7 Business Growth Tips
Here are seven business growth tips. I hope you find them helpful.
Build, Measure, Learn
Using the mantra: build - measure - learn. Take your product or service, measure how successful it is, make the necessary changes based on your learning, and then build it again. So it is as simple as build - measure - learn - repeat.
2. Agree on Targets
Every business desperately needs to have realistic but stretching targets and goals. Otherwise, how do you know how well (or not) you are doing? KPIs (key performance indicators) will measure both the result, such as turnover, profit, etc. and all the contributing elements required to achieve the result.
The KPIs for your business could include average customer spend, the conversion rate of enquiries, website visitors etc. the list is endless. Make a simple spreadsheet to track and analyse the trends.
Finally, the whole team need to buy into the overall business goals and take appropriate responsibility for the targets and measurements that their actions and performance can affect.
3 .Keep To The Strategy
Hopefully, you've got a well thought out strategy for growth. Inevitably something or someone will come along and disturb this. Maybe staff changes or the arrival of a new competitor, customer feedback, etc., any deviance from the agreed strategy should be carefully evaluated first. New ideas for growth, acquisitions, expenditure needs to fit with the strategy.
4. Customer Perceptions
I worked in radio for 20 years or so, responsible for programming and marketing commercial stations in very competitive marketplaces. A couple of times a year, a research company would come in and test the market for us, providing valuable insights. Members of the public were invited to take part, although they didn't know which radio station was paying for the research.
The most crucial element that always brought me out in a cold sweat was when people were given a list of radio stations in the market and asked each one to say whether it was getting better, worse, or about the same.
The result was dynamite; if we were getting better, we would expect a good set of audience surveys. But, conversely, if we were getting worse, I knew what to expect.
So here's the takeout from that. If your customers were asked if your business was getting better, worse or about the same, how would they answer? I usually knew the results before they came in in my heart of hearts. Would you for your business?
5. Be resilient
When you start to measure what you do, it might at some stage present you with a bit of a reality check. Things may not be going as well as you thought. That's fine, as you can review what you do, get some help and re-evaluate. However, it is sensible to keep back some reserves for such an eventuality in good times.
For larger businesses, this may mean being cautious about staff numbers. By growing too fast in boom times, difficulties can come when the business plateaus for whatever reason.
6. Never Stop Learning
Back to the learning element of build - measure - learn. There is always so much more to learn—personal skills, product knowledge, market knowledge, business skills etc. So never stop learning, either from what you see and hear each day in your business or through external sources.
7. Celebrate Success
Let's end on a high. The great thing about goals is that you will deserve a treat if you hit them (and they were set correctly). Take the time to celebrate the success and make sure that you invite all those who have contributed to the cause to share the glory (staff, suppliers, spouses!)
About
Based in Loch Lomond, Paul Saunders Marketing works with clients throughout Scotland, providing marketing consultancy and creative digital media for businesses, charities and organisations of all sizes.
Services include marketing, commercial photography, brand design, website design, video production and social media, events & PR. Call Paul on 01360 661029 or get in touch via the contact page to find out more.
I hope you have found these 7 business growth tips helpful. If you would like any advice about growing your business, please get in touch.
