The New Year is here! What better time to reevaluate your business strategy than the beginning of the year? This is the perfect time to reflect on how much you achieved the previous year and examine the goals you didn’t reach.
In today’s blog I would like to talk about your business, how to grow your business, how to achieve more than 2019 and I will give you 9 useful tips on how to improve your business strategy. So stay till the end to get the bonus tip 10.
Growing a business today is anything but easy. There are a ton of businesses sprouting at every corner of the street. How do you keep your head above the waters in such a crowded environment? More importantly, how do you grow from the thriving stage to reaching your full potential? Because, truth is, many businesses that seem to be doing just fine are barely getting by.
Don’t be one of them. Start making little committed efforts this year and watch your business skyrocket to the top.
Don’t know how? Here is a practical checklist to work with. Thank me later!
1. Reflect on the Journey So Far
The first step to making changes is to know what needs changing? Okay, your business strategy is not bringing in as much revenue as you expected. That is definitely a problem that needs immediate fixing. However, you can only fix that when you know the exact reasons for the stunted growth.
Before you jump on any magical business growth ride, take the time to reflect on the past year. How much did you accomplish? What were the strategies you employed? What areas are you lagging behind on? What are your strengths? What business strategies failed to yield any fruit in the previous year?
By answering these questions, you will be able to identify the exact reason for the problem. Now you know what should continue and what should be kicked out the door. You are ready to start growing!
2. Create a Strategic Pathway to Your Goal
Now, you know what needs fixing, it is time to create a strategic plan to help fix the problem, which ultimately brings home the prize. As you kick off business for the year, take some time to create a strategic plan. This will guide you through the competitive demand that lies ahead.
Go through the goals and find a practical business strategy to bring these dreams to fruition. Don’t be hung on past failures. Make an effort to move forward. Create a practical plan now!
3. Don’t Leave Tech Behind
The world is not going digital anymore. The world is now a digital village. Having a proper software has become vital for all businesses. To stay ahead of your competitors, you need to incorporate both old and emerging technologies to help you serve your clients faster and better. The web is littered with dozens of software products that have been tested and trusted to expedite day-to-day activities in businesses.
From sales rep apps – to boost productivity in the field – to customer relationship management (CRM) apps – to track just about anything that happens both inside and outside the walls of your company, – technology has made it so easy to save time and increase productivity without going under the knives. Get your firm up to par.
4. Upgrade Existing Software
While getting as many technological assistance is commendable, we often forget that this software needs upgrading from time to time. Don’t get caught up in the buying spree. Using outdated software could cost you a lot in the long run. Customer satisfaction should always be your priority. Remember to upgrade your software and keep it a part of your business strategy.
5. Build Your Team for Success
More often than not, businesses growth goes way bigger than the owners ever imagined. You do not have to carry the burden alone. Trying to do everything alone will most definitely cost you more than you bargained for. This is why experts advise you to bring your team on board.
Teach them your goals and vision. Help them understand what it is you have planned out and the strategies you believe would help achieve the goals. Create seminars and workshops. Help them grow in their respective specialties so they can, in turn, affect the firm positively. Don’t leave your team behind. You cannot grow alone.
6. Profit Over Revenue
Unfortunately, most business owners are obsessed with revenue instead of profit. So, you made $500,000 in the last quarter. Incredible, right? Now, let’s calculate your profit in the total revenue. Now, you are getting the picture. This year, try focusing on your overall profit, not the collective revenue. Using that as a part of your business strategy will give you a clear idea of your business’ worth.
7. Improve Communication
Communication is key when it comes to growth. This is true for all kinds of relationships. As you embark on this total revamp for change, do not forget to boost communication between you and your staff as well as your customers.
As a matter of fact, it is time to either teach your employees better communication skills. Don’t close the door on your clients. Learn to communicate effectively.
8. Spend Time Growing Your Customer Base
This might sound basic but it is as crucial as any other tip on this list. While having returning clients sounds easy and way more reassuring, you will need new customers for exponential growth. With recurring clients, at best, you get to grow one step at a time. By increasing your customer base, you get to increase your revenue and retention rate, just what you need for exponential growth in no time.
Pro Tip: Grow your conversion rate (the rate of turning visitors into customers) together with your retention rate.
9. Restructure Your Organizational Structure
Don’t you think it is time to revisit the overall organizational structure? The current structure might have yielded some level of result so far, but some radical changes are necessary to move to the next level. Take a minute and ponder on your current organizational structure. Don’t be scared to make changes.
10. Every Great Business Must be Credible
Conclusively, I would like to remind you that trust is an essential ingredient in the recipe for success. No business every skyrocketed to the top without happy, loyal clients. And you get such clients through credibility. No one wants to associate with partners that are not trustworthy.
As you strive to position yourself as a thought leader in your niche, it is essential to build trust and credibility alongside. Besides your target audience, trust also helps to strengthen your workforce. Employees who trust the process will put in more effort to ensure business goals are achieved. Don’t forget to build trust!
I would love to hear from you, so please drop me a comment below.
Till next time stay green and motivated.
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Recommended for further reading:
- Business Secrets from The Bible – Daniel Lapin
- Key Person of Influence – Daniel Priestley
- How to set Your Goals for 2020
- Keys to Success – Napoleon Hill
- The New One Minute Manager – Kenneth Blanchard