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Growth strategies for small business

Growth Strategies for Your Small Business

Well, you’ve launched your business and things are hopefully going relatively smooth. But like many small businesses, especially for mom & pop stores, small restaurants and boutiques, profit margins can be pretty tight. Your next goal is to grow your business by increasing your efficiencies and maximizing your profits.

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There are two main things to consider here: what’s coming in (sales) and what’s going out (costs and overhead).

What’s Coming In?
Increasing your sales is critical to growing your profit.

The first part of increasing your sales is having a product or service that meets a consumer need at an appropriate price point. The second step is a sales and marketing strategy to get the word out! Find out more in our“Sales and Marketing” section.

What’s Going Out?
Are the costs for running your business too high? Look at ways of cutting your overhead. Assess your suppliers and look for competitive pricing.

Labour, of course, is one of the biggest expenses you’ll have, so it’s important to hire well and retain quality staff by creating a positive workplace environment that keeps your employees in your corner.

 

Be a Socially Responsible Business

Social responsibility is a bit of a buzz word these days. It’s all about combining economic and financial goals with social, environmental and/or humanitarian goals.

It’s about companies who know that “doing good” is good for business.

Here are some examples of how small businesses can be socially responsible:

  • Encourage diversity through specific hiring and cross-cultural communication programs.
  • Create a sustainability or environmental program to reduce your business’s carbon footprint.
  • Create incentives for community giving or volunteering for your staff.
  • Donate proceeds or services toward humanitarian and social causes.