In today’s competitive market, small business owners face unique challenges. Drawing on insights from the Small Business Development Centers (SBDCs), we’ve compiled 13 expert strategies that can help entrepreneurs think big and foster sustainable growth. This beginner’s guide will equip you with practical tips and essential insights to take your small business to new heights.
1. Understand That Growth Takes Time
Just as a child cannot be expected to perform like an adult, businesses also require time to grow and mature. Many entrepreneurs erroneously assume that success will come overnight. Such unrealistic expectations often lead to disappointment and business failures. Remember, starting a business is akin to nurturing a child—each stage of growth requires patience and adaptability.
Business owners must be engaged, observant, and ready to adjust their strategies as they learn from their experiences and marketplace dynamics. By nurturing their business through its various stages, owners can mitigate risks and pave the way for gradual, sustainable growth.
—Lorraine Allen, Consultant, Small Business Development Center at The College of New Jersey
2. Build a Strong Network
Effective networking is vital for any business. Establish connections within your industry and geographic area. Identify 20-30 key individuals or companies that can help further your business goals, and maintain regular contact with them. Sending periodic emails, holiday greetings, or invitations for coffee can solidify these relationships.
Moreover, always leave a good impression and hand out business cards whenever possible. You never know when a casual encounter will lead to a significant opportunity. This proactive approach will make it easier to ask for help or collaboration when the need arises.
—Alison Lane, Business Advisor, Maine Small Business Development Center
3. Emulate Successful Franchises
Thinking like a franchisor from the early stages of your business planning can provide distinct advantages. Successful franchise models rely on well-defined systems that are easily replicated. As a small business owner, developing your systems early can set the groundwork for future scalability.
Create established procedures for both the internal aspects of your business, such as inventory management and human resources, as well as external elements like customer relations and marketing. Even if franchising isn’t on your radar, these systems can enhance your business’s competitive edge and facilitate future growth.
—Sue Pitts, Regional Director, Iowa Western Community College SBDC
4. Focus on the “DOC” Principles
After nearly two decades as a consultant, I’ve identified key qualities that are present in long-time successful businesses. I refer to these as the “DOC” principles—discipline, organization, and communication. A disciplined approach ensures that deadlines are met and goals are achieved. Organization allows business owners to manage their resources and time efficiently, while strong communication fosters collaboration and clarity among team members.
These foundational skills are instrumental in developing a robust product or service. Prioritize cultivating these attributes within your business to increase your likelihood of success.
—Curt Walczak, Business Consultant, Northeast Minnesota SBDC
5. Adopt a Phased Growth Strategy
Embracing a phased approach to business growth can lead to greater success. Rather than pursuing aggressive expansion from the outset, start small, test the market, and refine your offerings based on real customer feedback. This allows your business to adapt to market needs before scaling up.
By implementing this strategy, you not only reduce risk but also generate revenue that can be reinvested in further growth phases. This iterative process helps you hone your product or service to better meet market demands.
—Shannon Byers, Center Director/Business Advisor, Maine SBDC at Coastal Enterprises, Inc.
6. Assemble Your Growth Team
Recognizing that growth requires a collaborative effort is crucial. Assemble a growth team comprised of your SBDC consultants, accountants, and financial advisors. Their insights will guide your business through periods of expansion while helping you manage challenges effectively.
Be intentional about planning and ensure that your team is aligned with your growth vision. Monitoring progress through established checkpoints can prevent the challenges associated with uncontrolled growth.
—CJ Johnson, Capital Development Advisor, Arizona SBDC
7. Assess Your Needs Before Fundraising
When seeking funding, entrepreneurs often overestimate their financial requirements. Conduct a thorough financial cash flow projection for the next 24 months to identify your essential expenses. Focus on securing seed capital to cover your initial operating costs and R&D expenses, which will support your commercialization efforts. Aim to demonstrate actual market demand before pursuing larger funding opportunities.
—Brett Dickstein, Business Advisor for Access to Capital, South Bay SBDC
8. Take Action and Start Today
Every successful business starts somewhere. Don’t hesitate; take that crucial first step. Go after your first client or make that first sale. It’s easy to become engrossed in your long-term vision, but immediate action leads to valuable learning experiences. The sooner you start taking steps, the quicker you’ll be able to adapt and thrive in your business environment.
—Yolanda A. Facio, Business Analyst, Maricopa SBDC
9. Leverage Existing Resources
Many entrepreneurs mistakenly believe that they need all the latest equipment and a large facility to succeed. However, starting with essential resources and gradually building up can often lead to greater success. This approach, known as the “minimum viable product” concept, is about beginning with what you have and refining your offerings as your business grows.
Growth should occur in phases, allowing you to define a clear vision for your business’s development without overextending your initial resources.
—Kevin Lust, Director, Illinois Small Business Development Center at Lincoln Land Community College
10. Revise Your Business Plan Continuously
Your business plan should never remain static. Continually update critical areas such as market trends, financial projections, and client demographics. Many entrepreneurs think they can set their business plan aside after a few years, but maintaining an evolving document is crucial for long-term success.
Always keep your core clients in focus. As your revenue increases, so can your marketing efforts. Remember, a strong understanding of your core audience is key to achieving consistent growth.
—Peter G. Harriman, Center Director, Portland Maine SBDC
11. Find Your Unique Selling Proposition
To differentiate your business from competitors, focus on specific niche markets. By tailoring your marketing efforts to meet the unique needs of these segments, you can foster faster growth. Once you establish a solid customer base, the momentum will organically expand into other areas.
Many business owners fear that niche marketing limits their audience, but specializing enables you to connect more deeply with customers and deliver targeted solutions that resonate with their needs.
—Harriet Parker, Manager, Illinois SBDC at Waubonsee Community College
12. Embrace Delegation and Measurement
In order to scale effectively, learn to delegate tasks and systematize processes within your business. This allows for more efficient operations and the ability to expand your services. Establish performance metrics to track your progress towards business goals.
Measurement is key to identifying areas for improvement and driving growth. Understanding your key performance indicators can foster accountability and enable you to set larger, more ambitious objectives in your business journey.
—Eileen Devereux Dailey, Business Consultant, Arkansas SBTDC at UA Little Rock
13. Persevere Through Challenges
If your product or service fills a gap in the market, remain committed to your vision even when faced with obstacles. Adaptability, resilience, and customer focus are essential for long-term success. Learn to love the sales process and consistently seek to understand and meet your customer’s needs.
—Todd Rausch, Regional Director, Western Iowa Tech Community College SBDC
RELATED: SBA, SCORE, and SBDCs Explained—3 Essential Local Resources for Small Business Owners
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