5 Ways to Quickly Improve any Business
Most businesses don’t achieve the success they’d like. If your business falls in this category, here are five things you can do about it today.
- Identify Opportunities for Growth
In general, there are 4 ways you can grow your business as follows:
- Sell more of your current products/services to your current customers
- Sell your current products/services to new customers
- Sell new products/services to your current customers
- Sell new products/services to new customers
The first method is the easiest and usually most successful since you already have the products/service and already have the customers. So, I recommend starting with this strategy.
- Document Your Growth Strategy in a Business Plan
There is significant research proving that when you write down a goal, your chances of achieving it are much greater. This holds extremely true with business planning. If you document your goals and strategy in a business plan, your chances of success are much higher.
If you’re not a great writer, hire a business plan consultant who can help develop your plan. Such a consultant will ensure your business plan targets the best growth strategies and documents your operations strategy, your marketing plan and your human resource strategy among others.
If you can’t afford a consultant, don’t hesitate to use a business plan template. The bottom line is that you must have a business plan if you hope to achieve lasting success.
photo/Gerd Altmann
- Identify the Best Promotional Strategies
There are many ways to reach prospective customers from billboards to television ads to pay-per-click ads. Each method can be highly effective for the right type of business (e.g., a billboard on the side of a highway promoting a nearby restaurant). Conversely, some promotions cost way too much for the number of new clients generated.
You need to review all the promotional methods available to you and identify the ones that can give you the biggest return on investment.
- Create a Human Resources Plan
Most likely you don’t already have the right team to grow your company from where it is today to where you want it to be. That’s okay. What’s not okay though is not doing anything about it. Think about the types of people you would need to grow a great company. What types of backgrounds do they have? What have they achieved to date? Answer these questions and post it as a job advertisement for new employees.
- Set Goals and Deadlines
The final piece to growing your company is to have goals and deadlines. For example, your goal could be to increase sales by $50,000 by the end of the next quarter. Such a goal lists a firm dollar amount and firm date; being specific in both areas is critical.
As appropriate set these goals with your team. And tell them about it so everyone pulls in the same direction to help your company achieve it.
Even if your business is stagnant today, it doesn’t mean it has to stay that way. Follow the five steps above to start growing your business right away.
