If your business is smaller than you would like it to be, you are probably making one (or all) of these mistakes!
I had to root these out for myself and work on them continuously since I set a goal for myself this year to 10X my business. (Thanks, in part, to our discussion of the Grant Cardone book of that name!)
The reality is that inertia and other economic factors tend to make rich people richer and poor people poorer.
The same happens with businesses! There are factors that keep small businesses small. You may be unwittingly contributing to this phenomenon by doing these things:
- Being unwilling to invest in yourself or your people.
- Economizing on the wrong things.
- Trying to do too much.
You can break the cycle by making smart investments, cutting expenses on things you don’t need or aren’t utilizing fully, and by doing less, (reducing your product line, going to fewer trade shows, etc.) but doing those things better!
John and I discuss these things in this video.
What are YOUR best tips for economizing without hurting your business, or breaking out of a “small business” cycle?
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Leverage, capitalization, artificial growth through some sort of M&A activity. That’s where small businesses become big business. Aside that you have organic growth, sell more people on the prospect of giving you, their money.
Hey Gary!
Good point – a lot of growth is artificial and usustainable. And that’s never a good thing. Organic growth is always best, and always comes from more sales. We totally agree.