Should you grow your business? What it will take to get there? Here are some questions to consider to help you decide what comes next.
Growth is a naturally occurring component of life, and the same is true for the life of your small business. As rabbi and psychiatrist Abraham Twerski explains in his viral YouTube video, “The stimulus for the lobster to be able to grow is that it feels uncomfortable.” His words are a reminder that stress doesn’t have to be debilitating — it can be an impetus for positive change, too.
2. What is your motivation to grow? Money is essential, but it shouldn’t be the sole motivation behind growing a small business — the driving force needs to align with a greater purpose. Hugh MacMaster, a mentor at Score who helps companies scale their operations, explains that businesses are born out of the need for a particular product or service. “Somebody has an unmet need and you have the opportunity to fill it,” he says.
5. How profitable is your business? Understanding the numbers behind your business is vital, whether you plan to grow or not. Martinez emphasizes the importance of establishing key performance indicators, or KPIs, so that businesses can measure success and set tangible goals. Similarly, Jarvis warns against gauging success based on gross revenue alone, and recommends paying close attention to margins instead.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Insights On The Five Stages Of Small Business GrowthEven during the best of times, starting a small business is tough. During the Covid-19 pandemic, it became a quest for survival. While roughly one-third of small businesses were closed amid the lockdowns, many have reopened their doors or launched anew as consumer demand roars back.
Weiterlesen »
Don’t miss this quarterly tax payment deadlineQuarterly tax payments are due on Sept. 15 for self-employed workers, small business owners, investors and other filers. Here’s how to avoid penalties.
Weiterlesen »
Saving seeds and lives: Tunisian women on the frontline of climate change“This project is not simply ecological, but it can offer work to many young unemployed people and at the same time save a dying trade,” says Amyra Ben Abidi, who started her own enterprise producing items made from dried and handcrafted palm leaves
Weiterlesen »
EXCLUSIVE: Reese Witherspoon’s Draper James x Lands’ End Get in Bed TogetherThe partnership between Reese Witherspoon’s Draper James and Lands’ End expands with sleepwear, loungewear, home goods and pet wear.
Weiterlesen »
Winners, numbers and results for Powerball Jackpot on September 8The Powerball Jackpot for Wednesday night was $388 million, as well as small prizes.
Weiterlesen »