Monday, November 4, 2013

Tip #468: 6 Quick Business Growth Tips

It may seem difficult to grow your business in today's challenging economic climate; however, it is possible. 

To help you and your staff expand your sales, we have listed below a number of tips for any size business to consider - tips that will help you look beyond what you are doing today.   

Expand Your Business By Focusing These Quick Business Tips.

Tip #1: Remind Your Customers - Your business will not move forward or increase in value if your customers are unsatisfied. As you grow your business, continue to cultivate your existing customer relationships. Consider rewarding your current customers (even past clients) with discounts, vouchers and loyalty benefits. Additionally, don't forget to reward them if they "refer" someone to your business as well.

Tip #2: Avoid Selling On Price - Every member of your business should be able to understand and define what makes it different from the competition. This will help you drive sales and keep focused as you continue to grow your enterprise. Coach new and existing employees on an appropriate "elevator speech" that describes your business with concise clarity.   
Tip #3: Market Your Business To Its Customers, Prospects And Partners - Marketing is about telling your clients, prospects and business partners over, over and over again the value that your business brings to their business. The key to your marketing is this: Make sure you are sending slivers of information on a consistent basis (not one campaign with a list of all the products and services you can offer them). 

Tip #4: Add Complementary Lines of Products And/Or Services - To expand your sales, you should consider a formal (e-mail or through written communications) customer survey on an added product or service. Here is a question that you may want to use: What type of product and/or of service would be of value to you and your business? (List possible items below and an open space for a variable answer.)

Tip #5: Create A Formal Sales Follow-Up System - After a marketing campaign has been released, make sure your salespeople are calling the recipients to follow-up on the risk-free offer, i.e., call to action, that you used on the campaign. To ensure that this is being done, measure how many calls each person has made and the results of their calls.  Do this and you will see an immediate increase in sales activity. Remember this: 50% of most salespeople stop calling a prospect after their first unsuccessful attempt at moving the sales process forward!

Tip #6: Look For Financial Opportunities And Risks -Finances can make or break an expanding business. Carefully consider all investments - which are necessary and which are luxuries? Consider the details such as:

  • Business grants
  • Employee-related costs (orientation, benefits)
  • Financing expansion
  • Tax penalties and/or write-offs

Executive Summary: While there is much to consider when it comes to expanding a business, your core values should remain the same. As the business leader, you are ultimately responsible for retaining focus on these values - as well as the responsibility to see them through and pitch in when more help is required.

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