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"Building a Business With a Slow and Steady Focus"

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Entrepreneurs, especially younger ones, tend to be focused on rapid growth to equate business success. With publicities for tech companies gaining rapid growth and is sold for billions after only five years, of course having that mentality is not a mistake.

However, growing too fast can be a bane for many businesses, as overexpansion not balanced with managerial growth can destroy an otherwise healthy business.

Ever heard the old saying: slow and steady wins the race? In the business world, building your business with strong foundations and long-term approach will benefit more. And in fact, many of the businesses with rapid growth and record breaking sales are built with the focus on slow and steady growth at first.

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Here are some of what you can do to improve your business foundations:

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1. Building a Strong Human Resources

As the age-old business motto said: your biggest asset is your people. Having a strong human resource department is definitely the strongest foundation any business can have.

However, it doesn't necessarily mean that you will need to hire more people to ensure growth, instead, invest in the right people when you actually need them.

Invest in people who can provide skills on areas you would want to expand, but only when expansion absolutely makes sense. For example, you won't need to expand on your marketing team when your product development will still take another year.

Investing in the right people, in exactly the right time (and most of the time when you can afford them) is highly essential for your business's foundation.

2. Strong Cash-Flow

Cash flow problems are also the bane for many businesses, both small and big.

Companies focused on fast-growth commonly focused their cash flow on marketing and hiring, while companies on slow-growth mode also often make the mistake of spending too much time on development and innovation.

The balance of both will be the key to success in this area, and you should focus on both sales and innovation at the right time for each.

3. Vision

An industry where you can stay static for decades is very rare these days, let alone for years. Change and transformation are the driving force of the modern business world, and although it seems counterproductive, having a clear vision can help you to achieve it.

By envisioning your business with a long-term approach from the very start, you can think about what your product or service will be in a decade in the future, thus helping you achieve the transformation as the timing and current technology allows it to.

Even when a pivot or total change of plan is necessary, the long-term vision can help you by providing directions where the pivot should go.

4. Recognizing Opportunity

Build your foundation with a slow-growth approach, but you should be ready to grasp and act fast when opportunities arise.

Strong foundations will also enable you to recognize opportunities and act on it, and by setting the right pace for your organization, you can achieve both refinements of your product/service and acting on the right opportunities at the same time.