How to Light a Fire Under Your Business Growth in 3 Simple Steps
May 9, 2014 | Dean Thompson
Most business owners want their business to grow, but many are so busy with daily operations that growth happens more slowly than they’d like. Coming up with a long-term growth strategy and getting the process started can seem like a daunting task when your days are filled with managing your business.
What many people don’t realize is that the first step in growing your business is the opposite of what you might expect:
How long has it been since you stood back and looked at the overall picture of your business? High-growth companies often move off in tangents to follow growth opportunities, even if they’re different from what was originally planned. This growth is good but its important to periodically examine the entirety of your business and how it’s current offerings are working together toward a common growth goal.
When necessary, sever unprofitable aspects and move assets toward new ventures that are fueling growth for your business. Conversely, if a previously profitable area is no longer performing examine what’s going on and if it’s fixable.
Don’t be afraid to pare down to the basics and focus on what’s working. Successful businesses are built on adaptability and profitability. Whether that means returning to the core of your business or an overall shift in focus, simplicity in service and product is often the best choice.
The second step in building profitability and expansion for your business is finding more customers. Sounds simple, and it can be, but it takes a great plan.
Every business wants to connect with more customers. But how do you do it? Do you hire your brother’s college kid for the summer to toss out some memes on Tumblr, post some fun pictures of your products on Instagram and then tweet their heart out for two months and hope people walk in the door? Do you hire someone off the internet to design a postcard and spend thousands of dollars blasting the mailbox of everyone in the right zip code?
Well you could, but that wouldn’t be the simplest way to do it. Or the most cost effective.
Good, loyal customers and those that will be advocates for your brand are difficult to obtain. But when you get one, they’re worth every moment of the courting dance required to get them. A customer who is always looking for the best deal is never going to help build your business. One who is looking for a connection with a real business that will treat them like a friend and care about their experience with your product, they’ll be the voice that propels your brand forward.
It’s vital to create an action plan that involves finding your most important customers and engaging with them directly. The sprinkler approach to marketing is expensive and generally ineffective; locating the customers that can truly help your business grow is the best way to fuel growth.
Once you’ve decided where to focus your energy and identified where to find your target customers it’s time to accelerate the pace and go out and get them!
Develop a solid marketing plan targeted at selling your best products or services to the your most important customers. Don’t wait for word of mouth and organic growth when you can push ahead full force and bring those customers in the door sooner!
The decision to move from slow growth to accelerating your business to the next level is an important choice that affects every aspect of your business. It’s vital to feel confident in your plan and comfortable with the steps required to move to the next level of leads and revenue.
If you’re ready to move and not sure where to start or just want experts on your side, give us a call. Building businesses is what we do and we’re here to help. We’re ready to take our experience building growth for national brands and apply it to creating expansive growth for your business.