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Ways to Understand Your Business Growth
GK
Oct 2010
Oct 2010
Growth is important for any type of business. Be it large company or any micro level business entity, all need inclusive and timely growth. Large corporate often have strategic planner and business growth strategist in their organisation. But in small and micro level business houses, which are mostly often proprietorship entity, all tasks are being handled by their owner itself. Neither they think about the need of any growth and strategy planner nor they can afford. So, due to being involved in variety of tasks, they don't have enough time to prepare an inclusive growth strategy. Sometime they don't understand the meaning of business growth.
What is Business Growth? – A Case Study
To understand the question let us list down all the points that are related to business growth. We take a case study. Ramesh Patil is a micro level entrepreneur from Belgaum in Karnataka. He runs a photography and videography business with the name of OM Shiva Videos. Details of turnover for the last 3 years are as under:
I asked Ramesh Patil to define Business Growth for his organization. According to him Business Growth means:
a) Growing the business.
b) Increasing the turnover.
c) Investing in buying new digital cameras, and
d) Hiring more people.
Do you agree with Ramesh Patil's definition of Business Growth?
According to Ramesh Patil's case, he is only considering very few points related to Business Growth. I think he should also consider the following parameters regarding Business Growth.
a) Increasing profitability.
b) Increasing market share.
c) Opening more business outlets.
d) Pumping more finances in to the business.
e) Diversifying into advertising, publishing, editing and other business areas.
It is wonderful that Ramesh Patil has now defined the overall Business Growth as follows:
a) Growing the business
b) Increasing the turnover
c) Investing in buying new digital cameras
d) Hiring more people
e) Increasing profitability
f) Increasing market share
g) Opening more business outlets
h) Pumping more finances into the business
I) Diversifying into advertising, publishing, editing and other business areas
Analysis of Ramesh Patil's Case Study:
Dear micro level entrepreneurs, let us analyse all the points that Ramesh Patil has told related to Business Growth of his Photography and Videography business.(see table above)
Importance of Business Growth
A Microlevel Entrepreneur gets motivated by Business Growth.
Business Growth helps in increasing in turnover there by profitability.
Increasing the customer base.
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