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Here’s How Financial Literacy Can Help You According to 5 Successful Business Moguls

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To succeed in today’s business, you must be flexible and have good planning and organization skills. Many people start a business thinking they are going to turn on their computers or open their doors and start making money, only to find that making money on a venture is more difficult than they thought. However, there are proven ways to reach growth stages that can propel a business to success. We asked small business leaders to share their tips for accelerating growth.

Drafting a business plan

Sam Stone / Pinterest | In 2021, 36% of Generation Z adults scored 51%-100% on a financial literacy test

Whether you create a formal business plan, or simply document career goals, workflows, or something else, these ideas should be written down somewhere and shared with all stakeholders. In the digital age, this is easier than ever. A live document stored in the cloud and accessible to all allows not only consistency and collaboration, but also evolution over time. Changes can be made, saved and shared automatically.

Choose the right position

Choosing the right place is where people often realize they have made a mistake. If you go very broad in general business, you may have a hard time figuring out who your audience is. If you are very specific with a first-class hosiery store, you may find that your niche is too narrow. Not only that but there is also a seasonal aspect. For example, if you sell maternity clothes, the women are pregnant. After giving birth, you probably won’t be shopping at this store anymore.

Sam Stone / Pinterest | Financial illiteracy is more common among low-income individuals

So when it comes to identifying a particular niche, choose one that is popular throughout the year. You’ll also want to choose a popular niche like at least hundreds of thousands of monthly searches like fashion, beauty, fitness, or home décor. Finally, there is a niche that is not short-term, so avoid motherhood, weddings, or any niche business that you won’t be able to build a long-term email list with.

Hire the right people

Before you can even think about your company’s growth path, you need to have a strong work team to help you achieve your goals. With diligent employees dedicated to your company’s success, your business will be better equipped for continued growth. Additionally, delegating tasks to focus on important work will save you time and energy, allowing you to perform at your best and cultivating a culture of collaborative work.

Building long-term relationships

Sam Stone / Pinterest | Nearly 50 percent of high school seniors say they wish they had learned personal finance at school

Relationships are important. People do business with companies they know, liKe, trust. Furthermore, while it is tempting to keep looking for new customers, your existing customers are the best source of repeat business and your most profitable customers. To earn their loyalty, you must nurture a relationship with them.

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