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Opportunities to Grow Your Business and Business Growth Tips
The main key to achieving business growth is by selling more of your most profitable products or services.
Additionally, you can look for opportunities to reduce costs within the business and improve productivity.
Essential Steps to Grow Your Business
- Set SMART business goals that will help you achieve your overall business strategy.
Setting out with a goal to just grow your business is not a clearly defined business goal. Instead, you need to be highly specific with goal-setting.
So, how do you set effective business goals? We recommend using the SMART goal-setting framework.
Setting nonsensical and unrealistic business growth goals means that your company will not achieve them, which will demotivate your staff.
Setting non-measurable goals means you have no way of measuring progress towards achieving the goals, and you will not know if the tactic you have developed is working or not.
Setting untimely goals will make your business inefficient, at the very least. For example, let us say your business goal was to achieve 1,000 sales for Product A in the first quarter, but you could only manufacture 200 units of Product A. This means that you would have unfulfilled customer orders and poor customer satisfaction, both of which could damage your brand’s reputation.
An ideally structured goal might look something like this:
We want to gain 100 new customers for our tax consultancy business, with an average annual billing of £5000 annually at a profit margin of 20%, phased equally throughout the year.
If you had the capacity to take on this level of business, and the market supported this level of growth, the objective is probably sensible, achievable, and realistic. If you have a way of tracking revenue, profit, and new customer acquisition over time, then the goal is also measurable.
- Assess your ability to achieve your goal in the current state of your business.
Next, you need to see if you could achieve this goal without altering your business methods and processes. If you can achieve the goal, then the business goal is almost certainly not aggressive enough; if you cannot achieve the business goal without making changes, then you need to do a gap analysis.
The gap analysis identifies and quantifies the physical gap between what you could achieve without making changes and what the goal wishes you to achieve. If we continue with the example goal above—if we wanted to achieve 100 new customers annually, and if our organic growth rate were to deliver 20 qualifying customers throughout the year, then the gap we would need to acquire would be 80 new qualifying customers during that year.
- Close the gap.
With the gap identified, you then need to identify means of closing the gap. In scenarios where growing sales is the prime means of growing your business, which is often the case, one of the prime means of achieving this is by growing your pipeline of potential customers. There are a number of means of doing this, including a few we have highlighted below:
- Affiliate Programmes
- Referral Programmes
- Digital Marketing
- Better Sales Prospecting
- Use of Off-Site Prospecting and Lead Generation Services
This is by no means an exhaustive list, and when we are consulting with clients, we often suggest other means of growing business and sales. Historically, these have proven the most effective means of growing most businesses. Of the methods mentioned above, we have found correctly executed digital marketing campaigns are by far the most effective of all techniques to grow the sales pipeline or direct sales in eCommerce type businesses.
As an example of just one element you could deploy of a digital marketing campaign, let us look at Search Engine Optimisation (SEO). Again, this has historically been one of the two main elements of digital marketing that we have seen deliver the most traction, the other being paid advertising and pay per click advertising.
Click the links in this paragraph to find out more about SEO and/or PPC.
If you are ready to start your business growth strategy definition with us to help you, why not take advantage of the offer below?
We offer a free business growth consultation to try to help you understand how digital marketing and technology could help your business get better internet exposure and generate more leads and more sales. This initial discussion is not only free of charge but without any further commitment from you or your business.
Adrian Tatum our Managing Director, who has helped many other businesses to deliver business growth through the use of online technologies will personally conduct this one to one session.
To book your discussion please press the button to your right.
Based in Aylesbury
Effective Business Growth Ltd.
6 The Turnpike
Tel . 01844 690010