Small business can be a great opportunity to change your fortune. Small businesses are now operating more efficiently by using the cutting edge technology. There are several tools that these businesses use to make their presence known in their industry.
However, there are certain rules that need to be taken care of to ensure notable growth of the business.
1. Outstanding market intelligence
This is an organization’s ability to first recognize, then adapt, to fundamental changes in the marketplace. Many times, small-business owners become too myopic, seeing only a limited view of the markets in which they compete. Growth leaders see the bigger picture.
2. Effective growth planning.
This is the best predictor of whether or not a business will grow. To be effective, a plan for growth does not need to be overly formal or complicated. However, it does need to be written, well-communicated and regularly updated.
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3. Strong sense of purpose
Most leaders of companies that have achieved growth discover that it takes more than the promise of increasing financial reward to fuel their aspirations and ambitions. They find a higher calling than simply the pursuit of “more money.”
4. Customer-driven processes
These days, every company I talk to believes it is customer-driven, when actually very few really are. Take a look at all of the business processes from a customer’s perspective. Are they in place to make it easier for the company, or to help deliver on the promise of faster, cheaper and better for the customer?
5. The power of technology
Successful leaders don’t let the boom and bust of technology cycles give them the excuse to ignore that we live in an information age. If a company is in business, it is in the technology business.
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6. Seeing the future
Few organizations take the time to regularly consider the future. Growth leaders learn how to diligently monitor and interpret the macro forces of change affecting the world in which they live.
7. The best and brightest people
Growth leaders recognize that they are only as good as the people with whom they work. The ability to hire, train and retain the best and the brightest people is often the difference between success and failure.