The Keys to Business Growth, Getting Over the Hump. Entrepreneur MBA Podcast 3.51.
Summary: In today’s podcast episode, Rachel Brenke and Stephen Halasnik from Financing Solutions discuss key components of growth for small businesses. These solutions are helping businesses optimize processes and procedures to reach milestones in revenue and maximize business growth.
For business owners trying to grow their business, it is important to realize that business growth is a process that takes time and development. For most businesses, reaching the one-hundred-thousand mark in revenue is a major stepping stone in growing the business. As business owners reach various milestones in revenue, it is beneficial to reflect on the skills that you have acquired along the way in order to capitalize on your strengths and help the business grow from one hundred thousand to one million in revenue. It is also important to reflect on your weaknesses so that you learn from them and ensure that business growth will not be impeded by processes or procedures that have not worked in the past.
For trajectory growth, it is important for business owners to utilize human resources efficiently. Business owners can benefit from having solo and group meetings that focus on building strategies for business growth. In uncertain circumstances, human resources are essential to keeping up with business operations. Business owners benefit from employing human resources by spreading the workload for a business across multiple individuals. Having a strategic vision for business growth and implementation of human resources are essential to reach new milestones in revenue.
Simplifying business operations to maximize growth
Simplifying your business’s operations can be beneficial when trying to achieve steady growth. Business owners can simplify operations by decreasing the number of offerings the business has available and focusing on fine-tuning underselling offerings. Another way to simplify business operations is by keeping human resources at a minimum. Simplifying operations helps business owners scale up, save money, and keep profit margins high.
For any business, a lean strategy for operations ensures that the business is maximizing its profits while minimizing waste. Thinking lean helps business owners keep profit margins high by optimizing processes and procedures for business growth. Thinking lean also helps business owners manage teams and stakeholders more efficiently and increase productivity.
Be comfortable with change
In the world of business, change can happen at unexpected times. Business owners should have processes and procedures in place that can be easily adjusted depending on the situation at hand. Having a lean strategy for business growth ensures that development is continuous and sustainable despite any new changes in the environment. Change in the business environment in inevitable and should be accounted for when making plans for future business ventures and growth. Business owners that have developed strategic plans for success are better prepared to handle the stress of change.
A rapid change in the business environment can cause many business owners to face burnout in regard to their business. Utilizing human resources, having a strategic plan, and taking time to reflect can help business owners reduce the stress of managing operations while changes are occurring. Physical activity can also help business owners with managing stress and increasing their overall productivity. Business owners that know how to manage their physical and mental health are better equipped at reaching new milestones in revenue and optimizing business growth.
About Rachel Brenke
Rachel Brenke is a multi-faceted entrepreneur, a lawyer, and a Team USA triathlete. Aside from her extensive career, Rachel is a military spouse, and mother of five. As an entrepreneur, Rachel created Brenke Brands, which includes FitLegally, TheLawTog, and Rachel Brenke. She is also the author of seven books, hosted the Real Biz Podcast, and founded a boutique niche law firm.
About Financing Solutions Small Business Line of Credit
Financing Solutions small business financing product is a great alternative to a traditional bank line of credit because it costs nothing to set up, nothing until used, and when used, is inexpensive. The credit line requires no collateral and no personal guarantees.
Please feel free to fill out the no-obligation, 2-minute business line of credit application here. The time to set up a credit line is when you don’t need it so that it is ready to be used, just in case.
Note: Financing Solutions donates 10% of its profits to various nonprofit charities.