Naperville Business Lawyer Discusses Ways to Help Grow Your Small Business
There is absolutely no question that owning and running your own business takes a great deal of hard work and focused dedication. In addition, owners of small and medium-sized businesses must also be constantly trying to think of new ways to ensure that their companies enjoy continued success. If you own a small business, you should always be trying to come up with ideas that will help your business grow. This means you need to consider how you will expand your customer base and increase your revenues.
As a business law attorney, I am often asked for advice about encouraging growth in small and medium-sized businesses. While there are no one-size-fits-all growth plans, there are some general ideas that you should keep in mind.
Maximize Your Strengths
If your business is already successful, you are doing something right. With that in mind, it is a good idea to identify the things that are drawing your customers to you. Are your products innovative? Or, is your commitment to customer service that keeps people coming back? You may be tempted to implement new and exciting ideas, but do not lose focus on your existing strengths. For example, if you own a restaurant and your customers love your signature recipes, it may be in your best interest to come up with ways to market your dishes to increase revenues instead of shrinking the menu or using fewer fresh ingredients.
Diversify a Little
Your most marketable products should be your highest priority, but there is some risk in staying too focused on any one area, or “putting all of your eggs in one basket,” as the old saying goes. If your company is too reliant on just one or two sources of income, a sudden change in the market or consumer tastes could leave your company in a mess. It is a good idea to be thinking about new products and services that you can develop without spreading yourself too thin. Experts suggest developing just one new project at any given time to prevent burnout.
Budgeting for Your Growth
You will also need a plan for how you will fund your company’s growth. Increased marketing, new staff, and higher inventory levels all require money in advance. If you plan to pay for your growth plan using your current revenues, you may avoid taking on new debt, but your growth will probably be rather slow. Loans will increase your debts, and investors may require you to sacrifice a percentage of your ownership. Before you start implementing your growth plans, you and your advisory team will need to determine the best financing method for your unique circumstances.
Call a DuPage County Business Law Attorney
If you are a business owner who is looking for ways to help your company grow, the experienced Naperville business lawyers at the Gierach Law Firm are ready to provide the guidance and representation you need. Call 630-756-1160 for an appointment at our office today.