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Rules of Growth For Small Businesses Title Rules of Growth

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					Title:
Rules of Growth For Small Businesses


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375


Summary:
For years, I have tried to answer this one question: What do small businesses that achieve sustained growth
do differently from those that do not grow?



Keywords:
The 7 Rules of Growth For Small Businesses



Article Body:
For years, I have tried to answer this one question: What do small businesses that achieve sustained growth
do differently from those that do not grow?


As a senior consultant for Inc. magazine, I speak to thousands of business owners each year. I've learned
that there are no silver bullets or 17-point checklists that will lead to guaranteed growth. There are, however,
seven specific areas in which growth companies concentrate their efforts.


1. Strong sense of purpose. Most leaders of companies that have achieved growth discover that it takes more
than the promise of increasing financial reward to fuel their aspirations and ambitions. They find a higher
calling than simply the pursuit of "more money."


2. Outstanding market intelligence. This is an organization's ability to first recognize, then adapt, to
fundamental changes in the marketplace. Many times, small-business owners become too myopic, seeing
only a limited view of the markets in which they compete. Growth leaders see the bigger picture.


3. Effective growth planning. This is the best predictor of whether or not a business will grow. To be
effective, a plan for growth does not need to be overly formal or complicated. However, it does need to be
written, well-communicated and regularly updated.


4. Customer-driven processes. These days, every company I talk to believes it is customer-driven, when
actually very few really are. Take a look at all of the business processes from a customer's perspective. Are
they in place to make it easier for the company, or to help deliver on the promise of faster, cheaper and
better for the customer?


5. The power of technology. Successful leaders don't let the boom and bust of technology cycles give them
the excuse to ignore that we live in an information age. If a company is in business, it is in the technology
business.


6. The best and brightest people. Growth leaders recognize that they are only as good as the people with
whom they work. The ability to hire, train and retain the best and the brightest people is often the difference
between success and failure.


7. Seeing the future. Few organizations take the time to regularly consider the future. Growth leaders learn
how to diligently monitor and interpret the macro forces of change affecting the world in which they live.




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