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Rule of Thumb: A Guide to Small Business Growth

Rule of Thumb: A Guide to Small Business Growth

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Rule of Thumb: A Guide to Small Business Growth

Lunghezza:
68 pagine
2 ore
Pubblicato:
Jun 29, 2012
ISBN:
9781608081059
Formato:
Libro

Descrizione

Rule of Thumb: A Guide to Small Business Growth is an introductory guide for first-time entrepreneurs and small business owners seeking to gain a basic understanding of what it takes to grow their business. Almost everyone dreams of inventing the next big product or offering the most requested service and growing their business. Business growth is an exciting and often very hectic time in the life cycle of a business and understanding growth strategies is vital to the health of your business. Rule of Thumb: A Guide to Small Business Growth helps entrepreneurs understand corporate growth and learn about resources available to help make growth possible. This book will help you learn how to work "on" your business even as you work "in" your business.
Pubblicato:
Jun 29, 2012
ISBN:
9781608081059
Formato:
Libro

Informazioni sull'autore

Linda Swalling Fettig is an author, the founder and owner of Omalinda Enterprises, and an adjunct professor for Bellevue University, teaching entrepreneurial and management courses in the online environment. Linda worked for the Nebraska Department of Economic Development for 20 years and was an executive on loan, serving as the Director of the Rural Development Commission for the state for almost 10 years. Linda is a summa cum laude Bachelor of Arts graduate of Graceland College with a minor in Business Administration and an emphasis in Community Development. She earned a Master of Arts in Leadership Development from Bellevue University and a Master of Science in Organizational Management with an emphasis in Economic Development and Entrepreneurship from Peru College. She is also a graduate of the Economic Development Institute. Her works on community and rural development have been published in national trade journals and she has been a presenter at conferences, workshops, and seminars at the local, regional, and national levels.

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Rule of Thumb - Linda Swalling Fettig

periodically.

Chapter 1

Small Business Growth:

Understanding Growth

Normally, when an idea is conceived, and a business is born, there is an assumption that the business will eventually grow. Almost everyone dreams of inventing the next big product or offering the most requested service. Businesses, however, are like untended gardens. They may randomly or periodically grow thus producing some produce or product but never reaching their potential. Furthermore, because their growth was not anticipated and planned they may not grow in the desired location or direction.

Cities are similar to businesses in many ways and urban planners incorporate the concept of Smart Growth into their required five and ten-year plans. Smart Growth plans are inclusive of all aspects of a community evaluating the present circumstances and introducing projections of requirements needed to meet anticipated changes necessitated by growth. In much the same way, smart business growth projections need to consider the impact of growth on all facets of the business.

Jim Blasingame offers the following advice in his online article Operate for survival – plan for success. (www.smallbusinessadvocate.com May 17, 2010.) He suggests you Measure twice, cut once. Before taking a big growth step, apply the carpenter’s rule of construction. Don’t scrimp on due diligence: check your assumptions, recheck your assumptions and then proceed with the best information you have, which might tell you to stop. If after careful due diligence you determine that proceeding with growth is still desirable, remember that one of the most important elements of growth is that it be planned growth, not the business equivalent of urban sprawl.

Rule of Thumb:

Businesses should plan for growth

Growth implies change and change is seldom comfortable. When introducing change, even desired change from growth, there is an implication that there is something wrong with the way things are currently being done. Why would you implement a change if the current system was perfect? So the question often becomes, What is wrong with the way we are doing things now? Everything is working just fine. Unfortunately, status quo does not exist in the business world. If you are not growing, you are declining either in product diversification or market share, so some type of change is inevitable even if it is negative. It is often said that the only one who likes change is a wet baby and even that is questionable at times.

Growth, according to Webster’s dictionary, has many meanings but the two pertinent to business are:

• Growth is formation and development

• Growth is a degree of increase in size, weight, power, etc.

Rule of Thumb:

Growth always requires change.

In its definition, growth implies change with the inclusion of words like development and increase. As a small business owner, growth offers you many opportunities. Examples of these growth opportunities are:

• The ability to serve more customers/clients -with new challenges of distribution and delivery;

• Building a management and staffing team that balance your personal strengths and weaknesses - with staffing or sub-contracting management concerns;

• Creating improvements to your product/ service - with possible retooling and equipment challenges; and

• Redefining your area of best contribution to the company. For instance, maybe your enthusiasm for your concept makes you the best salesperson while the manufacturing can be done by another entity or staff person. And the accompanying challenge then becomes the ability to

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