Seven Tips For Growing Your Business Intelligently

These days competition is tight and chances are good you are looking for ways to grow your business profitably

. Before you dash off and kick down doors, take a sober look at where you came from and where you are going to, as you re-trace seven half-forgotten paths that lead on to sustainable business growth.

1.Revisit Measurements of Key Factors for Success Avoid focussing on input factors, and zoom in on critical indicators of successful output. Sure, you need to measure sales closed and hours clocked, but profit per deal keeps you on the playing field. Count the right factors correctly, and you will know where best to squeeze to hit your targets.

2.Invest in Technology The saying that we live in an information age is hackneyed, but nonetheless it is still very true. A modern business cannot wait until month-end or even year-end for profit updates. You need systems that update your critical business numbers online and real-time too. Only buy the technology that you will actually use. You do not have time to play with crocodiles in the swamp.

3.Invest in Your Customers Customers are inputs that your business converts to profits, and you should invest in them as well. Have a nice day and Christmas Cards are trite. In these challenging days, passionate staff, customer relationship management and rewards for repeat business are what make the difference.

4.Invest in Your Vendors too If you are supplying though third party vendors then you need to retain their product loyalty as well. They already have their customer base lined up and you are not the only supplier on the block. Cultivate their allegiance through supportive payment terms, volume discounts and accurate information about new products and their availability.

5.Niche Management If you sit and wait for things to come to you then your business will surely die. Ways to improve your business turnover include stretching the walls of your current niche and creating new ones. This is because all customers eventually fade away, and you need to find new ones continuously to fill the gap they leave.

6.New Marketing Channels Never say that you have squeezed every drop out of the market place. New vendors and new customers are always out there ready for you to find. Are you using the internet optimally and traditional marketing methods too? Try upgrading your product/service offering and marketing it to a new geographical area do not be surprised if you pick up a new customer or a new channel to help you grow your business effectively.

7.Lay your Hands on Growth Capital Firms that do not find the money to expand stay small, and small firms get squeezed out. Fools Go In is truer here than in most other places. Single out a few sources of capital investment and build a mutually beneficial relationship first. Then think big. Why not cuddle up to an angel investor or consider an initial public offering. The money you shake loose could help with your own debt, customer credit or vendor financing deals and these could open up a whole new raft of sales opportunities.

Every one of these seven stages has a role to play in a program to add muscle to an enterprise. A business owner or manager could benefit from an advisory shoulder here why not engage yourself the sounding board the industry refers to as a business coach to help you profitably grow your business?

by: John Standaloft

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