Starting a Small Business – Growth, Advantage, Staff Projections

You have completed your business plan, found investors and have been running your own, small business for the last five years. Business is good, and it is now time to expand. It is the natural, next step. You realize that your business is hitting a plateau and instead of staying with the status quo you want it to grow. You want to increase your small business – growth, advantage, staff. As with anything, for every action there is a reaction. Therefore, growing your business will require you to invest in your business.

Unless you can find someone else to fund your expansion, you can expect to see a decrease in your personal profit. Small business – growth, advantage, staff costs are gaining economies of scale It will take capital to expand your business. Expanding your business may not be a visual change, like increasing your business location square footage. The changes you make may just be expanding your product line. However, no matter which way you expand your business your monthly expenditures will increase. On the flip side, because you have expanded the foundation of your business you will be able to reap a few of the benefits. For example, if you increased your product line you will probably qualify for a bulk discount. This will lower the cost per item, which will increase your profitability.

This is known as the virtuous circle, and will provide you with certain advantages. Growing your business will widen the market share gap between you and your competition. Your goal will be to increase your market share while decreasing their market share. This may also deter new businesses from opening in your area. Increasing your market share will also increase your customer loyalty. This is a feature that most small businesses thrive off of. They rely on repeat business. Customers will continue to visit the same establish as long as they are satisfied with the service they are receiving. Retaining the same reliable key staff members is an essential part of the small business – growth, advantage, staff plan. Keeping your employees interested in their job by providing them with a since of recognition, and installing business challenges to keep them on their toes will provide each employee with a since of accomplish. They will be more likely to stay versus leaving for greener pastures.

Business how to start

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More downtown hotels needed for growth

Updated: Wednesday, 08 Dec 2010, 10:39 PM CST
Published : Wednesday, 08 Dec 2010, 10:39 PM CST

KXAN (AUSTIN) - With the opening of the "W" Hotel Thursday morning, the CIty of Austin is looking for more downtown hotels to meet the growing demand from conventions and tourists.

“For a 1500 room convention, which is admittedly on the small scale, we have to use 10 to 12 hotels to accommodate that group depending on the time of year,” said Bob Lander, CEO for Austin's Convention and Visitor's Bureau .

“We can tell the demand by how much business we turn away, that we are leaving business on the table right now,” he said.

There are currently about 6,000 hotel rooms in the downtown area, but that's still not enough according to the organization.

“Right now our hotels are full, in December," he said. "A lot of towns would envy this. We got conventions going on right now where our town is full. You can’t get a room right now.”

A John Deere convention going on now, December 5th thru December 15th, has about 6,700 attendees.

“It’s pretty obvious with the occupancy numbers right now," Lander said. "That we could use some more rooms.”

Currently, the hotel occupancy level in Austin is at 75%.

“Let’s just say it’s the highest in Texas," Lander said. “Right now across the country, the average occupancy is in the low 60's.”

“Our recommendations are consistent with the notion of expanding the base of hotel rooms here as well as providing the experience to visitors when they come to Austin,” said Jim Robertson with the City of Austin's Urban Design Division.

The City held a public gathering Wednesday evening to offer the community a chance to go over the Downtown Austin Plan .

Part of the plan includes enticing more hotels to come to the downtown area.

“We believe hotels, in themselves, are a benefit for our downtown,” Robertson said. "There’s also on-going discussions, for the potential creation of a convention hotel. A hotel with 1,000 or so rooms.”

There are about seven potential hotel projects in the planning stages. Click here to view those.

The "W" Hotel opens Thursday morning at 11:30.

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TX banks on 8.9% economic growth

Updated: Monday, 15 Nov 2010, 7:42 PM CST
Published : Monday, 15 Nov 2010, 7:38 PM CST

AUSTIN (KXAN) - The Texas Comptroller predicts the state’s economy will grow by 8.92% over the next two years. That rate will be key in mapping out the state’s upcoming budget.

On Monday, the Legislative Budget Board adopted the comptroller’s growth projection to determine the state’s spending limit. The LBB estimates the amount of money lawmakers have to spend from state tax revenue over the next two years will be $71,665,225,913.

At a legislative preview earlier in the day, Sen. Kirk Watson, D-Austin, spoke of “whispers” among lawmakers of an estimated $28 billion shortfall facing Texas. The guesses on this actual amount have grown from $11 billion to this newly announced number. Those amounts are only speculation.

The comptroller will not have the actual amount until the day before the upcoming legislative session begins on Jan. 11.

“I believe Texans understand and appreciate that government agencies have to tighten their belts, just like small businesses and families are doing across our state, and do more with less," said Lt. Gov. David Dewhurst.

All state agencies must submit their budget requests to the LBB, a permanent joint legislative committee, for review and recommendations prior to setting the spending limit. While the governor asked all agencies to cut their budgets by 5%, the new economic forecast suggests more cuts might be needed.

“The cuts we are making are essential to address Texas’ budget challenges to ensure we are fiscally responsible with taxpayer funds,” said House Speaker Joe Straus.

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