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Wednesday, February 1, 2023

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Small Business Growth Questionnaire

This year, as the economy begins to recover, is your small business ready to grow? If you’re not sure, take this quiz. You have seven questions that will help you prepare your business to grow.

Now a warning to small business owners

However, as a small business owner, it’s not a good strategy to expect the federal or state governments to pass the right legislation and write the regulations that will help you succeed in the next 12 months. Hope may be eternal, but it is not a good trading strategy.

Beware of generalizations about how the economy is doing: who are the winners and who are or will be the losers. It’s distracting and, frankly, full of conflicting information.

It’s like trying to decide the best way to add 10 years to your life. You’d be right if you said it depends on who you ask. A dietitian will tell you to focus on good nutrition. A trainer will tell you to exercise and use protein supplements. Some doctors would say hormone therapy. As the adage goes: when all you have is a hammer, the whole world looks like a nail.

Yes, we will admit that the economy is showing signs of recovery, but the real question is whether it is showing signs of recovery for you and your business. To answer this question, you need to stop thinking like a small business owner and start thinking like you’re running a multi-million dollar company. Why? Because many small business owners tend to think like a small business. And the answer to growth is to think big. If you want more info please click here.

Here are 7 questions to think about and answer when planning business growth:

Do you have a strategic vision outlining the direction of your business for the next 12-24 months? And if you have employees, do they know?

What is your stated mission statement (or purpose)? How do you communicate to your employees and how do you help drive business decisions?

Have you stated, written, and practiced company values ​​to align the way you and your employees work together and serve your customers?

Do you have a brand strategy that promotes how you want prospects and customers to see you and articulates your competitive advantage or differentiation from your competitors?

Do you have standard monthly financial reports to track the financial health of your business and help you make decisions?

Do you have excellent customer service? If you can’t answer based on your customer reviews, loyalty, referrals, and testimonials, your answer is “not yet.”

Do you have an exit strategy for your business? Every company needs to have an idea of ​​what the end game will look like. It drives growth and helps focus business decisions.

How did you do answering these questions? Did you have well thought out and detailed answers for each question?. And that is the problem.

However, as a small business owner, it’s not a good strategy to expect the federal or state governments to pass the right legislation and write the regulations that will help you succeed in the next 12 months. Hope may be eternal, but it is not a good trading strategy.

Beware of generalizations about how the economy is doing: who are the winners and who are or will be the losers. It’s distracting and, frankly, full of conflicting information.

It’s like trying to decide the best way to add 10 years to your life. You’d be right if you said it depends on who you ask. A dietitian will tell you to focus on good nutrition. A trainer will tell you to exercise and use protein supplements. Some doctors would say hormone therapy. As the adage goes: when all you have is a hammer, the whole world looks like a nail.

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