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Business growth tips for small companies

July 2013 | Servcorp

The Finance Minister Kittiratt Na-Ranong has said he expects the Thai economy to grow at more than 4% this year, despite the capriciousness of the global economy.

And with an anticipated 12% growth in the leisure industry – 25 million tourists are expected to visit Thailand in 2013 – plans are afoot to promote the booming tourism and service sectors further, with  the Thai economy set to receive another welcome boost.

Despite this welcome news, though, many small businesses in Thailand can still struggle with growth due to the unpredictability of the economy. However, by following these tips for business growth, small firms can ensure continued success while experiencing an expansion of their operations.

Firstly, it's crucial that the basic structure of the company is solid. By focusing on objectives and knowing exactly what the firm wants to achieve, relationships can be struck up with partners to provide the infrastructure or raw materials to get the job done.

What's more, by recruiting the right team at the top of the business, growth will come naturally. However, small businesses rarely get this right at the first opportunity, but it's important to recognise team members or senior managers who struggle to keep up with the demands of modern business and cannot provide the skills needed to help expand the organisation.

Regardless of the size of the company, a robust purpose and ethical mindset will give the firm a solid foundation for growth, while remembering that every detail counts. Whether it's the logo at the top of your company paper or the condition of the carpet at your front door, perception is reality, which is why projecting a professional image should be paramount.

Finally, take the time to listen to what your customers want and do something about it. If you spot an opportunity for change, go for it. Additionally, ask staff for their views and keep track of social media channels to gauge reactions to the business.