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The 10 Keys to Growing Your Business

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The 10 Keys to Growing Your Business

1. Watch cash flow:   

Know your cash flow statement intimately. If you want to learn about cash, simply look at your bank statement. Do you have more money at the end of the month than at the beginning? If you have more at the end, then your business is cash flow positive.

2. Review financial statements monthly:   

Financial statements give you information about your company that is very valuable to continual growth.

3. Have a brand strategy:   

Know who your customer is and what problem you are solving for them. Be clear about what differentiates you from your competition and say it all in one statement!

4. Don’t grow too fast:   

While growth is good, growth too fast can put you out of business.  Prepare by building a solid infrastructure to support growth.

5. Keep current customers happy:   

With every decision you make, be sure to ask yourself, “How will this enhance our customers experience”?

6. Keep overhead as low as possible:   

Look at your expenses and find ways of cutting back whenever possible.

7. Pay attention to your reputation:   

Don’t do anything to piss off customers. Social media takes the grapevine to a whole new level, and it takes just a few smears on Facebook or twitter to cause damage. Monitor what people are saying about you and the brand.

8. Get referrals from existing customers:   

Ask and you shall receive. So many business owners feel uncomfortable asking existing customers for referrals, but if you are delivering a great service/product, customers are happy to do so because they want others to experience the same satisfaction.

9. Reward employees for jobs well done:   

When employees feel valued they value the customer.

10. Take an annual vacation to recharge your batteries:   

Every one needs to recharge their batteries to be more effective. Just do it. Life’s short.

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