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How to Ensure Growth by Small Business Associations Growth of business depends on various factors including both controllable and uncontrollable. Out of these the controllable factors are the ones to be worked upon so that the business can yield positive returns by the help of small business associations. Of course, you as the owner and investor of capital want it to increase but that requires some really good effort from your side. I realized the need to improvise my business when things became steady and the business was yielding the same amount of profit over a couple of years. The following were the crucial areas and the manner in which I curbed the prevailing shortcomings: Enter into new markets while maintaining the hold of your existing market. For this adequate market research needs to be done with the aid of small business associations to target the potential customers. Try to break the loyalty of the competitors customers by offering a discounted rate of the same product or service. However, the rate should not vary considerably as this gives rise to unnecessary suspicion regarding the quality of the product. Ensure a proper follow up of the customers suggestions is taken and work upon the feedback. The good quality of service needs to be on a daily basis being responsive at the same time. If the focus is to improve then the results will be far better. Small business associations insist that most of the business owners have only one goal to make big profits in a short while. That can only work in the short run. If your intention is to run the business for a long time and increase the scale of operations the quality needs to be improved considerably. Compare the standard of your product with the industry standards and discuss your options with small business associations. In all this customer management never forget to keep the employees motivated. The performance levels of the individuals increase manifolds if they are motivated and work with high spirits. These factors are a way to sure shot success in increasing the size of the business and have tested by many entrepreneurs. With an experience of over a decade, I assure you that it is tougher running a business than starting a new business. It is human nature to start a new project or assignment with utmost dedication that gradually fades away when the project becomes old. Most of the entrepreneurs become over confident of their entrepreneurial skills and as a result the business suffers from various shortcomings. When my business was going through the same bad phase after the initial success I started monitoring the quality of work and the final product. After consulting with small business associations I observed that the satisfaction levels of the customers had reduced considerably and they started preferring the competitors products. That was not at all a good sign but I worked on the quality part improving the delivery time and availability of the product to the customers. It is always a good idea to make your presence felt in the market both within the customers and the competitors. Organize or participate in various trade shows. If the budget allows you then indulge into advertising through various medias. If conditions do not improve you might have to consider cost cutting and reducing the price of your products. Reduced prices always allure a certain segment of middle class customers. An improved public image also indirectly works in your favor. Small business associations often organize local charities and fund raising programs, which are a good way of depicting that your business concern is a responsible and social entity. I even tried offering small discounts and small gifts to loyal customers. This improved the loyalty of the existing customers and strengthened the bond between the customers and the product. People started relating to my product and I was soon able to make abundant profits. Try to highlight the positive aspects of your product and why people should prefer it. If the business is of providing some sort of service then insist that your personal staff can provide that service in the best possible manner within an affordable price range. Starting a new small-scale business seems to be a cakewalk for most of the people who seldom realize the need for expertise before investing their capital. Small-scale small business associations have formulated the following golden rules from their experiences over the period of time: 1) Adequate research work is a pre requisite to get the in depth knowledge of the type of small business associations you are willing to start. 2) Acquiring cheap raw materials and labor for accomplishment of your work is a wise idea. However, no compromises with quality should be allowed in the initial stages. This is because the rapport once established in the minds of the people is difficult to change over a period of time. 3) There is a prevailing misconception that you need to adhere to the formal code of conduct while dealing with your business peers. In reality, being informal pays in the long run. My suppliers offered surprising discounts and the customers became a good source of word of mouth publicity. 4) Involve friends and family members as your potential investors. This is beneficial as the terms and conditions are more informal and you get the necessary space to operate the business as per your discretion. If you fail to do so the doors of private investors are always open. 5) If the finance is not a constraint try to publicize your brand name in the market. It is always a better option to let your presence felt to the competitors. Also, the suppliers and the customers show their confidence in you if the name is known in the market. 6) Lastly, never let the morale down. If your morale as the proprietor of the business goes down, nobody can save your business. Once my morale goes down, the entire business is on the verge of extinction!
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