As a small business owner, your business may very well be your largest financial asset. That said, it cannot be your only asset. The current coronavirus situation has caused major disruptions not only to businesses, but to the personal lives of the small business owners too, since many of them rely on business income to pay the bills.
It's not uncommon for entrepreneurs to use the terms “growth” and “scale” interchangeably when talking about adding revenue to their small business. The terms do have a similar meaning with a critical difference.
Growing a business means that a business owner is adding revenue by adding more resources and higher costs to their operation. This could mean bringing on new clients and customers by adding a new location or building, purchasing new equipment or hiring more employees to meet the needs of those new clients.
In today's business landscape, there is no shortage of digital tools that can serve as ways to grow your business. They can help small business owners reach new audiences, collect more data and even handle some of their day-to-day work in an easier, more efficient manner. Despite the far-reaching capabilities of digital tools, many small business owners are hesitant to get on board.
