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The dream of many entrepreneurs is to see their business grow. However, it isn’t always easy to develop operations while staying profitable. Savvy entrepreneurs follow different steps that will put their business on the right path, leading to balanced growth. How do you grow successfully and what are the pitfalls to avoid? Read the advice of entrepreneurship experts.
The statistics don’t lie. 73% of failed business go belly up because of a lack of vision. “A lot of businesses fail while pursuing potentially good ideas, because they take on business opportunities that lead them away from their goals,” notes André Menand, Director of Specialized Business Growth Services with SAJE, an organization that empowers entrepreneurs. The takeaway? Smart growth management is essential.
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The right moves
In very small businesses, entrepeneurs generally fly solo or have few employees. Financial resources are limited, which is why it can be so hard to expand. “To grow, you need to find opportunities that pay in terms of both time and money. They need to be opportunities that you can assign to other members of your team and monitor with relative ease,” says André Menand. In other words, you need to find your “cash cow!”
This could be a lucrative contract for a regular client that keeps your business humming along without increasing your workload. The idea is to free up some time and money and then spend it on business development. André Menand explains that about ten years ago, SAJE took its experience with entrepreneurs and used it to develop a growth model, the “Growth Wheel”, for very small, small, and medium-sized businesses..” “The wheel identifies the various steps that most companies take in order to grow. There are four different phases, each with its own challenges. The first is market penetration—generating as many sales as possible to keep your company alive and pay yourself,” says Menand.
Interested in knowing the other steps?
Read the complete article on the Clearfacts.ca website of the National Bank