{"id":1549,"date":"2019-06-11T17:01:52","date_gmt":"2019-06-11T17:01:52","guid":{"rendered":"https:\/\/www.oconnorcpafirm.com\/blog\/?p=1549"},"modified":"2019-06-11T17:01:54","modified_gmt":"2019-06-11T17:01:54","slug":"business-growth-do-it-organically","status":"publish","type":"post","link":"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/","title":{"rendered":"Tips for Organic Business Growth:"},"content":{"rendered":"\n

<\/p>\n\n\n\n

We are Intuit Quickbooks ProAdvisors and have access to the library of resources that the Quickbooks Resource Center has available for businesses.\u00a0 This is an article from that resource center that I especially liked with some additional comments by me\u2026..<\/p>\n\n\n\n

It\u2019s no secret that startups have a prodigious failure rate. In\nfact, according to a recent Entrepreneur.com study<\/a>, the four-year survival rate\nfor a startup is just 49%.  Something the\narticle does not mention is that the survival rate for businesses with a\ntrusted financial\/accounting advisor have closer to an 85% success rate.<\/p>\n\n\n\n

With demoralizing stats like this in mind, entrepreneurs may be\ntempted to grow their profits through any means necessary, including inorganic\nstrategies like acquisitions or mergers. However, the truth is that business\nowners can achieve impressive growth through organic strategies as well,\nallowing them to retain control of the companies they built from the ground up.<\/p>\n\n\n\n

Organic Versus Inorganic Business Growth:<\/p>\n\n\n\n

Also known as \u201ctrue growth,\u201d organic growth refers to the\nprocess of growing a business by reducing costs and increasing sales<\/strong>,\neither by finding more customers or enhancing output to current clients. On the\nother hand, inorganic growth occurs when a company merges with or is\nacquired by a second business<\/strong>. Entrepreneurs should take the time to\nfamiliarize themselves with the advantages of organic and inorganic growth, as\nwell as some of the top strategies for execution, so they can decide which is\nthe best choice for their business.<\/p>\n\n\n\n

As a new business owner, you\u2019ll likely want to increase profits\nas quickly as possible. By employing inorganic strategies like mergers and\nacquisitions, startups can grow their businesses more quickly while taking\nadvantage of resources such as stronger credit lines and expanded market\nresources. Additionally, joining with another company lets you take advantage\nof its expertise and experience in the industry to develop your own brand.<\/p>\n\n\n\n

Of course, inorganic growth tactics are not without drawbacks.\nBy merging with another business, you agree to hand over some of your control\nand equity to another company. Not only can your initial vision become diluted,\nbut you may also be forced to take on new business and managerial challenges\nbefore you\u2019re truly ready. In some cases, you may have to rush to grow your\nstaff and production capabilities to keep up with demand.<\/p>\n\n\n\n

On the other hand, organic growth techniques allow you to\ngrow your business on your own timeline<\/strong>. Because you aren\u2019t sharing control\nwith another company, you can hire employees and expand sales at your own pace.\nAdditionally, entrepreneurs who maintain their autonomy now can sell for a\nlarger profit later when the company is fully developed.<\/p>\n\n\n\n

While retaining control of your company offers many advantages\nover the long haul, it can make business growth challenging in the short term.\nSome entrepreneurs struggle to grow beyond their current marketplace, while\nothers find themselves cut down by the competition. Additionally, new\nbusinesses must often fight to make ends meet from month to month. Fortunately,\nstrategies exist to help startups grow their profits without handing over\ncontrol to partners or investors.<\/p>\n\n\n\n

Below are just a few of those strategies to help you grow your\nbusiness organically.<\/p>\n\n\n\n

Start the Right Business<\/p>\n\n\n\n

Want to grow a business that will feed your family and employees\nfor years to come? The first step on the road to entrepreneurial success is\nstarting the right kind of company.  Do\nyour research.  Start a business you have\na passion for or at least a lot of experience in.  Get rich quick ideas almost NEVER pan out.<\/p>\n\n\n\n

Hire an accountant\nfrom the get go:  We can really help!!<\/p>\n\n\n\n

Again, the article does not touch on this, but Intuit and\nQuickbooks are all about selling their products in a \u201cYou can do it yourself\u201d\nframe of mind.  But you can\u2019t do it all\nyourself.  Hire an accountant, get strong\nadvice and counsel BEFORE you get too far or you may shoot yourself in the foot\nright out of the gate.  Our years of\nexperience are invaluable to you.  We\nknow a lot more about starting, running and building a successful business than\npeople who are just starting out or people whose skill set is not accounting\nand tax.  This is a case of  you don\u2019t know what you don\u2019t know and we can\nspeed your success and growth in ways you aren\u2019t even aware of.<\/p>\n\n\n\n

Reinvest in Your Company<\/p>\n\n\n\n

A common conundrum for new business owners is whether to take\nyour full cut of the profits or invest the money back into your company. While\nyou may be tempted to keep some of those hard-earned dollars for yourself, you\nshould aim to reinvest gross profits whenever possible to help your business\ngrow. Investing your own money shows prospective clients and lenders that\nyou are confident in your company\u2019s long-term potential.<\/p>\n\n\n\n

Not sure where to put profits? When in doubt, invest in\nmarketing, SEO and other tactics likely to generate more business for your\nstartup. If your income permits it, you may also want to invest in employee\ntraining and technological improvements, as these can yield large profits down\nthe line for your company.<\/p>\n\n\n\n

Find New Sales Channels<\/p>\n\n\n\n

No matter how happy your current clients are with your\nofferings, you will have trouble growing your business organically if you don\u2019t\nput effort into finding new sales channels. If you don\u2019t currently sell your\ngoods online, you should definitely consider starting a website to expand your\nreach to other regions. Additionally, you can introduce new products,\ncross-market services to your existing clients and expand to different\nmarkets. For example, a company that specializes in SEO may want to expand\nits services to include social media and search engine marketing.<\/p>\n\n\n\n

Finally, business owners should employ market\nsegmentation<\/a> to customize their strategies according to the specific\nchannels they are leveraging and the specific markets they are trying to reach.\nThis way, you can create unique campaigns based on customer location and\ndemographics and watch your sales rates skyrocket.<\/p>\n\n\n\n

Learn to Delegate and Learn to do it smarter<\/p>\n\n\n\n

As a new business owner, you may feel the urge to micromanage\neverything that happens at your company. However, the truth is that macro-management\nis a far more effective way of enabling organic growth for your startup. Figure\nout how to work smarter, find solutions and technology that free your time  up. \nTrain your employee well  and then\ndelegate!<\/p>\n\n\n\n

To keep your company moving forward, you should train top\nemployees to take over some of your daily responsibilities. While you may be\ntempted to keep costs down by hiring employees who will work for less, in the\nlong run these staff members could end up costing you more if their efforts\naren\u2019t up to par. Find people you can trust to get the job done\u2014even when\nyou\u2019re not around\u2014so you can focus on growing and developing your business in\nthe years to come.<\/p>\n\n\n\n

Set Your Business Up for Success<\/p>\n\n\n\n

From minimizing spending, to reinvesting profits back into the\nbusiness, organic growth strategies help ensure that you will retain control of\nthe company you worked so hard to build. Do your research and consider all the\ngrowth strategies available in order to give your business the best shot at\nsuccess.  Again, hire an accounting firm\nthat specializes in helping businesses grow, offers business consultation and\ncoaching, is vey familiar with your accounting software and is up on all the new\nadvancements that you business might be able to employ to accelerate your\nsuccess and significantly reduce your risk of failing before you even get a\nchance to fly.<\/p>\n","protected":false},"excerpt":{"rendered":"

We are Intuit Quickbooks ProAdvisors and have access to the library of resources that the Quickbooks Resource Center has available for businesses.\u00a0 This is an article from that resource center that I especially liked with some additional comments by me\u2026.. It\u2019s no secret that startups have a prodigious failure rate. In fact, according to a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,4,7],"tags":[],"yoast_head":"\nTips for Organic Business Growth: - O'Connor CPA Firm<\/title>\n<meta name=\"description\" content=\"What to think about when trying to grow your business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips for Organic Business Growth: - O'Connor CPA Firm\" \/>\n<meta property=\"og:description\" content=\"What to think about when trying to grow your business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/\" \/>\n<meta property=\"og:site_name\" content=\"O'Connor CPA Firm\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-11T17:01:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-11T17:01:54+00:00\" \/>\n<meta name=\"author\" content=\"Tricia O'Connor CPA MBA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tricia O'Connor CPA MBA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/\",\"url\":\"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/\",\"name\":\"Tips for Organic Business Growth: - O'Connor CPA Firm\",\"isPartOf\":{\"@id\":\"https:\/\/www.oconnorcpafirm.com\/blog\/#website\"},\"datePublished\":\"2019-06-11T17:01:52+00:00\",\"dateModified\":\"2019-06-11T17:01:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.oconnorcpafirm.com\/blog\/#\/schema\/person\/be926ce3c5e9e19cb67276085b6eb993\"},\"description\":\"What to think about when trying to grow your business.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.oconnorcpafirm.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tips for Organic Business Growth:\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.oconnorcpafirm.com\/blog\/#website\",\"url\":\"https:\/\/www.oconnorcpafirm.com\/blog\/\",\"name\":\"O'Connor CPA Firm\",\"description\":\"Denver CPA Firm and Business Advisor\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.oconnorcpafirm.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.oconnorcpafirm.com\/blog\/#\/schema\/person\/be926ce3c5e9e19cb67276085b6eb993\",\"name\":\"Tricia O'Connor CPA MBA\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.oconnorcpafirm.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/36b63b138f7a7158415b427996bd1a24?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/36b63b138f7a7158415b427996bd1a24?s=96&d=mm&r=g\",\"caption\":\"Tricia O'Connor CPA MBA\"},\"sameAs\":[\"http:\/\/oconnorcpafirm.com\"],\"url\":\"https:\/\/www.oconnorcpafirm.com\/blog\/author\/triciaoc\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Tips for Organic Business Growth: - O'Connor CPA Firm","description":"What to think about when trying to grow your business.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/","og_locale":"en_US","og_type":"article","og_title":"Tips for Organic Business Growth: - O'Connor CPA Firm","og_description":"What to think about when trying to grow your business.","og_url":"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/","og_site_name":"O'Connor CPA Firm","article_published_time":"2019-06-11T17:01:52+00:00","article_modified_time":"2019-06-11T17:01:54+00:00","author":"Tricia O'Connor CPA MBA","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tricia O'Connor CPA MBA","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/","url":"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/","name":"Tips for Organic Business Growth: - O'Connor CPA Firm","isPartOf":{"@id":"https:\/\/www.oconnorcpafirm.com\/blog\/#website"},"datePublished":"2019-06-11T17:01:52+00:00","dateModified":"2019-06-11T17:01:54+00:00","author":{"@id":"https:\/\/www.oconnorcpafirm.com\/blog\/#\/schema\/person\/be926ce3c5e9e19cb67276085b6eb993"},"description":"What to think about when trying to grow your business.","breadcrumb":{"@id":"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/06\/business-growth-do-it-organically\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.oconnorcpafirm.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Tips for Organic Business Growth:"}]},{"@type":"WebSite","@id":"https:\/\/www.oconnorcpafirm.com\/blog\/#website","url":"https:\/\/www.oconnorcpafirm.com\/blog\/","name":"O'Connor CPA Firm","description":"Denver CPA Firm and Business Advisor","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.oconnorcpafirm.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.oconnorcpafirm.com\/blog\/#\/schema\/person\/be926ce3c5e9e19cb67276085b6eb993","name":"Tricia O'Connor CPA MBA","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.oconnorcpafirm.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/36b63b138f7a7158415b427996bd1a24?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/36b63b138f7a7158415b427996bd1a24?s=96&d=mm&r=g","caption":"Tricia O'Connor CPA MBA"},"sameAs":["http:\/\/oconnorcpafirm.com"],"url":"https:\/\/www.oconnorcpafirm.com\/blog\/author\/triciaoc\/"}]}},"_links":{"self":[{"href":"https:\/\/www.oconnorcpafirm.com\/blog\/wp-json\/wp\/v2\/posts\/1549"}],"collection":[{"href":"https:\/\/www.oconnorcpafirm.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oconnorcpafirm.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oconnorcpafirm.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oconnorcpafirm.com\/blog\/wp-json\/wp\/v2\/comments?post=1549"}],"version-history":[{"count":1,"href":"https:\/\/www.oconnorcpafirm.com\/blog\/wp-json\/wp\/v2\/posts\/1549\/revisions"}],"predecessor-version":[{"id":1551,"href":"https:\/\/www.oconnorcpafirm.com\/blog\/wp-json\/wp\/v2\/posts\/1549\/revisions\/1551"}],"wp:attachment":[{"href":"https:\/\/www.oconnorcpafirm.com\/blog\/wp-json\/wp\/v2\/media?parent=1549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oconnorcpafirm.com\/blog\/wp-json\/wp\/v2\/categories?post=1549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oconnorcpafirm.com\/blog\/wp-json\/wp\/v2\/tags?post=1549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}