After starting your business, it is naturally important not to stand still, so here are a few tips to help with small business growth:
1. Develop and Maintain Your Company’s Mission – Basically what we’re talking about here is creating a strategic direction for your company and doing your best to stick to it. That’s hard sometimes for a newer, small organization that is trying to make it’s own place in the marketplace. Sometimes you have to roll with the changes and adjust your expectations and plans mid-stream in order to survive. However, keeping these changes to a minimum in order to stay focused on the good planning and ideas that got you this far is also important. And customers like consistency.
2. Build Strong Vendor and Customer Relationships – This one is critical to the long-term viability of your company. Developing a trust and loyalty with customers is an absolute must. It is the same with the vendors you deal with. You are their customer so keep that relationship strong – if you’ve found good vendors then you will reap long-term rewards from the solid relationship you will have built and maintained with these suppliers – just as you and your long-term customers will reap benefits from each other.
3. Hold Employees Accountable – Holding employees accountable for their individual tasks and responsibilities is no different than doing the same with your own kids. Train them to be responsible for what’s assigned to them or given to them and they will be better employees in the long run for it. Of course, you must give opportunities for recognition, rewards, and advancement (and if not advancement, at least more responsibility) if they are successful. Parents, does this sound familiar?
4. Create a Solid and Loyal Employee Base – A loyal and well-trained workforce will help your business move forward and stand up strong against the competition. It will also help to reduce employee turnover which means less lost productivity spent retraining new staff.
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