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Must Haves For Small Business Growth

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9 Essential Principles For Growing Your Business.
Ask any entrepreneur what their biggest challenge is and they will probably say scaling and sustaining growth, but it isn’t a new problem. Sustainable growth in economics is defined as growth considering that resources are finite and that the rate of resource depletion must be slowed in order to have long-term growth.

Must Haves For Small Business Growth

  1. MUST HAVES FOR SMALL BUSINESS GROWTH by Faisal Hoque founder of: Ask any entrepreneur what their biggest challenge is and they will probably say scaling and sustaining growth.
  2. “Sustainable growth in economics is defined as growth considering that resources are finite and that the rate of resource deple8on must be slowed in order to have long- term growth.” SCALING AND SUSTAINING GROWTH IS AMONG THE BIGGEST CHALLENGES ANY BUSINESS LEADER FACES.
  3. AUTHENTIC PURPOSE “Every company needs to pin down ‘why we do what we do’. That’s the company’s North Star, guiding every aspect from recruitment to customer management to product development and sales. A strong purpose drives growth and profitability. ”
  4. A POWERFUL BRAND Some basic rules to connect, shape, influence, and lead with your products and brands: •  Choose your target audience •  Connect with the public •  Inspire your customers
  5. PARTNERSHIP AND COLLABORATION “While there’s nothing wrong with a hands-on approach, taking on more than you can handle, especially in areas where you lack experience, can be damaging.”
  6. CUSTOMER RETENTION •  The average business in the U.S. loses around 50% of its customer base every five years. •  The likelihood of selling to an exisRng customer is 60-70% whereas it’s just 5-20% for a new customer.
  7. REPEATABLE SALES “It’s one thing to sign up a few customers; it’s another thing to design and implement sales processes that can be successfully deployed again and again at ever greater scale.”
  8. TECHNOLOGY “64%, of the recent Bank of America (BofA) Small Business Owner Survey respondents said they wish they took be]er advantage of technology innovaRons to help manage their business. There are few barriers to entry in an age where anyone with wireless can cheaply and quickly access the enabling technologies needed to execute their business model. ”
  9. REINVENTION “If the market isn't ready and you are way ahead of the market, then you must possess the drive and the willingness to sacrifice in order to make that product or service work. This requires agility, resilience, and a willingness to fail — and to recognize that failure quickly enough to reinvent and move forward.”
  10. COMMUNITY “A business ecosystem is an economic community of organizaRons and individuals that interact in countless ways. Ecosystems are crucial to sustainable growth because they provide the structure that surrounds and supports the businesses within them. ”
  11. FLEXIBLE, ADAPTIVE LEADERSHIP “Since a company’s needs change at each stage, its leaders need to keep evolving at the right pace. That requires introspecRon, self-awareness, and a keen sense of strategy —both in the short- and long-terms.”
  12. Shadoka’s poraolio of offerings enables entrepreneurship, growth, and social impact. Our customers and partners aspire to create sustainable value. They are focused on repeatable and measurable impact. We enable their aspira9ons. We bring together the management frameworks, digital plaaorms, and thought leadership for: •  EvaluaRon, execuRon, and monitoring of programs •  Scaling sales, revenue, and profitability •  CreaRon and management of digital communiRes and marketplaces AboutSHADOKA shadoka.com Follow us @shadokaventures
  13. About Me Founder of Shadoka and other companies. Shadoka enables entrepreneurship, growth, and social impact. Formerly of GE and other global brands. Author of several books, including Everything Connects – How to Transform and Lead in the Age of Crea?vity, Innova?on and Sustainability (McGraw Hill, 2014) and Survive to Thrive – 27 Prac?ces of Resilient Entrepreneurs, Innovators, And Leaders (MoRvaRonal Press, 2015). Follow me @faisal_hoque. Faisalhoque.com | shadoka.com

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