6 Vital Components to Small Business Growth

On: May 14, 2013
In: News
Views: 654

Who doesn’t want their business to grow but do you actually have a strategy in place? Where do you begin? It is not as cumbersome as you may think.  Start by asking yourself these key questions: 

1)      Who is your ideal customer?  – Please don’t say everyone.   Start by looking at your most profitable clients and determine what they look like, where they live, and what they do for a living.   More often than not, you’ll start to see a pattern.

2)      What separates you from your competitors?  –  It may not be what you think.  Spend some one- on-one time with your customers to get feedback and listen carefully!  The key is to find out what truly differentiates your business. 

3)      Are You Reviewing Your Customer Engagement? – There are 7 stages of engagement ~ know, like, trust, try, buy, repeat and refer.   Review these stages and see if you have any gaps in your current process.

4)      What Are Your Revenue Streams?  – Determine if there are services or products that you can add to your existing business to increase the number of sales.   What pricing or promotion could you reconfigure to increase the average transaction?  What new market could you enter to increase the number of customers?   Remember it is always easier to sell more to an existing customer than to acquire new ones.

5)      Are You Developing Relationships? – Look for ways to cross promote your business with other companies especially vendors or suppliers that you currently worth with.  The business next door to yours could be a good place to start.

6)      Are You Tracking Your Results? – Keep tabs on percentage of leads converted, business referrals and cost to acquire new customers to keep your plan on track.

Determining the answers to the above will help start your path to success!

Katrina Noble, Media Director


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