Solving stale growth as a budding business owner can often be as easy as following some tried-and-true advice from business experts, Nicole Fallon for Business News Daily says.
Ms. Fallon offers these six tips:
1. Hire the right people
"Before you can even think about your company's growth trajectory, you need to ensure that you have a solid staff that can help you achieve it."
2. Reduce your risks
"Risk is an inevitable part of starting and growing a business. It's impossible to control everything, but there are plenty of ways to limit internal and external threats to your company and its growth."
3. Be adaptable
"One trait that successful startups often have in common is the ability to switch directions quickly in response to changes in the market."
4. Focus on your customer experience
"Customers' perceptions of your business can really make or break you. Do a good job, and they'll quickly sing your praises on social media; mess it up, and they'll tell the world even faster. Fast growth depends on making your current and potential customers happy with their experience."
5. Invest in yourself
"In the early stages of your business, you'll likely see a very lean profit margin (or no profit at all), so any money you do make should go directly toward helping you grow."
6. Always think ahead
"While agility is an important quality for a startup, you can't fly by the seat of your pants when you're running a business. Planning your next step, even if that means anticipating all possible scenarios, is the best way to stay grounded and secure as your business evolves."
For more ASC news:
Annual & hourly ophthalmologist pay: 8 statistics
Poll: ICD-10 deadline has most CEOs concerned
ASC physicians: How to build a personal & professional financial game plan