There are tons of ways to grow your business. And there is always a new shiny ball that you can try to get more sales and revenue in the door. But until you know and implement these 3 things into your business you’ll always be chasing new strategies and tactics. Start by uncovering these areas that will help you grow your business...
I don’t say this in a general way. And I don’t mean who you wish it were. We deal with the realities and data. Find out exactly who your best clients and customers are.
Find out exactly who your best clients and customers are. Find the top 20%, top 5% and ultimately the top 1% of your clients and customers. These are the ones that are driving the majority of your revenue and profit.
When you don’t do this you then end up working with people and projects that don’t fit exactly what your specialty is.
You may do projects that don’t make sense for your business. Or you stock items and inventory for a few people that bring you very little revenue and profit.
When we went through this with a yacht broker, he said (I’m paraphrasing), “Yeah, I know if I see a 1980 wood frame construction, less than 40 footer, I know it’s not going to make me much money and I’m going to have a hard time selling it."
Remember all revenue is not created equal. Just because you can make money doing something doesn’t mean you should.
This is a huge leverage point as most businesses get this wrong. Most businesses use platitudes and puffery to describe themselves.
Things like: best service, highest quality, biggest selection, locally owned, we’re professional, experienced and on and on.
The problem with saying these things is that it makes you sound exactly the same as everybody else. Your prospects can’t tell the difference between you and your competitors.
All they can compare you on is price. Then you get the question, “How much do you charge?”
There is a better way. It starts with knowing exactly who your top clients are and what they actually want.
3. Systematize Your Business To Get Things Done Without You
Maybe you’ve seen a business or have a friend who has a business like this. You know the one where every operation runs through the business owner. Every decision is dictated by what they do. The business owner becomes a jack in the box. Someone or something turns the handle and they have to pop out to put the fire out. The business is literally all in their brains.
Almost every business owner struggles with this or did struggle with this at some point. I would have never believed the $5M-10M businesses where the business owner was still doing the majority of the sales, project planning and still coming up with ideas for marketing.
If you don’t have the systems and processes in place that enable your business to deliver your product or service over and over again, consistently, without your direct involvement, then you are stuck trading dollars for hours. You cannot grow your business beyond the number of hours you, the owner, can work.
Having bad or no systems will also will drive employee engagement down. Star performers may get frustrated when they realize the business is a “clown show” and can’t get their act together. Letting employees take charge and ownership over key areas is the way to free the business owner and also increase engagement.
List all of the tasks that you are doing yourself because it is easier than delegating.
Document the step by step process of the tasks that don’t need to be done by you, and delegate those tasks to someone else.
Download this free assessment - the 80/20 Marketing Strategy Scorecard...you’ll be able to:
Self-assess your business on where it stands on the effectiveness of the sales and marketing strategy
Answer 10 questions designed to cover all aspects of your sales and marketing
Discover how much you can improve on your key business growth assets