Ideas to Grow On
BUSINESS IDEAS TO GROW ON!
While growing your business may seem as elementary as pushing more product to more people or selling more services to select audiences — there’s actually a whole lot more to it than getting a couple new customers. Growing your business effectively can take your business beyond just surviving and make it thriving! Try out one of these growth strategies and see how it can work for you.
1. Don’t Try to Do It All—Know Your Own Product Offering
It’s a simple ideology but regardless of your industry, you need to know what you do and how you do it and not try to be something you are not. Don’t make the mistake of trying to do it all without the expertise needed to effectively meet the need. Most companies who reach too far too soon come to regret it. Image is everything and it only takes one colossal mistake where you promised something you were not prepared or capable of delivering to jeopardize your business and set you back. So stick with what you do and do it better than the rest!
2. Penetrate the Market
Most businesses think they need to constantly go after NEW customers when the fact of the matter is their existing customer base is often a much better option for increasing sales revenues. Chances are, you have come to know a great deal about your existing customer so put that knowledge to work and cross-sell! Cross-selling is suggesting a related product or service in addition to the primary offering. For example if an auto insurance policy is being sold, find out if the customer is also needing homeowners insurance—which when bought in conjunction can even save the customer money. Many companies have done this very successfully and made their customers even more committed to sticking with them! Do you have a cross-selling application you could be missing?
3. Adding Alternative Channels
Selling to customers in a new and different way can be a great option in growing your business. From advertising on social media (it’s really not very hard to create a Facebook page or post a pin on Pinterest) to actually setting up your own website or online store—there are myriad ways to sell your product these days. Pop-up ads on related sites are another Alternative Channel you can utilize. What possible ways could you reach out to more people, show that you are hip in today’s socially savvy markets, and acquire more business?
4. Keep Your Employees Enamored
It’s no secret, your most loyal advocates— those who are the face of your product or service, the frontline in selling, the ones who “close the deal”—are your employees. Whether they are answering customers’ questions on the phone or in person, or running a meeting with your client in which their personal knowledge of your offering is going to make or break the deal—you need loyal employees with a strong feeling of ownership in their jobs. The best way to keep your employees invested, constantly learning more and performing better is to make them feel that they are truly valued. They need to know what they do makes a difference and they personally matter to their senior management team. In the end, you will have created a solid base of long-tenured employees with a wealth of knowledge about your company’s goals who are more than equipped to help you reach your goals. Can there be any greater impact on your bottom line and company’s growth than the direct effect of passionate people working hard on your behalf?
5. Check Your List and Check It Twice
Big or small, there are so many things that must be tended to each day to maintain your organization’s operational flow and be productive. Small business owners, in particular, are doubly challenged in oftentimes wearing more than one hat! The best way to keep organized and not end up doing things that aren’t essential to the bottom line is to utilize a daily checklist. Sounds simple but from senior executive on down to salaried clerk, every successful person has found they need to prioritize tasks and make certain the most critical items of the day get addressed. Use a planner or use a piece of paper—just do it! Then revise it at the end of the day to accommodate any new or more pressing matters that have risen in priority!
If you realize that remaining stagnant in growth and continuing to do the status quo is not a very successful business survival plan, know that there are many companies who have navigated their way from start-up to small business and beyond! No need to just survive when you can thrive!