It’s not easy for small businesses to achieve sustainable growth—especially in New York City, where new competitors are popping up all the time.
Members of Forbes New York Business Council share their key factors for building a steady stream of growth while keeping costs low.
Deep Market Saturation
It’s more important to saturate the current market than be available in multiple territories/states/countries. Let everyone around know about the business before moving outward. – Hoda Mahmoodzadegan, Molly’s Milk Truck + F’in Delicious Beverages
Clear Key Performance Indicators
Keeping track of key performance indicators allows a business to monitor for growth, stagnation, or worse, backsliding and adjust if the numbers are not lining up with the goal. – Steven Libman, Integrity Capital Group
Cash needed to fund growth is not easy to come by if the business barely survives. Businesses need to identify and deploy mechanisms to generate that needed cash for product development, new hires, etc. to sustain growth. – Ching Au, Durabrite, Inc
Never stop out-hustling the competition from continuous improvement and competitive analysis to upgrading equipment and work ethic. –Don Daszkowski, International Franchise Professionals Group – IFPG
No Debt And Minimal Fixed Expenses
In the early days of a startup, funds are low. Business owners should stay out of debt while sustaining the business by working smart, marketing themselves and working extra hours without a fancy office. – Nic Faitos, Starbright Floral Design
A ‘Big Hairy Audacious Goal’
Consider slow growth at first to solidify the business’s concept, processes and procedures and team. Then try adopting a Big Hairy Audacious Goal (BHAG) which motivates employees, forces them to get creative and aligns everyone in the company toward one big goal. – Josh Cohen, The Junkluggers
Business owners should dig into the details to understand how much the business profits from each unit sold, the costs of the product or service, customer acquisition and the delivery of the product or service they are selling. – Matt Cooper, Skillshare.com