EXPANSION

Growing BusinessEXPANSION

How to Take Your Business to the Next Level

QUICK SUMMARY

According to the 2014 Small Business Success Study, many small businesses feel that their business is operating successfully. Yet, even successful businesses have room to grow. At some point, every small business owner comes to a crossroads: “Are we going to stay small, or will we strive to grow?” Here are four important goals to help your business rise to the next level.

How to Establish a Culture of Creativity

A small business that doesn’t continually innovate runs the risk of falling behind. So cultivate a creative organization: Hire employees with diverse backgrounds and perspectives, encourage learning and challenge your team to generate fresh business ideas.

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Taking Calculated Risks

Avoid becoming too conservative, and don’t tolerate complacency in yourself or in your team. Take risks, and allow room for missteps. Learn from failures and use that knowledge to try something else.

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How to Prioritize Tasks and Delegate Them to Your Team

Trying to do it all doesn’t promote business growth; it prevents it. Use your time more wisely. Identify your most critical issues and initiatives, focus on those, and delegate less essential tasks to others.

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How to Expand (or Develop) Your Business Plan

Since so many small businesses start in a spare bedroom or a garage, they may not have ever developed a formal business plan. But once a business begins to grow, a formal, expanded business plan is essential—especially as you apply for financing.

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