Business Growth Fundamentals

Acknowledging there is no one size fits all approach to growing your business, it’s important to constantly review the strategies and tactics you are implementing in your business on a month to month basis.  There are lots of other key areas that contribute to the overall success of your business but for the purpose of this article as I am limited in what I can include I review for you a simple formula that will help you consistently grow your revenues.  Revenues are what most business owners focus on so I trust focusing on this area is ok with you. Of course I can also only skim over this so should you want more comprehensive info and support please feel free to contact me.

As a business owner after you have laid your foundations and you are ready to grow your business. There are nine fundamentals that must be focused on and worked through in order to grow your revenues.

The nine are listed below so may I encourage you to consider each point and how each one relates to your own business.

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Part One requires you to have a look at who your ideal client is. Your business will be more profitable if you deal with the customers you want to deal with and who are the best for your business. Now there is a process one must go through to really determine the ideal client profile for your business but for the sake of this article in short when putting together your ideal client profile be sure to work through and understand the elements such as:

  • How They Think
  • Why They Buy  (Want’s vs Needs)
  • What They Want -Hot Buttons  (remember people don’t buy what they need they buy what they want)
  • Who to Target – (Decision Makers & Influencers)

Part Two is all about Lead Generation and Your Sales Process. How do you drive hordes of customers to your business for the least amount of money? Lead generation is not just about the advertising and marketing you do it’s about ensuring you have a solid sales process  in place that covers lead generation, how and where do you find the best prospect s for your product or service, then leads into qualification of that lead and ensuring not only are you adding value in educating your prospect of the benefits of dealing with you, your sales process should also highlight the steps to follow when converting your lead and of course nurturing the lead that didn’t convert.

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Only 4% of leads are ready to buy now. That means 96% are not ready. If you don’t have a process in place to nurture your leads you could be wasting your time and your money.

Part Three is all about Lead Conversion. This area of focus should include how you communicate to your target market, what marketing strategies you will use to communicate your message and then how you will make your sale. If you are in retail your distribution channel is of course retail but if you are in a serviced based business you may choose a couple of distribution channels which could include direct sales, online sales and phone sales.

 

Now’s the time to review your plan or create a new one for the coming year. Take some time to create your roadmap. Make sure it includes:

What level of revenues do you want? What products and services will they come from? What does your ideal client look like? How will you communicate with your ideal client and what message will you communicate? Remember your communication is very important. Your focus should be on the benefits and not all about how good you are. Your communication should speak directly to the decision makers wants and not needs.  Be sure your plan also includes what steps you will  follow in what order to make sure you either convert the lead or nurture the lead until they buy from you.

 

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