Small Business Management: Key Strategies for Growth

Abstract

Small businesses are the backbone of the global economy, accounting for a significant portion of employment and GDP. However, small businesses also face unique challenges, such as limited resources, competition from larger businesses, and government regulations. To be successful, small business owners must develop and implement effective management strategies. This paper provides an overview of key small business management strategies for growth. The paper begins by defining small businesses and discussing their importance to the economy. Strategic management is particularly important for small businesses. Small businesses often have limited resources and face greater competition than larger firms. As a result, they need to be careful about how they allocate their resources and compete in the market.