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Small business growth and management concerns
The type of concerns small businesses have regarding growth will depend largely on the type of business and services they provide. For example, for a business that requires labor-intensive work, such as manufacturing, labor costs may be more of a concern than a small business who only employs a few people.
Regardless of industry, the following are some common small business growth and management concerns, and what you can do overcome them. Growing your business in a poor economy But you can still grow your business in a poor economy. Cutting costs yourself, exploring cheaper means of advertising, taking care of current customers, and offering incentives or discounts to referrals or new customers are all ways you can still grow your business in a time where it seems like no one is buying. Health care costs When it comes to cutting health care costs, shop around for the best deals. Insurance is a competitive industry, so do your homework and find the cheapest rates possible for your employees. If health care costs are cutting considerably into your business revenue and hampering growth, while it may seem unpleasant, it may be necessary to lay off full time workers and hire part-time instead until finances improve. Finding qualified employees To hire more qualified employees, make sure you do thorough background, education, reference, and employment checks. Look for employees who want to be in a job long-term so you can lower your turnover rate, or offer incentives for staying longer. Energy costs Cut your energy costs by installing timers on your lights, or by keeping your thermostat at a steady temperature. You can also use energy saving bulbs to reduce the amount of money you spend each month on energy. Growth is crucial to the survival of small businesses, but many small business owners have legitimate concerns they feel are hampering the growth of their business. The above tips are a few ways you can help your business push through common growth and management concerns.
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