1. Invest in relationships.
Relationships are vital when it comes to growth. Relationships with all stakeholders are important, including suppliers, sales representatives, clients, contractors, consultants, and even your competitors. Brainstorm some basic strategies for how you will demonstrate that you value these relationships, and make sure your staff members are on board.
2. Get the data.
In order to create growth, you need to be able to see where you can make it happen. Try to retain as much data as possible about your business. Make sure that you know where you are spending your money, and where you are making profit. Be on the lookout for ways in which you can improve your spending in order to drive profits and growth.
3. Watch your cash flow.
Too many small businesses fail because they are not able to manage their cash flow. For small businesses it’s not unusual to have peaks and troughs in cash flow, but getting through the troughs can be difficult. Make sure that you have strategies in place to deal with cash flow problems. Depending on your circumstances, it might be a small business loan, or you might look to an invoice financing company. There are many cash flow solutions available and maybe even one that can be tailored to your situation, but most important is that you know you are options for when issues arise.