1. Change how you think about growth
Consider growth a constant – not something you switch on or off depending on conditions. For example, many business owners reduce offerings at the first sign of an economic storm, or overspend when the outlook seems rosy. But a steady-as-she-goes approach makes for long term success.
2. Check your ego; seek out sound advice.
You know your business inside and out, but that doesn’t make you an expert at running every part of it. Smart business owners know what they don’t know. Don’t be afraid to ask for advice and then take it.
3. Remember your first fans.
Many entrepreneurs seem to forget who helped them get started. If you have investors, keep them apprised of what’s going on. Good communication is critical. A good investor group can provide mentoring and other resources, so keep them involved.
Consider growth a constant – not something you switch on or off depending on conditions. For example, many business owners reduce offerings at the first sign of an economic storm, or overspend when the outlook seems rosy. But a steady-as-she-goes approach makes for long term success.
2. Check your ego; seek out sound advice.
You know your business inside and out, but that doesn’t make you an expert at running every part of it. Smart business owners know what they don’t know. Don’t be afraid to ask for advice and then take it.
3. Remember your first fans.
Many entrepreneurs seem to forget who helped them get started. If you have investors, keep them apprised of what’s going on. Good communication is critical. A good investor group can provide mentoring and other resources, so keep them involved.
4. Share your knowledge.
In today’s social media driven world, success and influence are in the hands of those who share ideas and information. So when you’ve found a great tool or solution, or gained insight, tweet it, blog about it, author an article, post it to Facebook.
5. Hire help to watch your money.
Lack of strong accounting and finance can be the only thing keeping you from reaching your financial goals. Find well qualified people who share your vision and then step back and take their advice.
6. Know when to persevere.
Stick to your mission. Many would-be success stories end prematurely because they give up when challenges mount. Don’t let hurdles stop you. Arm yourself with market knowledge and an expert team and push through.
7. But recognize when to change direction.
Still, there are times you may need to change direction or call it day, and having the courage to do so can be liberating. You may end up with a clearer picture of what will or won’t work.
8. Keep cash on hand.
One of the biggest mistakes growing businesses make is to run out of cash. While the sun is still shining on your business or before your financial picture has a chance to turn sour, meet with lenders and/or landlords proactively to see if there are opportunities to restructure debt, payment terms, etc. Having cash on hand is critical for staying afloat and continuing to grow.
9. Get more when you have more.
Don’t wait until cash balances get low to secure more funding. The best time to get more is when you don’t need it. Securing a line of credit while you still have money in the bank gives you the ability to negotiate a larger line and better terms. It also gives you the ability to make payroll during slow times and to have access to cash as needed. In addition, it gives you an opportunity to develop a business relationship with a bank.
10. Sell when you get the chance.
Many business owners miss, or worse – pass up – incredible chances to sell their company because they are not prepared to adequately evaluate the opportunity. Know where you stand in the marketplace at all times. That includes what your potential is, and what it will take to reach your potential. That way, when opportunity knocks, you’ll know what to do.
In today’s social media driven world, success and influence are in the hands of those who share ideas and information. So when you’ve found a great tool or solution, or gained insight, tweet it, blog about it, author an article, post it to Facebook.
5. Hire help to watch your money.
Lack of strong accounting and finance can be the only thing keeping you from reaching your financial goals. Find well qualified people who share your vision and then step back and take their advice.
6. Know when to persevere.
Stick to your mission. Many would-be success stories end prematurely because they give up when challenges mount. Don’t let hurdles stop you. Arm yourself with market knowledge and an expert team and push through.
7. But recognize when to change direction.
Still, there are times you may need to change direction or call it day, and having the courage to do so can be liberating. You may end up with a clearer picture of what will or won’t work.
8. Keep cash on hand.
One of the biggest mistakes growing businesses make is to run out of cash. While the sun is still shining on your business or before your financial picture has a chance to turn sour, meet with lenders and/or landlords proactively to see if there are opportunities to restructure debt, payment terms, etc. Having cash on hand is critical for staying afloat and continuing to grow.
9. Get more when you have more.
Don’t wait until cash balances get low to secure more funding. The best time to get more is when you don’t need it. Securing a line of credit while you still have money in the bank gives you the ability to negotiate a larger line and better terms. It also gives you the ability to make payroll during slow times and to have access to cash as needed. In addition, it gives you an opportunity to develop a business relationship with a bank.
10. Sell when you get the chance.
Many business owners miss, or worse – pass up – incredible chances to sell their company because they are not prepared to adequately evaluate the opportunity. Know where you stand in the marketplace at all times. That includes what your potential is, and what it will take to reach your potential. That way, when opportunity knocks, you’ll know what to do.
This article was shared from score.org. and written by Daniel Kehrer