Small business growth depends on a number of factors. Optimum use of available resources is obviously the principal factor that regulates the growth of small business. However, there are many other factors, which play a crucial role in facilitating the growth process of small business concerns.
Growth is essential for the survival of all business firms. As the small business concerns are more prone to financial loss than the big concerns, growth is the only way out for them to stand out in the highly competitive global market. The owners of small business make use of a number of business strategies to enhance the growth rate of their firms.
Marketing and advertising are the two widely used means to accelerate the growth process of small business organizations. Maintaining a good relationship with the customers is a prerequisite for steady growth of business.
Besides attracting the potential clients, it is also important to retain the existing customer base. Efficient management of business is necessary to support the growth process of small business.
The employees of the small business concerns should be efficient enough to offer the best of personalized service to the clients. The marketing strategies of the small business concerns need to be well-designed so as to attract increasing number of new customers. Business networking adds to the operational flexibility of small business.
Small business growth also regulates the overall scenario of the domestic economy.