1 The challenge of growth in business: ve critical tasks [...]... built into it 1 2013 Small Business Economic Forecast and Pepperdine Private Capital Access Index Quarterly Report (Second Quarter 2013) The challenge of growth in business: five critical tasks 13 5 Making the most of current technology and software Making the most of current technology can mean all the difference between the successful growth of your business and a failed attempt The advantages of applying... and reduce risks, all of which adds to increased business growth Of course, the world of technology is always changing, so it is vital to keep both hardware and software up to date Yet another strategy for growing your business by using new technology is to make the most of e-commerce Consumers have become quite The challenge of growth in business: five critical tasks 15 Freeing up capital You will... customers results in faster and improved customer service, promoting business growth and success 14 There is a wide variety of available software for business information systems For example, there is software for planning, fixed assets management, inventory tracking, sales tracking, and purchasing and ordering systems Having the correct software in place can give you the important tools needed to increase... trouble of installing it comfortable with buying online and the benefits of the additional exposure for your business are endless Internet sales save both time and money, with seemingly endless potential An investment in technology can keep your business growing Do not overlook the fact that technology, while needing an initial outlay of capital, can, in the long run, reduce costs and increase profitability... amount of independence However, if this does occur, you could include a contract clause allowing you to buy back their stake at some future time Find out what the business loan requirements are at local banks Get to know the branch managers and establish a rapport with them The challenge of growth in business: five critical tasks 11 “Angel investors” are individuals who are looking for a higher rate of. .. advantage of cloud computing is that it allows businesses to grow independently of their various locations or distance between offices And think of the cost savings when you migrate to the cloud: you no longer need to spend time on updating, adding servers, installing antivirus software, or making backups Furthermore, you can be sure you will always have the very latest software available without any of the. .. with the use of a barcoding system T All of the above effectively frees up both staff and funds to support your expansion plans The challenge of growth in business: five critical tasks 17 Conclusion If you want to successfully grow your business, you need to accomplish five critical tasks: consider all options, perform thorough market research, create a sound business plan, secure sufficient financing,... how they approached that growth By completing these tasks, you will stand the best chance for success 18 The challenge of growth in business: five critical tasks Sage 6561 Irvine Center Drive Irvine, CA 92618-2301 866-996-7243 NA.Sage.com ©2013 Sage Software, Inc All rights reserved Sage, the Sage logos, and the Sage product and service names mentioned herein are registered trademarks or trademarks of. .. financing and only 33% of those who applied for bank loans were successful But being difficult to obtain does not mean impossible and there are alternatives to bank financing In any case, in order for financing to be secured, investors must believe the business has the potential for significant growth And, of course, once financing is located, make sure it is both sufficient to see you through the initial... funding businesses that create products and services that improve the environment and human-health conditions in urban areas You might also consider looking for business angel investors “Angel investors” are individuals who are looking for a higher rate of return than a traditional investment They often have business experience and may want some type of active role in the company’s management in exchange . 1 The challenge of growth in business: ve critical tasks