5 Steps for Strategic Small Business Growth
Strategy is not about waiting for opportunities to come to your business. It’s about making sure your business is moving, and, most importantly, that it’s moving in the right direction. Here are five things you must do to develop a solid plan for strategic growth:
1. Know exactly how the market you’re doing business in operates.
2. Learn your role in the value chain. Make sure it’s a profitable position.
3. Identify your competitors as well as your business’ competitive advantage.
4. Understand what your customers need and how you can best serve them.
5. Be sure the products and/or services the business is providing now as well as those it’s capable of providing in the future are aligned with the company’s core skill set.
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