Are you familiar with the two numbers that are key to sustainable growth? Let’s talk about the sustainable growth rate (SGR) and market growth rate (MGR) – two essential metrics every business leader should know. The sustainable growth rate represents a company’s maximum growth rate without relying on external financing. It considers factors like profitability,…

Two secret words can be used in any business to drive future sales and help ensure long-term success. After a sale, a retail, manufacturing, or service business can use them. The two secret words are small yet powerful in building lasting relationships with customers and clients. With competition intense in almost any industry or location,…

Diversification is an important aspect of any business. It can help grow sales, increase business value, and improve efficiency by reducing certain costs associated with production and marketing. By diversifying into new markets and products or services, businesses can reduce risk and increase growth potential. Diversification allows businesses to tap into new customer segments and…

Mentoring is an important part of professional development in any business, providing a platform for individuals to share knowledge and experience with one another. A relationship is formed between two individuals…one with more experience, knowledge, and expertise and one with less experience, knowledge, and expertise in a particular subject, profession, or position. Mentoring is not…

What does a business do when it cannot provide a particular product or service needed by a customer? The easy answer might be to advise the customer that the business cannot meet its needs and lose the customer to a competitor. The more difficult decision might be to find another business to supply a needed…

“The customer is always right” is a popular saying in business and has been around for decades. It is used to emphasize the importance of customer satisfaction and to remind businesses that they should always strive to meet the needs and expectations of their customers. The phrase implies that businesses should put their customer’s interests…

The current tight labor market has a major impact on small businesses. A tight labor market (i.e., where there is a shortage of available workers and the demand is high) is especially concerning to owners and managers. This can lead to increased wages and competition for the best employees, making it difficult for small businesses…

For small businesses that choose to use the services of a local marketing firm, selecting the right firm is an essential goal achievement. Marketing firms offer services to help small businesses reach target audiences and increase their visibility. In today’s competitive landscape, small businesses must ensure their marketing efforts are effective and cost-efficient. With so…

Small businesses have a never-ending dilemma of how to compete against larger companies that target their same customers. This situation will not change, so small businesses must develop strategies to compete, remain profitable, and grow. While larger businesses may have more resources and greater brand recognition, small businesses need to differentiate themselves and outmaneuver their…

Quick answer: definitely yes. Employee turnover is an important measurement for small businesses to track and understand. It is the rate at which employees voluntarily leave or are terminated and replaced in a business. This metric can help employers identify problems within their company and take steps to improve employee retention. High employee turnover rates…

Calculated risk-taking is a strategy that small businesses use to identify and pursue opportunities that can bring in higher profits while minimizing the potential for losses or failure. It involves testing different solutions (assessing the risks) associated with a particular decision, weighing those risks against the potential rewards, and then making an informed decision based…

Scaling up a small business is a challenging but rewarding process. The expression is used frequently, but what does it mean? Scaling up involves taking a business from its current state and expanding it to reach new heights. It is an important concept involving: ·       Understanding the needs of the market ·       Careful strategic planning…