subject: How To Make Your Business Boom [print this page] As we head out of our economic "winter" into economic "spring," here are some proven strategies to make sure your business can "boom" over the course of the next several years.
While that is a problem ... it is a great opportunity to truly grow your business, and build on your previous success.
Just a few new tools, or a few tweaks to an old strategy, can really drive revenues and profits. And from my experience, it can take just a couple strategies consistently applied over time to really improve business performance. So, what are some good strategies?
1) Accept the business cycle, but learn to profit from it. Just like the seasons, business has its ups and downs. Right now, we are coming out of economic "winter" and heading into economic "spring." What do you do in spring? Get your soil ready and plant your seeds.
In business terms, this means get a good marketing program in place and start planting "seeds" in your marketplace.
2) Learn the value of the "Lifetime Value" of a customer. Once you realize how much you can earn from a customer over the "life" of your relationship with that customer, you can create all kinds of added-value propositions to ensure loyalty for that all important component of profit: repeat business.
You can also make better marketing decisions up-front, knowing that the cost of "buying" a new customer will be far outweighed by extra profits over time.
There are only "five ways" to multiply profits. What are they? Simply get more leads, convert more leads to customers, get more purchases from those customers, increase your price points and increase your profit margins. Just a 10% increase in each of these factors works out to a 61% increase in bottom-line profits. Increase all of them over time and you can exponentially grow your company.
4) Forget branding. Focus on leads. Focus on getting more leads, and branding will take care of itself. That said, test and measure all of your advertising and marketing efforts, because if you don't, you are literally throwing money down the drain.
So the next "boom" is in the works.
When will it happen?
One never knows ... and I don't have an exact date.
However, after winter comes spring, and those green shoots are not only showing up in your neighborhood, they are also showing up in businesses everywhere.
Make sure they show up - and continue to grow - in yours.
