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Five Business Growth Tips
Every owner wants his or her business to grow. If you don't grow, inflation alone will set you on a backwards course, and competition can kill you. Growth requires a foundation of essentials without which you will only grow in sporadic, haphazard and unprofitable ways, or worse, you won't grow at all. Here are five key elements that any business needs to prepare for growth.
1. A business plan. Without a business plan, growth can occur, but you may grow into something you would rather not be, like a company that has its fingers in markets you would rather avoid. A business plan is so critical to a company's growth that it should be the first priority when opening your doors. If you're already in business and don't have a plan, now is the time to get it done. There are countless books and software programs to help you.
2. Business Insurance. Without adequate business insurance a sudden calamity like a fire or flood will not only be unpleasant, but can end your business. If you are a small to medium business you should investigate a business owner's policy or BOP. This type of coverage combines property insurance with liability coverage in the same policy. Business insurance can be costly. You can find a review of all your business insurance needs at BusinessInsurance.org.
3. Access to capital. Growth can be expensive. You may suddenly need to hire employees or improve your infrastructure. A line of credit or a cash reserve will ensure that growth is a good thing rather than chaos.
4. Employee training. As a business grows it will need more employees. You should conduct regular employee training programs. This will avoid the sudden need to hire a lot of people quickly to manage sudden growth. Trained employees can take the increased growth in stride and can even help to train new employees as they come aboard. You should consider hiring an outside business training organization to facilitate a regular employee training program.
5. An outstanding website. A full interactive website is essential to a growing business. Properly laden with features, a good website will attract customers to it without them having to pick up the phone every time there is a question. It will also encourage more growth.
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