Have you found yourself in the position where you would like to grow your business but you are afraid that if you do, you will fall into the trap of getting busier, having less time and making less money?
This is really the main issue which holds many businesses back from breaking into the next level, but there are some simple steps you can take which can make the world of difference to your business.
1: You are the fuel behind your business and your passion for it should not be matched.
If you love your business you are already ahead of the game. Your passion is what sells in your business and so you may need to focus more on the sales process to align with your passion.
2: Become the expert in one field of your business.
Discover your niche! Too many businesses fall into believing that if they diversify what they do they will cover more territory, make more sales and more money!………WRONG!!! You have started to spread yourself too thin! Become the ‘Go To’ business for one thing and one thing only. Become THE EXPERT in this field and then you can expand to other associated products and charge accordingly for it!
3: Create a customer-based business mindset
Generate content and materials that your target audience looks for! Rather than the traditional outbound strategy of trying to reach out for new customers, create an environment where your customers are reaching out for you. Inbound Marketing is where it is at. You will need to be able to understand your customers buyer’s journey and needs and position your services at the top of their list when they are ready to buy.
4: Competition is fierce
You must already recognise that it is a very competitive market out there and we need to make sure that to stay ahead of the pack we define our uniqueness or as some call it: ‘Our Unique Selling Proposition’ You should be able to define what it is and the benefits of dealing with you that keeps your products and services in the forefront of your customers mind. Is your product or service Faster, Easier, Cheaper, Scarcer, Superior than the oppositions? What is it that makes it better for your customers to stick with you?
5: Your reputation is important
Build your reputation as being the ‘Leader in your Field’. Offer to step outside of your comfort zone and speak to business groups about your business…..with passion. Produce materials on your website, eBooks, offers, information which puts you in the expert seat. A leading reputation is what will convert leads into sales and sales into referrals.
It is so important that you are seen by others as adding value to the relationship rather than focussing on the sale. Look at Social Media to network. Linkedin, Facebook, Twitter and so on can all help your exposure to other businesses with adding value to them at the front of your mind. You will be amazed at the referrals that will come your way as a result.
7: Build affiliates or alliances with other businesses that do not sell your product or service but align with them.
For example; if your business is the ‘Go To’ business for gas ovens and cookers, it would seem a strategic and common sense alliance with a gas supply company would be a given. These alliances will broaden your consumer base as long as the alliance works both ways. A tip here is to make sure that your strategic partner business has similar values and goals as your business. The consequences of aligning your reputation with a business heading in a different direction to you could be dire!
8: Increase your pricing
This might seem to be a counterproductive thing to do in a competitive market but you should incorporate the small increase in price with a big increase in service in terms of standard and uniqueness. Remember that Uniquely Better will raise your profile in the business market that you compete in and position your prices as warranted for the standard of service you provide.
9: Reduce costs
In line with and as a counter with your increase in pricing, look at areas within your business where you can shave costs. Continually meet and negotiate with your suppliers to secure the lowest costs for material and product purchases. Cost savings can be reinvested to deliver better products and service to you customers. Ask your team to find ways to cut unnecessary costs and waste.
10: Give back and incentivise
Your team behind you will reflect your values if you value them. You might be able to incentivise through cash bonuses, non cash rewards or even equity in the company. Giving back to community events and charities with the right values will position your business for future success. Remember that your team will treat your customers as well as you treat them and a team that has buy in to your values and direction will be one of your greatest assets.