Small Business Growth Strategies - 3 Easy Secrets For Success
In these unpredictable times we're all looking for small business growth strategies that are going to put our businesses on firmer ground.
But there are a couple of likely problems with any small business strategy that's aimed only at growing your business..
First, and this isn't obvious, growth is not inevitably a good thing. After all, if you're flat out working hard already, do you actually want more business?
Or, to look at it another way, if you get additional business, can you deal with the hassle?
From this viewpoint, you can see small business marketing is isn't a clear cut case of merely getting more people through the door.
It's not obvious, but expanding your business too far too fast is one of the most efficient ways to seeing it collapse when you least expect it to - just when you're at your busiest and turnover is at its highest. Growing your business without paying attention to how you're going to service it is a recipe for disaster.
My second point follows logically from this: growth is isn't what you need, even if you misguidedly want it.
No, your real goal -- if you ARE sane -- should be profit growth.
I mean, wouldn't it be better to be doing the same amount of work -- or even less of it -- but making more cash?
I believe the only sane answer to that is "yes".
So here are three easy ways any small business can grow its profits without having to work harder or longer.
To begin with, raise your prices.
This suggestion always produces a wail of complaint from my clients, because they instantly and automatically presume everyone buys on price. They do don't.
In reality no one buys on price alone all the time, even if they claim they do. If you think I'm wrong just stick your head out of the door and see how many of your neighbors are living a truly subsistence lifestyle where they make do with the cheapest of everything, just because it IS cheap.
And because of the mathematics of these things, even a small increase in prices has a significantly out of proportion effect on profits (and a price-cut has a similarly disproportionate NEGATIVE impact on your profits, so take care). Just give it a try. If I'm wrong, then you can always drop them back down again next week, and no harm done.
The SECOND thing is to focus not on new business but instead on your present customers and clients. Yes, you need SOME new business, but the easiest sales and the biggest profits are to be found in your existing customer base. Most businesses simply don't bother with this.
The most common reason customers and clients change their allegiance is lack of recognition. You can't expect client loyalty if you give them anything to be loyal to.
No matter what method you use to keep in touch with them, with Internet marketing, sales letters or even the humble phone, you will see a bump in your sales.
And THIRD, quit thinking about sales all the time and think more about serving.
What? Sounds like nonsense, doesn't it? But the thing is this: if you're promoting, you're pitching and not paying attention. And if you're not listening to what your customers and clients desire and need, you're overlooking a lot of opportunities to serve them more fully.
And the more service you deliver, the more cash you'll make.
The last thing I'll say is this: every single one of these tips works. I guarantee they'll make you more money.
But only if you put them into action.
by: Jonathan McCulloch
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