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Prevention series: How to avoid phenomenal growth risks

Epic Hotel
Epic Hotel
JMK Notary & Services

When you operate a small business in Miami it is imperative that you consider your pathway to expansion and growth. Being an international city, there is an exceptional opportunity for phenomenal business growth. Often times, the companies that grow too fast, find themselves in trouble. An example, for intentional growth is when a bride walks down a straight line toward the groom when getting married. She is showing her decision to intentionally grow with another, and exchange rings as trust symbol. A small business looking to have longevity must walk a straight line too. In the business world, you must align with the laws of the land and the people you service. Therefore, you should have strategy to help your business thrive small as it grows to avoid the pitfalls of phenomenal growth risks. If you don’t, you may find your reputation and sustainability on the line. Ways to do this is by creating a vetted network, anticipate your growth using marketing, and pray for guidance about the rest that you can't foresee.

Find people that are within your small business industry that may be willing to partner up. Meet candidates at the chamber of commerce, networking events and online in forums. Partnering in service oriented tasks, administrative or related products could be a great enhancement to your small business strategy. If you are acquiring services, you will need to use a 1099 Tax form at the end of the year for any wages $600 or more ( If you are providing services, you may need to give your Tax ID for the referral partner to send one to you. Trust is required here. This could be a potential for fraud. The nice benefit is that this can bring some advertising strength to everyone involved. For instance, your growth may increase by pooling your marketing campaigns together to attract more business. It is smart to test the relationship on at least a trial year basis to determine the habits of your new partner. A background check and references are always good starting points for creating a vetted network. It would be horrible to find out that your philosophies in business practices don't work and discover trouble.

Determine how many people are exposed to your small business using Internet, print, and other forms of advertising. When you know where people are able to locate you, it will become easier to sense how many customer leads you should be encountering. Look at your current exposure number total and multiply it by 12 to get an annual figure estimate. Check demographic shifts in your area too for indications of how much growth to expect as well.

Never assume that you know everything. Life has its way of taking the most educated by surprise. Pray without ceasing when it comes to matters of your business strategies. If your growth is greater than 30 percent, you may find your small business in need of a mentor. To keep pace with demand, you may benefit in taking on a virtual assistant until you know if the trend is steady or a growth spurt. Taking on employees should always be done with caution because you are taking responsibility for another person's livelihood. It is never good to grow fast and then fall quickly into tough times as Paula Deen and close your business suddenly without concern for the workers. A Facebook announcement or padlocks on the establishment’s door are not the best ways to handle phenomenal growth that came to a halt.

Keep a network of people around you that share your core values. Everything doesn't have to be an exact match, but please consider having like-mindedness as a goal for establishing a vetted network. Joining forces with anyone can be disastrous and cost you your freedom in some cases. Marketing strategy for small businesses impacts your ability to reach customers effectively. Unlike established big brands, you may not have the luxury of depending on any past notoriety. Build your brand by marketing to a niche that you are able to track and analyze effectiveness. Prayer helps you build a solid foundation to gain insight on what you ought to do. Reading bible scripture is always a great add-on to help ensure that you are taking the right steps for your small business' future. Avoid phenomenal growth risks by taking preventative steps to mitigate risks along the pathway to success with well thought-out plans. God bless!

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