Is your business on track to grow this year? Consider the habits of high-growth, small-business owners and identifies key steps to growing revenue this year.
With 2012 shaping up to be another challenging year economically, you may be wondering how you can prepare your business for growth. It turns out, there are some specific steps you can take to improve your odds of seeing better performance this year.
A recently released study from the Guardian Life Small Business Research Institute polled owners of both thriving and floundering small businesses about their management habits. The results paint an interesting picture of what owners of high-growth businesses are doing to thrive in this downturn. Here are the study’s six steps to better performance:
1. Prepare for problems. Forty-seven percent of high-growth business owners said they were prepared to tap cash reserves if revenue suddenly dropped. Only 38.5 percent of owners at companies where sales were currently declining said they would do the same. The growth companies were also more likely to borrow money — nearly 22 percent versus just 7 percent of the struggling businesses.
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