Initial frustration with the rate of your small business’s growth is one of the biggest aggravates for today’s owner. Falling victim to your own success can be one of the greatest downfalls for storefront managers who haven’t properly allocated the time or the resources to deal with a constant onslaught of customers. The ‘burn out’ of trying to run an entire business yourself can affect even the most seasoned business professionals. Juggling a two-three person task load might seem like a smart way to save money, but it’s ultimately negating the efficiency of your business.
Competitors who allocate a larger budget to ensure they’re sufficiently staffed tend to have an advantage over their counterparts who aren’t as willing to invest in labor. Alternatively, being overly decisive in hiring decisions can result in similar inefficiency, with too much time and money being spent on the elusive ‘perfect candidate.’ Knowing how to balance between the two in a way that’s meaningful to your business will result in the greatest distribution of productivity in the workplace.
A merchant advance or loan can be beneficial to business owners who wish to bring on extra help but who are unable to find the time or money to create new salaries within the existing structure of the business.
Try to establish a strategy for growing your small business using the following two small business tips:
1. Don’t stretch yourself! Focus on one product or service and make it better than your competitor’s offer. Often, businesses take on too much at a time and fail to distinguish their positive characteristics from other brands. If you focus on increasing sales of that one flagship product, chances are your success will be long-lived, as your name will be associated with its’ excellence. This association will play even greater importance in the future, if expansion into other products/services is an avenue to consider.
2. Give Back. People love freebies. People also love to see a local business investing in the community around them. It’s likely that if you promote your business accordingly, people will notice. Many local businesses will position themselves as an ally to neighbors and the community at large. And why not join forces with others? Partnering with a company in a related industry is one of the cheapest and easiest forms of marketing that you can employ.