IS STAYING SMALL YOUR REAL PLAN

Owning and running a small business is great, but without growth the business will die. Growth does not have to be measured by the number of employees; what counts is the continuous growth in the bottom line. A small business owner has to always be in a hurry to grow the business. I don’t believe small business owners that tell me that “I want to stay this size forever.” What that tells me is that they don’t know how to take the next growth step and have settled for less than their original vision.

Growth builds upon growth. As an example, in 1996 Amazon Books had 151 employees and generated revenues of $5.1 million. By 1999, after going public, Amazon.com had grown to 7,600 employees and generated revenues of $1.64 billion. In 2017, Amazon had 541,900 employees and revenues of approximately $177 billion.

IS GROWTH PART OF YOUR ORIGINAL VISION?

l am not suggesting that you duplicate the fast growth Amazon experienced, ( but you could if you wanted to) I am suggesting that you set profit goals for each month, or quarter or year and make sure that the goals require you to stretch your abilities in order to achieve it.

The key to increased profits is always tied to several factors:

• The first is innovation. I constantly ask you to lead change in your industry, and not follow it.
• The next is the willingness to take a risk. Playing it safe in business is like never driving your car
  for fear that someone will run into you.
• Eliminate fear. Fear is expressed in small business in many different ways. Most of these fears
  start with “What if?”
  o   What if I fail, what will everyone say?
  o   What if someone steals my idea?

You can always do more than you think you can. A lack of time and money are just excuses for not wanting to work hard enough to make something good happen.

Make a list of what you have to do, every day, for the next 3 months in order to have a substantial increase in your bottom line. Next develop an action and accountability plan and get ready to do amazing things.

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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack