Business Growth
Business Growth
Over the years we have been able to interact with thousands of businesses. This is what helped us to build our systems. One of our programs is Super Growth. When it comes to business growth there are so many ways to do it but let’s highlight a few in here from which there will be at least one that applies to you as well.
First, a little disclaimer! Business Growth is not always desirable on its own unless it is profitable and well channelled to the right outcomes. Many times we find businesses that were so obsessed with their business growth that they only look at the top lines and forgot that below revenues there is something called costs. That if you work harder to just pay more taxes, more salaries and have less benefit for the owner or shareholder, then maybe it is time to stop and have a look.
Now sometimes it may be the case that the outcome and the strategy justifies this. For instance, some companies need to reach a certain level of mass production, or want to increase their valuation if the number of users is taken into account.
However in a lot of cases there is no desired outcome except business growth, and many business owners go through a yo-yo journey of growing then scaling back and so forth.
Now that I know you understand that crucial point and will achieve profitable strategic business growth, let’s name a few basic strategies that may assist you. Obviously we do not know your circumstances and business, so cannot advise you to use them or not, they are just a few generic notes on successful business growth strategies.
- Increase your prices
Yes simple solutions always work. An item at $1.1 instead of dollar is a 10% increase. Good day at the office! Most people fear that but funnily enough sometimes a price increase will also result in higher conversion. This is why testing and measuring and having a congruent strategy and brand is key.
- Sell more
Another even simpler one. The old “do you want fries with that”, the bundles, the options, the up-size, the bonus, the matching pair and the list goes on. When your customer buys, this is when he is the most receptive. I know some of you are saying “I know that”. But are you actually doing it ?
But what about considering selling more products, or servicing compatible needs to your client base that you may not already address. Guess what, your clients are already buying from somewhere so why not from you?
How about offering long term packages and commitment to your clients. How about having more expensive offers to cater for your relevant clients. One sales of those if you are still small can completely change the game.
- Sell to more people
This is where you want to start thinking outside the box. Yes you would obviously increase your front end to get more chances to sell. How you go about it is another story. There are probably dozens of under-utilised or ways you may not know of yet, to generate leads profitably for you. But increasing your conversions will also work. Move to 11% from 10% and your business again has done a massive increase just because you make a small improvement to your sales process (and believe me we pretty much always find something to improve).
The list here can go much longer. You can also replicate, leverage and multiply. One of my favourites is: you can now run a global business from a garage so why make it hard and stick to your backyard. It is actually sometimes much easier to sell outside of your turf especially if you are in a very competitive market.
Big companies do that very successfully by basing themselves in low cost, tax friendly and spending marketing dollars where there are premium prices and currencies. Are you global ? YES!!
- Sell more often
Are you doing basic things to get your clients to come back. Do you have a database ? Do you stay in touch with your clients. Do you say thank you often and make them feel special?
How many of them promote you and refer others to you and bring people with them to your business?
Why do you think all big businesses do surveys and ask you how likely would you be to refer business to them?
If your client comes for a service once a year, and now he comes once more, your business has doubled. How much did it cost you in advertising: nothing.
If you are a good marketer, have a good product, your growth should come equally as strong from optimising your business, from repeat business, referrals, than from continuing to prime the pump.
There is obviously a lot more to business growth. But basics and simple WORKS!!
Fabrice BEILLARD
Fabrice is the founder of Australia Business Coaching a firm which team focuses on helping business owners to achieve their vision and improve their financial results in the process with balance and purpose. The firm supports many start ups in developing countries via regular donations and support. The Super Growth System and events caters for business under 1 Million dollar yearly revenues and even start ups. Private coaching is only provided after mutual assessment and focuses largely on businesses that want to go to the next level and are already successful and stable in order to optimise and leverage.
