Several small and medium-sized businesses have been facing challenges amid the spread of a global pandemic. However, it is also said that one of the greatest professional accomplishments is to start a start-up business in this market scenario and make it a successful accomplishment despite all the challenges.
The challenge increases to a greater degree when the millions of small business owners are already struggling for survival and growth. But, it is evident that the post-pandemic market will be different than that existed before 2020.
Many businesses are already on the way to update, reset and change their business activities just to make a place and generate revenue in the market.
Perusing career growth and stability in the market in 2021 is a growing concern for not only new start-ups but also the companies which are pre-existing in the market.
Jim Blasingame, the Creator and Host of the Small Business Advocate Radio Show, share some of the growth prospects that can help struggling businesses regain their position in the market.
Business Size Matters
Unlike a plant, a business does not have a pre-determined size. The business owner and the managers only have an idea to the extent to which the business can grow. A growing business might raise several questions in the mind of its employer such as, do I want my business to keep growing, what is the size I must assume it should take in the near future, and what should be the optimal speed at which it should grow?
Answers to these questions cannot be marked as right or wrong at any time. The owner of the business only needs to decide what to do and how it should be done. However, there are several factors that affect business growth.
Natural Laws for the Business
- The business owners are hard-wired to create more possibilities, alliances, products, or services that they desire.
- The marketplace cultures all over the globe encourage, recognized, and rewards business growth.
- The global marketplace demands a strong position in the competition. A company that gives a strong market competition is likely to succeed and experience growth in the market.
Growing your business is a good decision; however, it should also be wise. Have a good thought about why the business needs grow and how it can be done. Here are six questions you need to go through before making a growth decision.
- The marketplace is a tough place and has several constraints. What opportunity will you use to grow?
Answer to this question is quite different this year because of a pandemic. The market conditions have changed, and you need a thorough observation in this area.
- Every growth plan needs a financial strategy. How are you going to fund your business to support growth?
Cash management and capital deployment will be complicated this year as the market conditions have changed drastically. You need more competence in managing your finances and cost-cutting techniques.
- The revenue returns or profits in the case of a growth step can be delayed. Is your business strong enough to wait for this delay?
You will need a stable financial background before making this decision as your financial balance can shake a little due to this decision.
- Do you have the resource (employees and system) to manage the unfamiliar operational territory?
This is one of the trickiest questions you need to think about. The right number of employees and resources at the time of pre-pandemic time will only decline in the coming future.
- How will you ensure that your company’s growth and its benefits are going to keep your customers in the future?
Customers are always curious about the next big thing their company is going to do. If their favourite brand will offer them improved se4vices or products, they are ones who are going to support the business.
- Business owners are often considered as a source of happiness. So, will your larger business make you happy?
The pandemic has led many business owners to reset their business. Some of them took it to a new direction, while, others have shut down their businesses and got retired.
Finally, it must be remembered that every growth opportunity and its advantage is related to some or the other baggage! It is thus important to have a wise evaluation of the growth strategy for your company.
Source – Forbes