Businesses face a number of challenges as they grow, from cash flow problems to failing to nurture a positive company culture.
What about yours? Have you hit a wall when it comes to business growth? Does it seem that you can't reach your sales goals no matter how often you adjust your business strategies?
If so, don't despair. Let's discuss four steps to better business management and, ultimately, future growth.
1. Identify Your Obstacles
First, you need to identify what isn't working among your current business strategies.
Has the market demand for your product changed? Are your employees exhausted and stressed from dealing with COVID-19? Do you need to shift your focus from acquiring new customers to upselling your existing customers?
Don't forget to study your competition too. 20 percent of startups fail simply because they get edged out by their competitors. Find out what your competitors are doing well – and then strive to do it better.
2. Create Realistic Business Plans
In your personal life, you likely set short-term and long-term goals. The key to business growth is setting achievable goals for yourself and your team.
For example, you might set the short-term goal of increasing sales by 15 percent every quarter. Or you might set the goal of launching a new product line by the end of the year.
Long-term goals stretch farther into the near future, usually three years out. For most small companies, a five- or ten-year plan is a waste of time, things change way too fast and you are still developing your markets and “running to daylight.” That’s not to say you shouldn’t think long term but do that within your vision statement.
If you haven’t already created a clear mission statement, a vision statement, and a values statement, do so now. It will be your compass to the future. Not sure how to do that? Get in touch, we can help with that.
When you think about the long-term vision on what you want your business to be like five or ten years out, consider what it will mean for you, your family, your employees, and the people they serve.
Get specific with your long-term vision and use your short-term goals to get you there.
3. Invest in Your Employees
The secret to business growth isn't only about upgrading your software or investing in the latest gadgets. Your business will only be as successful as the people you hire, train, and work with every day.
Does your team have the tools and training they need to succeed? Is there more that you can do to keep them motivated, engaged, and productive?
Business management starts with your employees, so invest plenty of time into knowing how to lead them with excellence.
Effective leadership costs nothing beyond you and your managers learning how to manage today’s employees using today’s know-how and best principles.
Schedule weekly or monthly meetings and focus on core aspects of the company, from sales and marketing to effective customer service.
4. Focus on the Customer
It costs five times more to attract a new customer than it does to keep a current one. You also enjoy 60-70 percent of repeat sales with an existing customer, versus only 5-20 percent with a new customer.
What's the point? Business growth isn't just about increasing your customer base. It's about "wowing" your current customers too.
Competition is fierce, and people expect nothing less than stellar customer service from every brand. In fact, 59 percent of people won't return to a business if they had a negative customer service experience.
Get on the Fast Track to Business Growth Today
Business growth doesn't happen overnight. It takes strategic planning combined with good business management to create a profitable company. Use the business strategies described above to get your company on the fast track to success.
Would you like to learn more about business development and how to become a better manager? Want to explore further? Questions? Get in touch and let's set up a time to talk. Brian Tracy USA: 877.433.6225 Email Me