10 Ways to Grow Your Small Business10:40 PM
Take two hours with your business partner, mentor or adviser to discuss, agree and implement one of...
Take two hours with your business
partner, mentor or adviser to discuss, agree and implement one of the
following ten action points. Business growth guaranteed.
In my experience, 80% of businesses suffer from the owner not spending enough time connecting with people who can write a cheque. If your business isn’t growing then get on the phone and reach out to potential clients. It’s not fancy, and for many it’s scary, but generally it will get the cash registers ringing faster than any other method.
Also read: Three Small Business Tools That Can Cut Your Bills in Half
1. Put up prices. This creates more profit (per sale) and, if you lose any customers, it will probably be the more price-sensitive, less loyal ones. You will be able to afford to lose them because you will probably make more money from the price increase than you will lose in customers leaving.
2. Decrease direct costs. Go to all your suppliers and ask them for a better price. Ask: “Is that the best you can do?”
Also read: 7 Key Ideas to Help You Run a Better Business
3. Fix under-performing suppliers, customers, products and staff, as appropriate. Only once you have improved your business model (points one to three) so that you are making a decent profit per sale, should you consider increasing sales.
4. Be remarkable. Decide on three things you can do right now, and which cost nothing, that will blow away your existing customers and make them talk about you.
5. Sort your proposition or offer. Rethink the way you present your business. Customers are not that interested in what you do but they are interested in what you do can do for them. Why should people buy from you if you are the same as the competition? What makes you different from the rest?
6. Get more, better qualified leads.
7. Get better at talking to people, asking for the business and closing the sale. Go on a decent sales course. Adding ten per cent to each of these steps in the sales funnel will create 46 per cent more customers.
8. Get more customers. Get customers to buy more. Get customers to buy more often. Stop them leaving.
9. Collect money quicker. Write cheques slower.
Read: How To Write a Check in Just One Minute
10. Don’t procrastinate. Decide. Disrupt. Make the tough decisions. DIY is not an option. Take massive action, now.
You will only be as successful as your self identity allows. Nobody can consistently perform at a higher level than they deep down believe they should be at.
So be careful what you think about yourself. As high performance expert Brendon Burchard puts it, “Don’t let your small business make you small minded”. Work on your self image, treat yourself as a top level business person and then behave in accordance with that vision. In the end, business success is a mental game – you need to take the time to work on your positive mindset daily.