Business growth tips

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Business growth tips
Teddy Long

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Teddy Long

Jan 27, 2014

Here are few things I would like to share with you about entrepreneurship and business growth.

Do you have your own business? If you have, then you know that it is very hard to run a business, especially if you want to be and stay successful. You maybe want to increase your business, but, don't know how, don't know where to start. Here are few tips. 

"Grow or die" is just a myth!

Your business doesn't need to grow if you don't think it is time for your business to grow. You maybe don't need anything more than a business you own, so, you don't need to make your business more complex and bigger. Everything you need to do is to always engage your customers, so they keep coming back to you. If you are innovative, they will keep coming. 

grow or die

Concentrate on your target group!

Get a target group and focus on it. If your company needs to change, if it needs to grow, you must keep the base of your business and get the new customers, and not change the old market for a new one. That is how your business will grow with a lot lower risk of failure. 

Don't add processes which don't add value!

You should create a clear value chain of your products or services and you should exactly know which processes are adding value to your product or service and which aren't. When you want to make your business bigger, it is important not to add processes which won't add value, the ones which don't create anything that could be valued by your customers. Because of that, take care and only add processes which will be able to offer something new, different and which are necessary. 

Don't lose the base, just add extensions!

If you are thinking about increasing your business, then your business wasn't so bad so far. Because of that, try not to lose  basics of your products, because then you might go to completelly different market with your products and that might be risky. And, why would you change the winning formula?

Think about competition!

Yes, competition is always important. If your business is growing, then, your range is also growing, so you get in range of other competitors. Always think do you need that competition and think if you could beat them somehow. Analyze your position and possibilities, but also analyze them. If you think that the competition you will reach if you make your business grow is too much for you, consider growing once again. 

competition

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