As small business owners, it’s important always to be looking at where our growth will come from. Seems obvious, but most people automatically shoot for more clients. That’s great, we all want more clients, but growth doesn’t always have to come from gaining more clients. There may come a time in your business where you will cap out on how many clients you can accept. When this happens, how are you going to get those additional clients?
Below are eight key areas that will help you stay on top of the growth in your business. Each of these areas contributes a different set of benefits to you and your company. Not all will be a fit for your overall strategy. Understanding why each one can or won’t be part of your business growth strategy can set you apart from most other businesses out there and prepare you for success.
8 Ways to Improve Your Business Growth Strategy
When you have areas of your business that aren’t streamlined and take up too much administrative time, you’re losing money and distracting from customer care. Implementing better systems and processes will make your organization more efficient and add more value to your clients, therefore increasing your capacity to take on more clients, as well as increasing your word-of-mouth referrals.
Many business owners are gun shy to hire people, and feel like there are pieces of the business that no one can do better than themselves. That’s short-sighted thinking. As a business owner, your time is best spent in your zone of genius, and in client acquisition. Getting out of the “it’s all about me” mindset and growing your team will allow for long-term business growth.
Leveraged Offerings & Packaging
Understanding your offering mix and exploring options for packaged offerings can skyrocket your business growth. How can you leverage what you already have?
When was the last time you reviewed your pricing? Do you know how your pricing compares to your competitors? Do you have mindset blocks around charging your true value? It may be time for a pricing review.
Maximizing repeat customers, knowing what your client mix is, obtaining long-term contracts, and knowing which clients drain your company of energy and resources are all important to be keenly aware of. Most businesses don’t pay attention to this, but it can make a massive difference to your company’s productivity and long-term success.
Referrals & Strategic Partners
Often overlooked, many business owners never think about a referral or strategic partner strategy. I always suggest making a list of your top ten referral partners that you can nurture on an ongoing basis, who will be a voice for your company in the marketplace.
Does your long-term strategy include the addition of new offerings? When was the last time you reviewed options for adding new offerings? It may be time.
Once you have a solid share of your market, you may want to look at other markets to expand into. Depending on your type of business, areas such as government contracting, international expansion, and even population/demographic expansion can add significant growth to your bottom line.
When was the last time you reviewed your business growth strategy? Each of these areas should be part of the annual strategic planning discussion, for both your short-term and long-term strategy.