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5 Business Growth Strategies for 2010

A recent study of small business owners by Forbes Insights and CIT found that there are several reasons to be optimistic about 2010. 80% of small businesses reported they are now tougher and smarter as a result of surviving the 2009 recession and nearly 70% say it has challenged them to become better leaders.  

Although the vast majority of businesses surveyed reported that they are working longer and harder in their businesses than ever before, most of the business leaders believed that 2010 would be a turning point as the economy rebuilds and rebounds through 2011 and 2012. Nearly 57% of respondents said revenue would grow this year, and a small percentage added that they expected revenue to “grow significantly.”

Here is a summary of the strategies small businesses intend to implement to achieve business growth:

• 64% say they will run their businesses more aggressively than they did in 2009
• 46% will pursue new revenue streams
• 50% will invest in growth or expansion
• 50% will hold on to their cash
• 62% will invest more in marketing and advertising

These results show that businesses are investing in their business by implementing more aggressive growth strategies. What the report does not reveal is whether businesses are more assertive because they realize they are in a much more competitive market, or because they learned a hard lesson from pulling back on investments like marketing.   

It’s smart to invest during a recession, but it’s counter-intuitive to do so. The lucky businesses that remained optimistic and continued to invest in their business are now poised for the fastest growth.

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