Every business owner should be focused on growth.
Growth not only increases profits, it also boosts the value of your business. Here are nine quick and easy ways to grow your business. Put them into practice and you’ll be amazed at the results.
1. Analyse like Tesco. Tesco analyses every sale in order to monitor demand. If you don’t know what product is selling well or which services have the highest profit margins, how can you expect to grow your bottom line?
2. Follow up! You would be amazed how many potential customers are lost because there is no system in place to follow up existing leads and previously issued quotations.
3. Appoint a watchdog. Every business needs a watchdog – someone who’s responsible for keeping up to speed with what is going on in your industry. Perhaps a competitor has just launched a new service, or maybe regulations are being loosened to encourage entrepreneurs. Whatever it is, with the right information you can take proactive action.
4. Listen to existing customers. Talk and – more importantly listen – to your existing customers. Find out what their major challenges and opportunities are. Have your employees taken the time to think about whether your service could be altered to better suit the customer’s needs?
5. Amaze your best customers. If you can develop new products and services that are attractive to your best customers, the rest will follow.
6. Fire your worst customers. Unfortunately, there will always be certain customers that are unreasonable, rude or slow payers. You know who they are. They sap your time and your energy, which adversely affects the service you provide to your great customers. Lose them and you will feel better and free up capacity to take on new, better customers.
7. Train your team properly. You’re only as good as your worst employee. Make sure that you train all of your employees in marketing and sales. It doesn’t need to cost a penny. Simply organise a training session to demonstrate your services, explain how the business has helped customers and run through customers’ frequently asked questions (and the answers). You’ll be amazed at what this can do for your business.
8. Mix sales messages with valuable information. No-one likes to be harassed by a persistent salesperson. Instead offer something useful for free. It’s incredibly easy to get people to sign up if you offer useful information in return. Use a good percentage of your marketing budget to help customers. You will be repaid in multiples.
9. Get credible. When a customer commits to a purchase they are often taking a leap of faith – that you will deliver what you promise. Try to remove the nerves and anxiety out of a potential transaction by showing how credible you are. The little things really do count – sharpen your website, polish up your brochures and act like you mean business.
There are lots of technical and very sophisticated ways in which we help our clients to grow but, as you can see, there are also lots of simple and effective methods you can use. Simply by applying these nine techniques you will be able to operate a successful business that responds to its customers.
Which tactic will you implement today to grow your business?
It’s all too easy to become focussed on the day-to-day running of your business, particularly as that is what you know and love doing. Yet your business will grow only if you spend time marketing your business. This involves listening, reassuring and responding to your customers.
If you find this information valuable, please feel free to forward it to a fellow entrepreneur, business associate, friend, customer, supplier or advisor. Thanks!
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