Take Your Small Business to the Next Level

You seized the opportunity to start a new venture, dedicated yourself to making it work, and now you're the owner of a successful, small business. But how do you break through that glass ceiling? Here are some suggestions which will help propel your small business to the next level.

Reassess Business Plans
Take a closer look at your business plan. Are you dealing with products or services that require expansion or diversification? It is not unusual to become somewhat complacent once your business is running smoothly and profitably. Checking-in with current customers regarding your products or distribution channel can often provide a fresh perspective and insight into changes that may be required. Perhaps you may need to expand your customer base or introduce new products or services. New offerings frequently add value and promote increased sales.

Leverage Customer Input
Survey your customers regarding quality of services or simply ask for their feedback. This is an excellent way of tapping into changing market dynamics, as well. When you connect with your customers, you discover more about their changing needs and gain publicity that is more valuable than that gained from conventional promotional and advertising efforts. Additionally, customer input can assist you in determining whether or not your business is equipped to manage increased demand in products or services.

Modify your operations
Depending on how much you wish to grow; you may want to expand your operations. If you have a small core team, consider hiring additional resources or investing in technology that will allow you to manage increased business. If you determine that you need a specific, significant function, you may want to outsource it entirely. Outsourcing often provides a cost effective solution to managing non-core functions so that you can focus on areas that require your attention, such as strategy development, marketing plans or budgeting.

Incorporate emerging technologies
Leverage the Internet for promotion and advertising, instead of relying on conventional print and electronic media. Evaluate your target audience and the mediums they most likely use. Consider using social media platforms such as Facebook, Linked In, and blogs. Keep your communication messages targeted and make certain your content is relevant to your audience, as well as the social media platform you are using. If you're addressing a younger audience, craft your content accordingly.

Satish Patel, CPA
President, Analytix Solutions
Satish Patel, Founder-CEO of Analytix Solutions, has more than two decades of experience as a CPA. He has also advised small and mid-sized businesses on diverse matters such as valuation, accounting, and finance. His experience extends to raising capital and arranging for finance from angel investors.