HOW TO KEEP GROWING YOUR BUSINESS

Research has shown that over half of all business fails within one and a half years of being started. The transition from a surviving entrepreneur to a growing organization presents personal challenges. Very few succeed in making the transition to a dynamic, growing and successful organization.In one of the empirical studies, innovative firms have a much higher probability to become fast growing businesses. According to Stoney, three categories of factor exist which influence the probability that a firm becomes a fast growing one. These are entrepreneur characteristics, strategic focus and firm characteristics. Some of these characteristics are described below:

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DEVELOP A CHALLENGING VISION
No entrepreneur wakes up one morning with a desire to grow. A vision is enough to help you grow a business. The kind of vision you develop depends on how fast you want your growth rate to be and the level you want to grow to.
FOCUS ON BUSINESS MISSION
Business mission is where the entrepreneurial spirit dwells. It’s the heart of the business; it’s core. Most importantly, your business mission is the reason why your business exists. You might grow your small business to a substantial size but if that growth does not help your business fulfill its mission; your business growth will be short lived. So, stay true to your business mission.
OPEN A NEW LOCATION
You can prepare a complete business plan for a new location and determine where and how you’ll obtain financing. Also, choose your location based on what is best for your business, not your wallet.
ESTABLISH AN ALLIANCE
Analysts say aligning yourself with a similar type of business can be a powerful way to expand quickly. Learn how to develop your products and form alliances within your industry as this will help grow your business greatly when applied wisely.
FOCUS ON THE CORE AND OUTSOURCE THE REST
If there’s any secret to growing a small business, it is Outsourcing. To the outside world, your business size is still the same but on the inside; the profit is doubling.