinking of moving from your home office to a physical location? What are your business goals? Without goals, a budget is nothing more than a detailed checkbook register and not a realistic working document for your business.

#5: Plan for flexibility: If your business budget and categories are so tight that you can’t afford to make one spending mistake in your daily operations, the budget will be painful to create and more painful to live by. Make financial room for a bit of flexibility in your business budget. Don’t forget to budget in for office decorations, fresh flowers, and to send a thank you card or birthday greeting to clients. This will let you enjoy doing your business each day and give you more motivation to work hard. You don’t have to put away too much for this but even $100.00 will help in the long run and give you some leeway to move around in your business operations.

If you want your budget to be something that is a debt manager for your busy, you wan to make it realistic and workable. When you design the budget process to be easier to follow, you will be able to use your budget to help keep your business out of debt in the long run.