Thursday, September 09, 2010

woman_hands_ongraphMaking It Happen!
Seven Ways to Grow Your Business

by Trina Newby, Your Success Coach!

Needless to say, managing and operating a small business can be quite challenging at times.  Each year we set new goals of how much revenue we would like to see in our business, how many customers we would like to have and how we will market.  These are just some of the common goals that mostly all small business owners set for the new year.  However, growing a business is more than just setting goals; it’s also about evaluating your business and researching your industry, as well as determining what you need to change from a personal development perspective to move your business to the next level.  Once you have determined where you can make improvements or add new strategies then you must have the skills and know-how to implement them.

As a business success coach, I have learned over the years that most small business owners have chosen valid business ideas, however, most lack the know-how in properly implementing their strategies.  Therefore, I have concluded after years of working with small business owners that it is the implementation and taking action that is the key to growing a business successfully.   For an example, if a business owner can make a great product and has orders coming daily, but lacks a system to process the orders from receiving to shipping, it’s a major customer service issue that can immediately result in refund requests and lost revenues.  The process of developing a well-planned implementation system would be necessary to turn things around.  It will be your ability to make positive changes in your business that will help it to grow.

Below are seven ways to grow your business:

  1. Know and believe in your business vision. It’s important to know and understand the ultimate results you are expecting from your business.  This will help to keep you focused and grounded as you make important decisions.  Remember, a business without a vision will perish.

  2. Offer services or products that are in demand or can be marketed effectively to your current customers and prospects. Perhaps your ideas for services or products are great, but if they are not in a great demand, you’ll need a good amount of funds to properly market to your target audience.  This includes hiring a marketing consultant or firm to assist in developing your strategy.

  3. Make sure your prices are competitive and can bear the economic times. Prepare a cash flow analysis to help you make sound decisions. The cash flow is a vital component to any sound business planning.  Based on your estimated expenses, it can help you to determine what your monthly sales should be, as well as the number of customers needed.  It can also help you to determine the maximum amount of income you can earn from your business.
  4. Keep your expenses as low as possible. The name of the game is to ensure that you keep as much cash as you can in your business.   It’s not necessary to have every new technology that’s out or keep loads of office supplies handy.  By the way, you’ll be extremely surprised to see how much is spent on office supplies. It can run in the thousands even for new businesses that aren’t yet generating revenue.

  5. Communicate with your customers frequently. It’s an old saying, but 80 percent of your business really can come from 20 percent of your customers.  This includes regular purchases, cross purchases, and referrals.  There are some pretty reasonable online services (example: Constant Contact and Aweber etc.) that allow you to professionally and efficiently communicate with your customers and prospects via email.   These programs allow you to do newsletters, sales promotions, send coupons, special offers, event announcements and much more!

  6. Delegate and outsource if at all possible! Doing what you do best and delegating or outsourcing other tasks that are essential to the operations of your business is wise.  Don’t try to save money in the wrong places by being the “jack of all trades” to your business.  This is especially true if you are the ambassador or sales person for your business. 

  7. Each Friday identify the end results that you would like to see by the following Friday. Determining the results you would like to see each week will require you to maintain a quarterly or monthly action schedule, which can then be broken down and scheduled weekly.  This method also helps you to better delegate and finds solutions for challenges that you see coming.

Implementing the ideas above can bring about some positive changes in you and your business.  Remember, it’s all about implementation and action, so let’s get started with growing your business!

About the Author:

Trina Newby is a business and success coach and founder of www.WomenAboutBiz.com.  She has helped thousands of women to grow their businesses through her unique techniques and strategies.  Click here for a FREE 30-minute coaching session now!

Get Constant Contact!

Banner