Source: Dumb Little Man
The year 2018 is unpredictable for many technocrats and entrepreneurs. While there are startups firing with all their might to get ahead of their market, we are also seeing small-scale entrepreneurs making a living from non-conventional businesses through new marketing and sales channels that Social Media has introduced recently.
The unpredictability is due to how technology and information systems are being a very crucial part of our daily lives. To put it in simple words, there was a time when man could live with just air, water, and food. Now, he needs internet as well.
And this is the time of the year when you, as a small business owner, need to contemplate on the past, present and future course of your business. Here are the most important factors you need to consider before you can learn how to make small business grow.
Business Plan
The business plan is the heart and soul of every business. A proper, well maintained, quarter-to-quarter based business plan makes sure that you are on top of everything that is happening.
A business plan is the general outline of the vision, market research results, and detailed descriptions about the services rendered or products sold by your company. It also consists of the main people behind your project.
And in the end, it’s a solid document stating where the business aspires to be over the years.
It is very important to lay out the financial status and strategy of the business. All costs, such as rent, utilities, staffing, equipment, inventory, insurance, and marketing, should be covered.
There are many planning tools available online which could help you to build and rework your business plan on a continuous basis.
Building a Business Plan and sticking with the Business Plan Strategies is a fail-safe method to keep the business afloat.
Technology Adoption Strategy
No matter what type of business you are doing, adopting some technology practices to increase productivity and pace up any manual process is a very good business practice. Before you start, take note of the cost of adopting any technology related services.
The first thing you need to consider is to have a good website. Your website should speak about your business and help…
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