When it comes to small business growth, it can be tough going. There are so many things to think about – from marketing and sales to operations and employee engagement. It’s enough to make your head spin! That’s why we’ve put together this handy video that outlines the 10 best practices for small business growth. Let’s unearth these together right after this.
Small businesses are the backbone of the American economy. According to the SBA, they create two out of every three jobs in this country and account for half of all private sector payrolls.
So small businesses must do everything they can to generate growth. That can be a challenge, but with the right tools and strategies in place, small businesses can thrive. We’re unearthing ten best practices for generating growth in small businesses right now.
In my 16 years working with small business owners, I’ve seen firsthand what works and what doesn’t when it comes to growing small businesses. So here are the best practices that every small, local business should follow to generate growth and have their team be engaged and committed to the success of the company:
Be clear about your vision, mission, and values. Your employees need to know what the company is all about and what it’s trying to achieve. Without this clarity, aligning everyone’s efforts and creating a cohesive team is impossible.
Hire slowly and fire quickly. It’s better to have a small team of A-players than a large team of mediocrity. Take your time when hiring and find the right fit for your company, and don’t hesitate to let someone go if they’re not working out.
Create systems and processes. As your business grows, you’ll need systems and processes to help it run smoothly. Otherwise, things will start falling through the cracks.
Delegate and trust your team. You can’t do everything yourself, so delegate tasks and give your employees the freedom to do their jobs. This will help them feel more engaged and invested in the company’s success.
Measure everything. You can’t manage, what you don’t measure. So keep track of key metrics to see what’s working and what isn’t. This will help you make data-driven decisions about where to focus your efforts.
And focus on your core competencies. You need to focus on your core competencies as a small business and outsource everything else. Otherwise, you’ll spread yourself too thin and won’t be able to excel at anything.
Invest in employee development. Your employees are your most important asset, so invest in their development. Provide training and opportunities for them to grow within the company. This will help them feel more engaged and committed to the company’s success.
Build a culture of transparency. Communication is key to keeping your team aligned and focused on the company goals. Make sure everyone knows what’s going on, what’s working, and what isn’t. This will build trust and keep everyone accountable.
Set aside time for strategic planning. Taking a step back from the day-to-day grind and focusing on long-term planning is essential. Set aside time each week or month to brainstorm new ideas, set goals, and map out a path forward.
And make customer service a priority. Happy customers are essential for business growth. So make sure your team is providing outstanding customer service at every touchpoint. This will help you build a loyal customer base that will keep coming back.
Follow these best practices. Following these best practices won’t guarantee success, but they will give small businesses, a fighting chance. Small businesses can thrive with the right team in place and a focus on growth.
What are your thoughts on these best practices?
Do you have any to add?
Let us know in the comments below!
Would you like to hear more about best practices or other topics regarding business success?
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And last, click the link in the description to register for the next live web class we hold on Thursdays and unearth the secrets to scaling your business!
I’m Doug Barra, and I’m passionate about helping small businesses succeed.
Thank you for watching. I’ll see you in our next video.