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What it takes to grow your small business?
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Bikky Khosla | 04 Jun, 2013
Do you want to grow your small business? Whenever I ask this question to a small business owner, most of the time the answer is an emphatic "YES". But it's always easier said than done. When it comes to reality, majority of small businesses are not proactive enough about growth. Mental barriers and lack of commitment and planning prevent them from moving forward, and most of them, in fact, fail to see how difficult the transition process could be for a small business.
I think one of the major reasons why many small business owners fail to take their business to the next level is because they fall into the trap of working 'in' their business instead of working 'on' their business. Most of them so much engage themselves into day-to-day operations that they fail to focus on the bigger picture. To avoid this, I think it's very important for small business owners to know when to start delegating and what to delegate, instead of trying to continue doing everything as they did during the start-up phase.
Boredom is also a big enemy. With many small entrepreneurs, the enthusiasm with which they once started their ventures, dies away gradually. They have to do about the same thing every day and gradually the mind becomes lethargic. It is very important that a small business owner keeps feeding his emotional capital -- the passion and positive outlook with which he started the business. And once you have this capital, half the battle is won. The key to growth is not putting more money, but placing higher dimensions of consciousness into your awareness.
But why should you double your strain to double the profit! Many small entrepreneurs find no logic in this, which is again a trap. Growth helps a business not only to earn more profits but it also secures the future of the business, and that's why an entrepreneur should never run away from taking new responsibilities. If you want to exist you have to grow, and if you want to grow, you cannot help but welcome new responsibilities. Taking your business to the next level will certainly make your business more complex, and you have to prepare for that, willingly.
Growth is always good -- even if your small business has already turned out to be a real cash cow. The reason is simple -- no success is permanent. If a small business stops growing, it can easily fall prey to the avalanche of change. But growth does not happen by itself. It needs to be promoted and nurtured. It requires investment, hard work and dedication. What about you? Are you giving enough effort to grow your small business. I invite your feedback.
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Factory Closed
SAM | Wed Jul 3 14:30:46 2013
I am in lighting industry manufacturer & distributor... my factory is shut down because of sluggish market, payment problems, heavy competition; Chinese products are killing quality & our market share.. but they sell because of price...& of course funds..I am trying very hard to revive it but in vain. Please suggest.
PROGRESS OF OUR BUSINESS
JITENDRA SHAH | Mon Jul 1 08:53:58 2013
FINANCE IS BIG PROBLEM.,LABOURERS REQUIRED MORE.,MARGIN IS VERY LESS.,LOW PRICES OF CHINA PRODUCT.,CANNOT CHANGE BUSINESS AS FINANCE IS VERY LESS.ALREADY MADE LOSS IN PARTNERSHI.,NOW CONCENTETED TO IMPROVE QUALITY.,BUT IT TAKES MORE TIME.,RETURN IS VERY LESS SO BANK DO NOT GIVE FINANCE WHT TO DO? MARKETING NEEDS HIGH SALARY SALES MAN AND SALES IS ON CREDIT SO NEED FINANCE
3 TIMES TO INCREASE SALES TARGET VERY TOUGH POSITION BUT ADJUSTING AND MAINTAINING EFFORTS FORGROWTH WITH PROFIT IS NOT ACHIVED OUR PRODUCT IS RESIN BONDED GRINDING WHEELS DC WHEELS AND CUTIING WHEELS PLEASE GUIDE US
Great Article : Suggest Concrete solution
Vaibhav | Fri Jun 21 08:31:41 2013
Sir, we have also started business 8 months back, facing same challenges of resources & funds. But now we are concentrating on Sales & Marketing. And we are doing good in that. but somewhere we are facing challenges like, we do not get time to work 'on' business, & we currently work 'in' business. So thanks for your guidance, we will try to follow it & think beyond the limits. Can you give some more concrete & universal tricks which small business should follow it to grow our business?
Great Article : Suggest Concrete solution
Vaibhav | Fri Jun 21 07:36:27 2013
Sir, we have also started business 8 months back, facing same challenges of resources & funds. But now we are concentrating on Sales & Marketing. And we are doing good in that, but somewhere we are facing challenges like, we do not get time to work 'on' business, & we currently work 'in' business. So thanks for your guidance, we will try to follow it & think beyond the limits. Can you give some more concrete & universal tricks which small business should follow it to grow our business?
Many small entrepreneurs has to read this
Thota M .prabhu | Sun Jun 16 16:07:00 2013
So good for SME small Investor who have Money but no commitment towards Hard work
can do every thing on your own....considering facts.
Looking forward to see more stuff like this....
Working 'on' the business
J.A.Merchant | Mon Jun 10 14:36:01 2013
"I think one of the major reasons why many small business owners fail to take their business to the next level is because they fall into the trap of working 'in' their business instead of working 'on' their business. Most of them so much engage themselves into day-to-day operations that they fail to focus on the bigger picture".
Your comment is very true. But my reasoning is that since it is a small business, there is not much scope of employing more staff for delegating responsibilities. So then, how do you work 'On' the business, when there is a financial restriction on the no of staff you can employ? Pls advise and educate.
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Re: Working 'on' the business
Dr.Satish Jerath | Wed Jun 12 01:36:51 2013
Generate so much work so that you require assistants; more generated work with the help of assistants to further generate more work for employment of more people in the category of office staff that will assist you to do accounting work of ESI/PF, furniture and toilet cleaning, peon work, small errands to bring tea from nearby chaaywala etc.etc. so that you concentrate 'ON' your business and are able to become TATA, Birla, Ambaanees, Piramal etc........Dr. Satish Jerath
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Troubles faced by SMEs
Sugumaran Babu Jain | Fri Jun 7 08:55:12 2013
You had thrown light on different matter and we look for your view on labour problems. We were not getting skilled labour at right cost as well now a days every one looking for immediate bucks, hikes and etc. Many of them never improves their skill along with the hikes instead look for comfort. Can you give your views please.
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Re: Troubles faced by SMEs
SME Times | Sat Jun 8 05:00:41 2013
Thanks for your suggestion. We will try to cover the issue in future.
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Good advice: young entrepreneurs to benefit
Shrinivas Moghe | Fri Jun 7 07:51:55 2013
The young entrepreneurs who have read this article, can surely save their lot of years of futility. I can say this because I have wasted 26 years of mine to realise this fact. Certainly a business has to be progressive for its own survival. On the way, you will discover that you have also made some decent money.
Its really the only way. Mr.Khosla has talked about monotony in the business, which is very true. But another aspect is that sooner or later you realise that you cannot know every thing and can not do every thing on your own. The best way to obviate this situation is to adopt "Share and Grow" attitude. Try it and you will find how much your life becomes happier. But the way keeping bad company always brings disrepute, similarly sharing with bad people, will always bring agonies. So be careful on this aspect. But once achieved, you will find your self running on the rod with a smile on your face. And fortunately, at this time, with so many youngsters around, your chances of finding good people to share with, are the best. Go ahead.
Shortage of good labour
S.Viswanath | Thu Jun 6 03:37:38 2013
It was great to read this editorial and I agree with it totally. I am into the Dry Cleaning business and have 2 outlets in Thane city. The main hurdle I face frequently is shortage of good labour. The workmen keep leaving and I have to find a replacement. Then the training has to be done and by the time the guy starts understanding things he leaves. I need some advice on tackling this issue as the workforce is my lifeline. The payment is not the issue and the working condition is also good. In spite of this there is always shortage of staff. This prevents me from growing and most of my time is spent in the shop or in hunting for replacements. I motivate the staff by giving them incentives besides the wages. What more can be done to have loyal workers who can be retained for long period of time?
If you can address this situation of mine I shall be very much obliged to you.
Thanks,
Viswanath.
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Re: Shortage of good labour
Dr.Satish Jerath | Wed Jun 12 01:46:17 2013
If money is no problem then buy them housing or give such facility so as they are stuck with you.Provide day meals and tea/coffee etc.Take care of their family members, children's education,marriages in order to keep them with you for work and business and they remain with you without having stress of their personal worries.....Dr.Satish Jerath
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Re: Re: Shortage of good labour
Vijay Radheshwar | Wed Jul 10 02:27:00 2013
Dear all,
We all lament about China's cheap prices but, we should also study how they are able to manufacture so cheaply? If you visit any Chinese city, you will be astonished to see the development and infrastructure. So also, their cost of leaving is going up. But the industries there take care of the workers. Almost every industry provides accommodation for their worker's. They have separate dormitories for male and female workers. Food is also prepared in these dormitories and available at subsidised rates. All these facilities help to keep the workers expenses at bare minimum and maximize their savings, thereby, bound to their employers. We can adopt some of the features (if not all)and create a sense of belonging in the workers mind. If the workers know that the company is genuinely trying to take their care, they will also reciprocate.
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Re: Shortage of good labour
Umesh M.S. | Wed Jun 19 04:35:32 2013
Hi..Vishwanath.. Your problem is our problem too and its there in all sectors. You have to find some techniques and some tie ups that help you.
Technique 1 : Suppose his salary is Rs.6000/- Pay only 5000 and cut Rs.1000 and tell them "I am paying PF or some fund for you that you can collect them after 12 months only. If you quit before this, you will lose this money.Rules are like that etc."
or similar statement. Be genuine and pay them as the time comes as per promise.
2. You can collect some marks sheets 10th or any such documents and keep it very safe.
3. Tie up with good manpower consultancy. They collect some fee like 60% of 1 month salary. They replace people quickly because that is their business.
It all works to a great extent. We need to fine new ways continuously too.
Hope it helps you, I wish Great day and great future for you.
We run a small software company.
Take care.
Umesh M.S FROM BENGALURU
e-mail : umesh@anushinfobase.com
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Re: Re: Shortage of good labour
Vaibhav | Fri Jun 21 07:38:21 2013
Umesh, the perfect suggestion & We will follow with immediate effect.
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Small Business-Teething Problems
Ram | Thu Jun 6 02:39:05 2013
Dear Sir,
I agree with you views but small business has main issues of resources - most of them is Lack of Funds. Even if you can plan better but if you have no resources (Funds) to implement that, your planning will go in vein.
Today there is very competitive market and sometimes you have to get orders at very competitive price otherwise your continuity may have at halt for sometime and your fixed cost go higher.
I would appreciate your valued advise and views in this regard.
BUSINESS AND IT'S GROWTH
D Ganguly | Wed Jun 5 12:30:22 2013
Yes, it is very important to sustain, maintain and develop with the same happiness and enthusiasm. Only then the business grows. However money matters the most along with all type of inputs. In small business, payment recoveries are most crucial and it is a problem area.
S.Murugesan | Wed Jun 5 11:38:23 2013
It is absolutely true
Truly Inspiring Message!!!
Paul Jobe | Wed Jun 5 10:17:44 2013
I honestly appreciate the whole content with special reference to the concept of 'Working In' vs 'Working On'. Looking forward to see more stuff like this....
How to grow
Swastik n ut bolt co | Wed Jun 5 09:01:48 2013
I like your above article. Just want to ask how to grow, how to expand.
Thanks
Laura from New Zealand | Wed Jun 5 07:32:26 2013
Great article and yes I do think that as a small business owner one must fuel the passion to fuel the business and grow.
Very true and thought provoking
Shreekant Parikh | Wed Jun 5 07:13:05 2013
Yes, this is very true. Why cant one have workshops and seminars that will ensure that the emotional content gets a boost and also guide small businesses to grow further.
Money always a problem
KOSTAS | Wed Jun 5 06:33:34 2013
Yes i like to have your opinion .
How you can help as we are in the category " small business".
We are trying always ahead for new opportunities, and invest to new things but there is always something that makes the difference and stops our whatever changes to success.
Money is always a problem for our category.
Best regards
Kostas
Guide on export payment
Mahesh Kumar Joshi-Atul overseas. | Wed Jun 5 06:16:38 2013
We have just started this business still we do not get success, we are after it and will get it definitely. Can you advice how to get it easily after putting hard work and kindly tell us regarding payments in abroad business.
Thank you
Growing my business
Gordusha | Wed Jun 5 05:53:49 2013
My Business is quiet small and is mostly catering based. I am looking to go into the export market but that is rather going slowly.
In my experience, mismanagement and maladministration is a MAJOR inhibitor of growth as well as under-staffing. In an effort to take my business forward I have decided to tighten the control of the cash flow and ensure that every penny that goes in or out of the business is accounted for.
It is also necessary to employ another person or people and as much as it is an expense, the returns provided by this investment make it worthwhile.
My experience, hope it works.
Growth or failure of small businesses.
Auldruna@hotmail.com | Wed Jun 5 05:35:25 2013
I am not in India, in fact in Western Australia but the following thought applies universally.
You have touched on emotional, not practical actions in initiators wanting to hang onto every aspect of a growing
business.
I want to warn whoever will listen and learn that these days in particular, operators can massively overreact to downturns. Many when things go badly, shrink into a cocoon of fear of what might happen, and do nothing in case by doing so they increase their losses, instead of planning constructive counter measures.What I call a Paralysis Of Fear.
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Re: Growth or failure of small businesses.
sadar | Wed Jun 5 11:39:49 2013
whare there is will their is win.
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For retail shop management
Dhiren Gangar | Wed Jun 5 05:21:11 2013
I am owner of photo shop in Mumbai in the days of highly competition. How can i survive ?
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Re: For retail shop management
Sugumaran Babu Jain | Fri Jun 7 09:01:46 2013
You can add some business with the same concept. Like printing over coffee mugs, ceramic tiles, t shirts etc. This can give additional income as well more customers in.
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Let the small be small
M R Singanamlli | Wed Jun 5 04:46:17 2013
I do not agree fully with your argument. In my experience for 30 years as employee in various organisations, I feel small businesses are started mostly on emotional count. Some one who seems to be successful but not given proper attention in some comes out and starts some business with out giving and planning and proper thought. So he hardly has and aptitude to grow. Let the small be small and increase their efficiency to improve profit.
Small business growth
Vittal Rajan | Wed Jun 5 03:59:29 2013
Dear Bikki, I agree with all your thoughts. However one prime aspect is what is the core objective of the entrepreneurs. If its all about making 'money', the business doesn't grow beyond a certain level. Because the promoter fails to respond to challenges that have to faced at the next level. In the pursuit of growth, one has to retain the humble learning approach at the same time retain the ambition of creating a great organisation looking beyond personal wealth accumulation. Its a big challenge to have this combination.
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Re: Small business growth
Vaibhav | Fri Jun 21 06:42:03 2013
Strongly Agree....If this happens, its quite easy to grow !
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its really nice talk
Abdulmajeed-Projestor.com | Tue Jun 4 18:08:20 2013
I like this
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