Signs Great Things are Happening With Small Business Growth
Small business growth is assuming greater importance in the economies of many countries. In the United States of America, available data shows that small businesses are shoring up the employment numbers in that country, accounting for two out of every three jobs created.
In addition, small businesses in the USA are optimistic of increasing their revenue bases by as much as 71 percent, up from 38 percent from previous years.
Another interesting development happening with small businesses and growth is the number of one-man businesses that are scaling the million-dollar mark in revenue earnings. These small business owners are leveraging the power and reach of the online stratosphere, by meeting needs and solving problems.
These revenue increments are driven by demand for particular skill sets. For example, Joey Healy earned over 1 million USD in sales by creating structures for giving out eyebrow shaping services to people in high brow areas in the USA.
A number of reasons exist for the proliferation of small businesses around the globe. For starters, the drivers of this business structure are young millennials who are becoming more entrepreneurial. These individuals now have access to more knowledge, training and skill sets than ever before.
These business founders are also in the age demographic of 25 years upwards. Another reason could be the presence of a number of online venture capitalist firms, who are willing to invest considerable sums in startup ideas deemed to have potential for growth.
The following signs can be associated with the small business that is experiencing growth:
HOW TO TELL WHEN YOUR SMALL BUSINESS IS GROWING
1. The Small Business Model is Copied
One of the signs that a small business is experiencing great growth is when rival companies imitate the goods/service offered by the small business in question. While replicating the good or service may give them a bite into the market, the underlying strategy of the small business will stand it out in the long run and help it retain its customers in the market place.
2. Customers help in Advertising and Publicity
Great things can be said to be happening with small business growth, when the activities, goods and services offered by the business, are actively publicized by satisfied customers. Not only does this help with cutting down on marketing costs, the small business can rest assured that its goods/services are of superior quality and are meeting expectations.
3. Customers provide useful feedback
Great small business growth can be said to take place, when the small business receives updates and feedback on its goods/service from its customers. Such patrons are impressed by the quality of service rendered; the opinion offered is for the small business to improve on certain areas, in order to be of more value to the customers.
4. Receiving Solicitations for Partnerships
Small businesses are experiencing the beginnings of great growth, when individuals and corporate bodies place requests, seeking to partner the small business. These potential collaborators see the opportunity for explosive growth, especially viewing the business model from another perspective.
A case in point involves Apple Inc. The iPhone launched the Apple store in 2008 with the store permitting outside developers inputting 500 apps. By a year’s time, these outside developers had accounted for the deployment of over 15,000 applications, with over 500 million downloads from the Apple Store.
5. The Business Anticipates and is ready for Expansion
The small business that experiences great growth, is one that understands the essence of meeting and satisfying the needs of customers, in the most efficient and effective ways possible. It has recorded explosive revenue earnings and has developed structures, systems and processes that can back that growth.
So, it is has anticipated and is ready to scale its business operations and replicate its business model. This ability to expand and seize more market share is essential for sustained growth and development for the small business.
6. Investors are Willing to Grow with the Business
Another great sign that a small business is experiencing growth is when it receives offers for funding from investors that are willing to be a companion on its entrepreneurial journey.
In other words, potential investors are willing to offer terms and conditions for funding that take into cognizance the realities of the business in question. Hence there are no unrealistic targets set for the business to achieve.
7. The Founder and Employees Patronize the Business
A small business can be said to be enjoying great growth, when management and staff genuinely enjoy and pay for the goods/services. This self patronage, in no small measure, paints the picture of a business that is built on solid structures and systems that can be trusted.
When outsiders see the zeal and enthusiasm shown for the business by its own staff, then it automatically markets the business to the customer.
A good example of this instance is seen with Evgeny Tchebotarev , one of the owners of photography site 500px.com. His social media posts are full of the photographs he takes using the camera equipment that his website offers for sale. This gesture has helped draw traffic to the site and bolstered sales for the company.