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Ways to Help Your Small Business Grow

Posted on in Business Law

Illinois business law attorneyAs any business owner can attest, owning and operating a small business takes hard work. It is important for a business owner to always be coming up with new and innovative ways to promote the company’s success. If you are a small business owner, you should be trying to think of ways to help your business grow. You should be looking for new opportunities to expand your client base and drive up your profits. While there is not a one-size-fits-all plan for growing a small business, there a few general guidelines that could help you achieve your goals

Play to Your Strengths

Are customers drawn to your business for a particular product or service? Are there patterns regarding your most loyal clients? It may be tempting to try exciting new ways to generate revenue, but it is very important to keep your primary focus on your basic strengths—or “bread-and-butter” if you will. For example, if you run a coffee shop and customers love your custom roasts, you may wish to look for new ways to market your products with strong sales as opposed to eliminating your own brands in favor of new products.

Diversity Matters Too

While your most successful products and services should take priority, there is also risk in being too focused on one thing. Relying on one or two sources of revenue can be dangerous. By taking the time to develop alternative revenue sources, you can help ensure your company’s sustainability despite market changes or changing customer tastes. Keep in mind, however, that there is also a danger is spreading yourself too thin. Work on just one new project at a time so that you do not get burnt out or become stagnant.

Thinking About Money

As you look to grow your business, you must consider how you will pay for the growth. Aggressive marketing, new hires, and increased inventory usually require money up front. If you choose to finance your growth with your existing revenues, you can avoid substantial debt, buy will probably grow fairly slowly. Using loans or investors can allow you to grow faster but with the added burden of new debt or the sacrifice of partial ownership. Before you implement any plans for growth, you must decide what type of growth financing is best for your situation.

A Lawyer Can Help

If you are looking for ways to grow your small business, an Arlington Heights business law attorney can help you take the necessary steps. Call 847-749-4182 for a confidential consultation at A. Traub & Associates today.

 

Sources:

https://www.usatoday.com/story/money/columnist/abrams/2018/01/10/7-rules-small-biz-growth/1017717001/

https://www.forbes.com/sites/prestonpysh/2017/01/25/five-ways-small-business-owners-can-grow-in-2017/

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