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Business growth strategies: How to keep your business alive

No good business owner has ever said, ‘This is good enough’. ‘We don’t need to ever grow bigger, or better than we are today’. The only business owners who have said that were not in business long. Business is always evolving and changing. To remain successful, business owners know they must always strive to get better, and to grow. But, how does a business grow? What strategies do they use?

Don’t grow too big too fast

Growing to big to fast can lead to a number of unnecessary growing pains. On the surface, it seems like growing really big really fast is great for businesses, but it’s not. Growth is great! But, there are many components to keep in mind:

Employees:
When you need to hire more employees, you must take the time to make the right choices. A bad employee does more harm than good. Don’t be tempted to hire a warm body, simply because you have a large workload.

Vendors:
You may need to outsource and hire more vendors, so you are not doing everything in-house (to allow for growth). Make sure you are hiring reputable vendors that won’t leave you high and dry. It is important to research vendors, and obtain multiple proposals.

Strategy:
You need to come up with a strategy of what direction you want to take this growth. Who is your target market? What market would yield the most sustainable growth?

Make sure you have a firm foundation to grow from

If your business has no foundation, your business will crumble. What guides and directs your growth? What does the mission statement state? What are your guiding principles in business? Why did you open up shop? A good foundation will allow your business to grow with confidence and strength.

At Nationwide, we make your hard-earned money work for you! Contact us today and let us help you set up everything from your employees’ superannuation, your pension, to your investment strategy.