Building and Growing | Practical Business Skills

Building and Growing

In the small business world, growth can be essential to long-term survival — and to your financial picture. While breaking even or making a small profit in the early days might be expected, you’ll soon want to explore tactics for growth and build your business into a more profitable success.

Growth made easy
Once you’ve built consumer awareness and interest in your product or service, it’s time to evaluate how you can successfully scale it. Growing your business can take many shapes, from hiring additional employees to improving or expanding your product or service offerings, or from creating a robust promotion plan to seeking out additional funding. It’s important to remember that every business is different, so some tactics that work well in certain markets may not be the right fit for yours. Learn more.

Understanding the risks
Just like with any new business, there are risks associated with becoming an owner. These risks, whether from a financial standpoint or related to the customers you serve, depend heavily on the type of business you are running. Staying aware of business trends, challenges and potential pitfalls can help you prepare for them and weather storms. According to the 2017/2018 Global Entrepreneurship Report, being unable to turn a profit was consistently cited as the major reason for businesses closing their doors. However, with the right tools, you can expand your business’s potential and plan for the future. Learn more.

Environmental sustainability
When your company makes an effort to “go green” by changing the way it does business to be more friendly to the environment, it can also help your business save money. Going green can help your business save or make money by reducing your utility bills, possibly claiming tax benefits and attracting new customers who want to support green businesses. Learn more.
Quick Quiz

You’re managing your business and looking to the future. Do you know the essentials for business growth? Test your skills and get links to content that will help ensure your success.

of
You can build customers’ interest in your business using:
A
Marketing, like an online ad
B
Branding, such as a logo or packaging
C
Smart product placement in your store
D
All of the above
Correct!

You can build customers’ interest in your business using marketing, branding and smart product placement. Reaching new customers is a great way to increase sales.

Not quite.

You can build customers’ interest in your business using marketing, branding and smart product placement. Reaching new customers is a great way to increase sales.

of
Which of the following is NOT a way to increase the success of your business?
A
Track your performance
B
Boost sales
C
Increase your expenses
D
Analyze your budget
Correct!

Tracking your performance, boosting sales and analyzing your budget are ways to increase the success of your business. These are just a few methods of many that you can use to make your business more productive, successful and profitable.

Not quite.

Tracking your performance, boosting sales and analyzing your budget are ways to increase the success of your business. These are just a few methods of many that you can use to make your business more productive, successful and profitable.

of
What does ROI stand for?
A
Return on investment
B
Real open inventory
C
Research on incentives
D
None of the above
Correct!

ROI stands for return on investment. It is a measure of what you get back as the result of an investment. The basic formula to find the ROI is to take the value of additional money earned and put it as a percentage of the initial investment.

Not quite.

ROI stands for return on investment. It is a measure of what you get back as the result of an investment. The basic formula to find the ROI is to take the value of additional money earned and put it as a percentage of the initial investment.

of
Businesses that take an eco-friendly approach:
A
Can often take advantage of tax incentives
B
Don’t enjoy tax breaks
C
Are subject to higher environmental taxes
D
Will not have an impact on public health
Correct!

Businesses with an eco-friendly approach can often take advantage of tax incentives. Running a green business can also have a positive impact on the environment in your community and contribute to greater global environmental sustainability.

Not quite.

Businesses with an eco-friendly approach can often take advantage of tax incentives. Running a green business can also have a positive impact on the environment in your community and contribute to greater global environmental sustainability.

of
A high debt-to-income ratio is one factor that can put your business at risk.
A
True
B
False
Correct!

A high debt-to-income ratio is one factor that can put your business at risk. To determine whether your debt load is more than you can afford, calculate your debt-to-income ratio by comparing your monthly revenue to your monthly debt payments.

Not quite.

A high debt-to-income ratio is one factor that can put your business at risk. To determine whether your debt load is more than you can afford, calculate your debt-to-income ratio by comparing your monthly revenue to your monthly debt payments.

Your Score

Amazing work

You’re a big-league budgeter — check out these tips to stay successful.

Nice job!

You have some key skills for building and growing a business. Check out these resources to learn more tips on improving your business and ensuring your success.

Keep learning

The key to building and growing is to gain management essentials in key business areas. Start with these resources to get on the road to success.

Do you know the basics of growing a business?

5Questions

Building And Growing
Measuring Success

Regardless of the size of your business, there are always opportunities to be more productive, successful and profitable. Perfection…

Learn More
Building And Growing
Environmental Sustainability

When your company makes an effort to “go green” by changing the way it does business to be more friendly to the…

Learn More

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