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To Grow Business, Don't Fear Failure
CNBC.com | April 03, 2012 | 01:56 PM EDT

For more than a decade, I’ve worked with thousands of small business owners who, despite all their passion and long hours and great ideas, find themselves stuck in terms of their ability to grow. While every business owner's needs are different, I’ve come to learn that there are some basic keys to unlocking the doors that can keep you penned in.

To grow your business sustainably and increase revenues and profits you need to have a plan and focus your energy on implementing it effectively and on a clear timeline. Splitting that focus on three different “options” is like trying to be in three places at once: you’ll end up exhausted and with less quality, more confusion, and very limited growth. Commit to a plan and keep your vision clear and at the forefront.

With that, you need to know your financials inside and out and have solid financial goals. If you’re going to grow your business sustainably, you need to understand how your business is spending money. Know where every dollar goes, right down to the last penny. You need to fully know what you need to achieve each quarter. Vague goals yield vague results. Know how to read profit and loss statements; don’t depend on someone else to do “interpret” it for you. It’s your business and you should know it better than anyone else!

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