South Dakota Business Law - 3 Fundamentals For Business Growth In 2020

To make 2020 your best year yet, I have 3 fundamentals that you’ll want to focus on. It's amazing that when you focus on these business fundamentals, you will start to see remarkable  things happen. 

Fundamental #1 - Hire The Right People

No business can grow to $1 million or $5 million without hiring talented people. However, even mentioning the word “employees” can make the best business owners get nervous. All they see is the annual salary being shoveled out of their accounts - or the petty drama in the break room.

Let me be honest. At times, it is difficult to have a growing team. But I know of very few areas in business that are easy. Dealing with difficulty is why you make the "big bucks." If you believe no one can do something as well as you, I have a hard truth for you - learn to hire the support you need so you can actively work toward your business growth goals.

Fundamental #2 - Use Systems For Successful Growth

There are two main reasons why business owners have a difficult time managing people. It’s lack of leadership skills and/or a lack of proper systems. Once you have a solid team in place, you have to make sure they have the tools to get the job done.

It is almost impossible for someone to be a good employee when they aren't given a "game plan." You must have a system in place to communicate your ideas, needs, and goals. Not having processes in place to facilitate workflow is like turning on a fire hydrant without connecting the hose. No one knows what’s going on, and all you end up with is a big mess.

Set your business up for success from the inside. Create systems for conveying ideas and develop processes for making them a reality. Your team will thank you.

Fundamental #3 - Invest In Customer Relations

Have you ever attended a business growth event and had the speaker ask people to raise their hands if they have customers that have been been with them for 5 years, 10 years, or even 20 years? How much money do you think someone spends when they’ve been your customer for 20 years? What is this longevity worth? I bet the amount is staggering. 

If your plan is business growth, it must include an investment in retention of customers. If you don’t focus on this area of your business, you will definitely be leaving money on the table.

Do You Need To Speak With An Experienced Business Law Attorney?

If you need to speak with an experienced business law attorney please feel free to contact us online or call our office directly at 888.864.9981. We will be happy to discuss your legal options!