While exciting, the rapid growth phase can also be extremely challenging. Growing 15-25% means expanding your business in new ways, which can stretch your skillset, budget, and patience.
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Your 1st business will probably fail. Your 2nd business might fail as well. Your 3rd business, again, will probably fail. Mine did. → Is it scary? Yes. → Is it risky? Very. → Did I give up? No. I wouldn't be where I am today if: ↳ my first few businesses hadn't failed. And from those failures, I learned: → You either innovate or stagnate. → Only those who adapt, thrive. → Always expect change. You see, To get better at business, I allowed myself to be bad at it first. And all that money I lost? I consider it an investment now. An investment in the future I was going to build. 99% of people give up after they fail once. And that's where they go wrong. Because... → To build a successful business, → You also need to build resilience. Embrace failure → Learn from it → Keep going. More often than not → Success is one innovation away. Picture credit: visualgrowth. com P.S. Have you started a business that failed before?
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Versatile Creative Expert | Graphic Design | Video Editing | Digital Marketing, | Business Consulting
5 Mistakes Every Small Business Must Avoid Neglecting a Solid Business Plan: Without a clear roadmap, your business is at risk of wandering aimlessly. Develop a comprehensive business plan outlining your goals, target market, and strategies for success. Ignoring Market Research: Understanding your audience and industry landscape is paramount. Market research provides insights into customer needs, competitors, and emerging trends, helping you make informed decisions. Poor Financial Management: Failing to keep a tight grip on finances can lead to disaster. Monitor cash flow, budget meticulously, and be aware of your financial health. This will ensure stability and sustainability. Hasty Hiring Decisions: Building a strong team is crucial, but rushing the hiring process can result in misfits. Take the time to find candidates who align with your company culture and possess the skills needed for success. Ignoring Technology Trends: Technology evolves rapidly, and businesses must keep up. Embrace relevant technologies to enhance efficiency, improve customer experiences, and stay competitive in the ever-changing market. By avoiding these common pitfalls, your small business can establish a solid foundation for growth and long-term success. 🌱💼 #SmallBusinessTips #AvoidMistakes #Entrepreneurship
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#Business #Strategy in #downtimes A must read article by Ms. #AndleebAbbas
𝘐 𝘫𝘶𝘴𝘵 𝘸𝘢𝘯𝘵𝘦𝘥 𝘵𝘰 𝘴𝘩𝘢𝘳𝘦 𝘮𝘺 𝘵𝘸𝘰 𝘤𝘦𝘯𝘵𝘴 𝘰𝘯 𝘩𝘰𝘸, 𝘪𝘯 𝘵𝘩𝘦𝘴𝘦 𝘥𝘰𝘸𝘯𝘵𝘪𝘮𝘦𝘴, 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴 𝘤𝘢𝘯 𝘴𝘵𝘪𝘭𝘭 𝘴𝘶𝘳𝘷𝘪𝘷𝘦 𝘢𝘯𝘥 𝘨𝘳𝘰𝘸. 𝘐 𝘵𝘢𝘭𝘬 𝘢𝘣𝘰𝘶𝘵 𝘸𝘩𝘢𝘵 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴 𝘤𝘢𝘯 𝘥𝘰 𝘢𝘯𝘥 𝘸𝘩𝘢𝘵 𝘵𝘩𝘦𝘺 𝘤𝘢𝘯 𝘥𝘰 𝘸𝘩𝘦𝘯 𝘤𝘰𝘯𝘧𝘳𝘰𝘯𝘵𝘦𝘥 𝘸𝘪𝘵𝘩 𝘢 𝘥𝘦𝘵𝘦𝘳𝘪𝘰𝘳𝘢𝘵𝘪𝘯𝘨 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘦𝘯𝘷𝘪𝘳𝘰𝘯𝘮𝘦𝘯𝘵. 𝘞𝘰𝘶𝘭𝘥 𝘳𝘦𝘢𝘭𝘭𝘺 𝘷𝘢𝘭𝘶𝘦 𝘺𝘰𝘶𝘳 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴 𝘢𝘯𝘥 𝘧𝘦𝘦𝘥𝘣𝘢𝘤𝘬! - 𝗚𝗿𝗼𝘄𝘁𝗵 𝗶𝘀 𝘁𝗵𝗲 𝗿𝗲𝗮𝗹 𝗰𝘂𝗹𝗽𝗿𝗶𝘁 - 𝗟𝗼𝗼𝗸 𝗮𝘁 𝗼𝘃𝗲𝗿𝗹𝗼𝗼𝗸𝗲𝗱 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 - 𝗜𝗻𝘃𝗶𝗴𝗼𝗿𝗮𝘁𝗲, 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗲, 𝗿𝗲𝗻𝗼𝘃𝗮𝘁𝗲 #businessstrategy #businesstransformation #growthstrategy #marketdifferentiation #andleebabbas
Business strategy in downtimes
brecorder.com
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✔Author ✔ Certified Speaking Professional ✔ Facebook & Meetup Expert ✔ Networking, Events & Marketing ✔ Mindset Coach | EO & BNI member |
Have you ever had that feeling like you are putting your dreams on hold? You kept on waiting for the “right time” to take action but then that time never arrived 🙈 And unfortunately, this is a common scenario from most business owners. They either: - Wait until they launch their online course (which we know is never happening) - Wait until their business get to a certain level before investing - Wait until they have set up the right procedures for their business. It’s true that we run our businesses in our own pace, however, giving in to excuses to put things off is a whole different story. It is time for you to stop waiting and prioritise your business success. Time to start opening up to opportunities that will deliver you to the goals that you have dreamed of! Now is the time to make a change… and yes, YOU STILL CAN!
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What stage of growth is your business in? Knowing what the common problems and practical solutions are for each stage allows you to make decisions now that will help prepare your business for the next chapter. https://bit.ly/4apIGff
Solving challenges across 7 stages of business growth
findex.com.au
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It's important to know when to cut your losses and move on from a failed business. Putting in extra effort into a business that is not working out may only lead to more financial losses and wasted time. Instead, it's important to learn from the mistakes and failures of the business and move on to new opportunities that have greater potential for success. Focus your energy and resources on ventures that have a better chance of thriving and achieving your goals.
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I'm a fractional CFO revealing the story behind the numbers so business owners can confidently make the data-driven decisions that allow them to leap forward.
Did you know? 20% of businesses fail within the first year, regardless of economic conditions. By year five, that number jumps to 50%, and by year ten, it's 30%, according to the Bureau of Labor Statistics. To avoid becoming a statistic, steer clear of these five mistakes when making financial decisions for your business: • Ignoring cash flow: 82% of startups fail due to poor cash flow management. • Not paying yourself: Fair salaries reduce financial stress and tax burdens. • DIY Syndrome: Delegate tasks to stay focused on your strengths. • Ignoring margins: Ensure your sales are profitable. • Failing to consult professionals: Build a strong advisory team. Ready to make informed decisions for your business?
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Business Coach and Mentor | Scale Simply with Zero Hustle | Founder of CoachSpace.ai | Biohack Your Business™️ | Author of The Remarkable Coach | Head Optimist | Mum of 2 and Expert Plate Spinner
I was pretty early stage in my business when I made this realisation. I’d been feeling stuck and waking up with that awful low level anxiety feeling in the pit of my stomach every day. I knew I wanted to get someone’s eyes on my business but the ‘what ifs’ were holding me back until one day I decided I was going to start making all future decisions from being in a place of where I wanted to be, rather than where I was. I sent an email and within a few hours had got myself a mentor. The relief was huge. That decision didn’t just change my mindset, it changed the entire trajectory of my business. I went on to invest in myself a lot more after that. I saw the impact and growth and I kept feeding the fire. People get so focused on what they will get out of a program, a mentor, a retreat when the most profound results come from the shifts within you. When you become a person who sees what you stand to gain as opposed what you think you might lose - that’s when the game really changes. When you see investing in yourself as the safest investment you’ll ever make and the best money you’ll ever spend, that’s when you’ll make it all back tens of times over. When you stop giving your power away and thinking the success you want is created by other people, that’s when you rise. The biggest shift that came in those early days for me was that the investment WAS the transformation. This realisation changed everything. Have you made the same shift? Work with me for 1:1 for 90 days and I’ll show you how to build a business that’s designed for the life you want by focusing on simplicity, leverage and smart systems.
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Management Consultant | Helping Businesses Improve Financial Performance and Reduce Risk | Financial Reporting | Forensic Audits | Healthy Lifestyle Enthusiast.
Why Reinvesting Profits is the Seed of Business Growth: ⬆️ Seeing your business turn a profit is a fantastic milestone. But what do you do with that hard-earned money? While taking some for yourself is tempting, reinvesting a portion of your profits back into the business is a strategic move that can fuel significant growth. Here's why: 1. Grows Your Capabilities Equipment & Technology🛠: Reinvesting can help you upgrade outdated equipment or invest in new technologies that improve efficiency and productivity. Marketing & Sales: Allocate funds to enhance your marketing efforts, reach new customers, and boost sales. 2. Fuels Innovation & Expansion Product Development♻️: Profits can be channeled into research and development to create innovative new offerings or improve existing ones. Branching Out: Consider reinvesting in expanding your product line, opening new locations, or entering new markets. 3. Invests in Your People 🚻 Training & Development: Equip your team with new skills through training programs, fostering a more qualified and adaptable workforce. Employee Retention: Reinvestment can be used to offer competitive salaries, benefits, and growth opportunities, keeping your top talent on board. 4. Secures Your Future. Financial Buffer: By reinvesting, you build a financial safety net that can safeguard your business during economic downturns or unforeseen circumstances. Long-Term Growth: Strategic reinvestment is an investment in the long-term health and sustainability of your company. Remember, striking a balance is key! While reinvestment is crucial, don't neglect your own needs or those of your investors. By strategically reinvesting profits, you plant the seeds for a thriving and sustainable business. Let your connections know what growth initiatives you're reinvesting in the comments! #businessgrowth #reinvest #entrepreneur
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Empowering Business Growth | Expert in AI-Powered Customer Service, Tax Reduction, and Financial Optimization | Unlock Your Business's Full Potential And Learn More Today
𝗔𝗿𝗲 𝗬𝗼𝘂 𝗟𝗲𝗮𝘃𝗶𝗻𝗴 𝗚𝗿𝗼𝘄𝘁𝗵 𝗣𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗼𝗻 𝘁𝗵𝗲 𝗧𝗮𝗯𝗹𝗲? You know your business can grow. But are you doing everything you can to make it happen? Here’s why this matters: Many businesses miss out on growth because they’re focused on what they have, not what they could achieve. This is important because growth requires a shift in perspective and, often, a financial push to make things happen. Here’s what you should consider: 1. Take a hard look at your current growth strategy—is it aggressive enough? 2. Identify areas where additional capital could unlock new opportunities. 3. Explore financing options that can provide the boost you need to scale quickly. Investing in your growth isn’t just about spending money; it’s about realizing your full potential. Don’t leave growth potential on the table. Maximize what your business can become. Call now at (518) 714-1385 or Schedule a call here: https://lnkd.in/ebUTERpy.
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