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VOBs & SUPPLIER DIVERSITY

Growing Your Small Business

Success requires consistent planning, grit and strategic execution. You also need to recognize resources that can help you amplify your growth. But how, precisely, can you do this? Here are some tips for surviving the launch phase of your small business.

Keep a Close Eye on Cash Flow

According to the Federal Reserve Banks, 79 percent of small businesses have an outstanding debt. Startups must monitor their cash flow, especially during the early stages.

Track Your Expenses

Successful startups spend money only when necessary. And if budget allows for it, invest in automated cash flow management tools that are secure, time-effective and efficient at bookkeeping.

Build an Emergency Fund

Although emergency funds arent usually a priority for startups, building one for your business is essential. They can help you circumvent unfortunate circumstances and unprecedented situations.

Create Late Payment Policies

Almost 40 percent of businesses believe that late payments from clients are detrimental to the company. When the firms fail to receive payments from clients on time, they do not have the funds to invest in inventory or hire

Small Business Growth:

Actionable Tips

for Launch Phase Survival

By Samantha Clark

more workers for their growing operations. Implement an effective late payment policy that compels clients to submit their payments on time.

Employ an Intelligent Approach to Financing

Most businesses have a preconceived notion that the money they invest would somehow be directly proportional to their income. But, unfortunately, thats never the case. So, research your options and only invest in necessary tools and resources that provide a maximum ROI. You can also use free online tools for small businesses to get the most out of your business.

Build a Sales Process

A viable sales process enables you to scale your business in the survival stage and over time. The sales process includes: 1. Research: Understand your competitors, your customers and market trends. Make use of market research tools to gather as much data as possible. 2. Prospects: Create an effective outreach strategy to build brand awareness, target customers and recruit workers. 3. Evaluation: Identify your customers needs and tailor your products and services to fulfill them. 4. Advertisement: Emphasize the unique features of your products. 5. Feedback: Ask your customers for feedback and implement the changes mandated by their response. 6. Referrals: 90 percent of customers trust the recommendations of people they know, thus making it imperative for new businesses to create a strategy to increase referrals.