A small business that doesn’t continually innovate runs the risk of falling behind. So cultivate a creative organization: Hire employees with diverse backgrounds and perspectives, encourage learning, and challenge your team to generate fresh business ideas.
Avoid becoming too conservative, and don’t tolerate complacency in yourself or in your team. Take risks, and allow room for missteps. Learn from failures and use that knowledge to try something else.
Trying to do it all doesn’t promote business growth; it prevents it. Use your time more wisely. Identify your most critical issues and initiatives, focus on those, and delegate less essential tasks to others.
Since so many small businesses start in a spare bedroom or a garage, they may not have ever developed a formal business plan. But once a business begins to grow, a formal, expanded business plan is essential – especially as you apply for financing.