Whether you run a small business or a large corporation, the key to sustained growth is investing in the right areas.
You don’t have to spend lots of money. Here’s a look at three important categories:
- Research and development
Perform regular customer surveys. What are people buying? What do they want that you’re not offering? What are they buying from your competitors? Look for ways to offer more while staying close to your core competency.
- Marketing
You can’t afford not to let your customers know you’re out there. Stay focused on what works, and keep a lookout for new opportunities, like trade shows or Internet advertising. Maybe you can use your customer research to write an article for a trade journal and expose your company to a new audience. And don’t be afraid of social media; used well, they can reap big benefits.
- People
Take care of your current workforce so they won’t be tempted to go elsewhere. Always be looking for new talent to recruit. In the meantime, upgrade your own skills. Take a seminar on communication, leadership, or motivation so you can do a better job of managing the people you have.
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