Trying To Figure Out the Growth of Your Business?

Charrah Hardamon - Customer Success Strategist, Reflektive

All the managers out there are always rooting for the growth of the business, they want the business to grow because they know that growth is a prerequisite for survival. If you want to achieve and run your bruises in a long-term than you should ensure that the business is growing. A growing business gets to enjoy a better image in the business community. It receives a positive promotion from the audiences and they promote the name of the brand around them. They do this unintentionally, but positive word of mouth works greatly in favor of the business. As mentioned earlier, managers want the business to grow. They try everything possible to ensure the growth of the business. Managers usually increase the prices or introduce strategies to increase the sales and promote the growth of the business. The growth of the business depends on the profit the business makes, if a business makes higher profits then a proportion of the profits can be saved every month to invest it into the expansion of the business. However, the managers have to figure out how better their business is from the competitions or which business is growing the most. Here are a few ways to indicate the growth of the business.

1) Market share

Market share is the proportion of a company's sale of the overall market sales. It is calculated by dividing the company's sale with the market sales and multiplying it by 100. The managers have to check the market share of the company to identify the growth of the business. 

2) Sales

The second indicator is to compare the sales of the business. If you compare the sales of the business, you will be able to find out the income made by a business in a month. It is usually believed that higher sales can lead to higher profits, however, if the prices are low and the production cost is high then the profits will be low. 

3) Profit

It is the ultimate tool to measure the growth of a business. To measure the growth of the business, the managers can calculate the profits and compare it with other companies around. Because in some companies the sales are lower, but the profit is high because the products are expensive and high-end.

Responsibilities of a Leader

Business leadership is not easy. The leaders of the business have to run the whole business. They have to run all the departments of the business because that's what senior leaders do. They connect all the departments of the business and run them effectively. It's not easy to connect people with different departments but leaders have to do it all and much more. They have to lead the business in the right direction by connecting the employees. It is important to connect all the employees of the business. The leaders build a connection between the employees of the business, they make sure that there's a connection between the employees and the employees know one another. It is their responsibility to connect all the employees of the business in the best way possible. They should make an effort to remove the clashes in the business. They need to make sure that all the employees are making a combined effort to meet the goals and targets of the business.

Charrah Hardamon - Customer Success Strategist, Reflektive

A better relationship between employees will lead to a higher productivity rate of the business. There are multiple responsibilities of business leaders. Here are a few responsibilities of business leaders. 

1) Planning

All the leaders around the globe have to plan the future of the business. The leaders need to lead the business by planning its future effectively. They need to set the aims and targets the business needs to meet in a specific period of time. They need to plan the future of the business to help the employees to work towards a specific target. A planned aim or target also gives a common feeling to the employees of the business because they all work towards a single target of the business.

2) Controlling

The leaders also need to control the business. They need to lead from the front. They need to lead in such a way that the employees start following them, and work towards their ideas effectively. They need to control the employees of the business to make sure that the strategies are being implemented

3) Organizing

The third most important responsibility of a leader is to organize the tasks and the employees of the business. The leaders need to organize the tasks for the employees of the business. They need to make sure to organize all the tasks because it's important to give equal work to all the employees of the business.

Benefits of Starting a Partnership Business

Charrah Hardamon - Customer Success Strategist, Reflektive

A partnership is an association between two and 20 people who agree to own and run a business together. All the partners contribute to the capital of the business and have a say in the decisions making the process of the business. All the partners keep the shares of the profits. The partnership is easy to set up. A partnership agreement is prepared before the business starts. The agreement includes the amount of capital invested in the business by each partner, the tasks to be undertaken by each partner, the way in which the profits would be shared, how long the partnership will last and the arrangements for absence, retirement and so on. The partnership agreement is extremely important. This helps in the future disagreements between the partners.

There are many benefits of starting a business with partners. The biggest benefit is the capital that's being invested. Partnerships have a great source of finance which obviously sole traders don't have. All the partners will contribute to the capital of the business which will make it easier for the business to grow in the future. More capital will be invested and this allows expansion of the business.

1) Responsibilities can be shared

All the partners can share the responsibilities. The responsibilities of running the business can be shared. All the partners can work in different areas of the business. One can specialize in the accounts department of the business, the other can focus on the management. This will allow all the partners to contribute to the day-to-day operations of the business. The business will continue to operate if one of the business owners goes for a holiday. The absence and holidays will not lead to major problems because there will be other partners contributing to the business which will make things easier for all the partner.

2) Losses can be shared

Sharing the profits is a drawback of partnership. All the owners of the business have to share the profits made by the business. However, sharing becomes a benefit when it comes to the losses. The owners of the business will have the benefit of sharing the losses equally. If the business faces loss, all the owners will be equally responsible for it, and everyone will contribute to the losses made. The business will continue to run because everyone will lose only a significant amount of money.

-Charrah Hardamon