How many months have you been investing in your business without seeing results?
This is the interesting thing I learned from being in business and mentoring other small businesses to grow.
All marketing and sales strategies work… in due time.
Chances are, you’ve worked hard and done the “right” things to grow your business. You’ve just focused on the big, compelling strategies that generate long-term business, but have you heard short-term crickets?
If that’s you, know this: you’re not alone. In fact, 85% of the companies I work with are doing the same thing. If they can turn things around and see results in the next 90 days, so can you. Here are the top 10 ways you can easily and quickly grow a business.
1. Balance your marketing mix to include short term (results in 90 days), medium (results in 90-180 days) and long term (results in more than 180 days).
2. Be more active in your marketing. If you wait for your phone to ring, you need to do more marketing that increases your “know, like and trust factor.” The fastest way is to be where your customers are and talk to them. If you need to grow your business, don’t wait for business to come to you!
3. Build your circle of influence. Have you ever played the game ‘6 degrees from Kevin Bacon’? Think of the people who through their work touch your ideal client. Seek partnerships and alliances with those companies that best represent how you like to do business. Developing relationships with a few key people is a fast path to cash.
4. Ask your customers to buy again. It’s easy to focus on getting new clients and new projects, but your existing clients are more profitable. Contact any previous customers who have not purchased in the last 6 months or a year. Let them know how valuable they have been to you and see if there is anything you can do for them now.
5. Ask your clients for referrals. If you love your clients, you will probably love their referrals. Always ask for references like a business course, but even if the client you just called at #. #4 doesn’t have a job for you, so ask, “Who do you know who…?”
6. Raise your price. I know this sounds simple, but most people don’t adjust their prices according to their costs. I had a client who lost 20% of gross profit because he had unknowingly underpaid. The change in your business puts $100,000 on your bottom line. I know this is a sensitive area, but I know most buyers won’t even register a 10% increase in price.
7.Re-evaluate your profitability priorities. It’s easy to say yes to subscriptions and little extras in your business, but it could be a penny and you could choke to death. Cancel any unused subscription no matter how great the idea, reduce good-to-have expenses, and create cash to invest in growing your business.
8. Stop being busy, start being effective. Take a good look at what you do with your day. The top three things an entrepreneur or small business owner must do are 1.) Find the money, 2.) Sell the money, and 3.) Serve the money. How much green is on your calendar? If it’s not an income-generating task, offload or delegate it.
9. Stop doing it yourself. Gone are the days when small businesses can succeed in a silo. You don’t get any trophy for doing it on your own. Invest in people who want to invest in you through responsible partners, masterminds or coaching. You will surpass your competition when you stand on the shoulders of giants.
10 Do not make it harder. Simplicity and ease is what wins in business. If it sounds too difficult, it probably is, especially if you’re doing it alone. It’s best to keep things simple when putting together a growth plan for your business. Doing little things every day add up to a big result in the end. The easier things are, the easier it is for them to be consistent and sustainable. Most companies stagnate because they can’t sustain their efforts, don’t be one of them.
Use one or all of these strategies to fuel your small business growth!
