How to make your business grow?

Your business still have much room to grow...

We had set you the road talking you about planning and setting goals. Now, the important thing is, how to start to take action?

If you want to start up something, you first make sure that everything it’s in order, right? So do we want to make sure your business is ready for growth and won’t be meant to fail.

We’ll give you some steps-to-follow to can make your business review.

Learn up this list that mentions the steps to consider to verify if your business is ready to grow:

Quick review of your business’ healthPaso

Review

Do you have enough personnel or access to other choices to cover a bigger work volume?

Do you have enough inventory / material?

Quick review of your business’ healthPaso

Do you have enough space, in case of be required?

Do you have enough time to make space for more work?

Think ahead of what you will need if your business accomplish an abrupt growth.

Review

Existing and potential client must be the starting point to learn and planning growth.

ALWAYS Focus on the Customer!

Focus

Have you gained insight from customers recently?

How gain more?

Does your staff know this is important and valued by you?

Are they encouraged to share customer insights with you?

ALWAYS Focus on the Customer!

There are many ways business growth can be approached so focusing on customers' wants/needs helps you focus on better targets

Focus

Before of do it, you must ask yourself : Why? For what?

We tell you two quick and easy ways to identify what your customers need and wants

1. Through SurveyMonkey

2. Through Google Forms

Do you want to know what your customer wants and needs?

Do you want to know what your customer wants and needs?

Both tools work to apply surveys, and measure your customers answers to can identify their needs and preferences.

Especially focus on the areas you have strategically chosen as long term goals and priorities, as long as you feel you are staying on track and not just pursuing short term growth.

Step 3: Review Your Long-term and Short-term Goals

Talking about risks and options, there’s a tool -The Ansoff Matrix- that allows you to integrate or synthesize different growth strategies and relative of each one.

Goals

The Ansoff Matrix

1. Market Penetration: Sell more Existing products/services to your Existing customers/markets, lowest risk

2. Product Development: Sell New products/services to your Existing customers/markets, medium risk

The Ansoff Matrix

3. Market Development: Seek New customers/markets for Existing products/services, medium risk

4. Diversification: Seek New customers/markets with New products/services, highest risk

Pero la gran pregunta es, ¿qué actividades y ejercicios hacer en cada una de las estrategias de crecimiento? Te lo diremos a continuación.

The Ansoff Matrix

This is almost always a good place to start as it carries the least relative risk among these options. Also, while the range depends on many factors, it typically costs 5 to 10 times more to acquire new customers than to keep existing customers.

So while it is necessary to seek new customers and make the investment, especially retain the customers you already have!

Market Penetration

Market Penetration

Brainstorm alone if you must or preferably with a team what new products/services might be good for you to offer your customer base. How can you innovate your existing ones?

Product Development

Product Development

Identify what fundamental needs/problems you are solving for your customers. What can complement it? What is the next phase of it?

Product Development

Product Development

For this option, do separate brainstorming sessions from different perspectives:

Market Development

Customer focused. What similar needs might be out there that are currently not being met?

Company focused. What is your specialty? What are major assets you possess that can be applied in other markets? What other businesses do somewhat similar things?

Market Development

What new sales channels can you use?

Online?

Brick and mortar location?

Catalogs?

Infomercials?

International?

House parties?

Get creative!

Market Development

Market Development

This is the more ambitious approach to business growth and carries the greatest risk so I will not elaborate on this now, but it remains an option for you to consider.

Diversification

Diversification

There are many strategies, tools and tactics for the goal of business growth. We hope this helps by categorizing the main options for you to then conduct some productive research and brainstorming sessions to identify some exciting new ideas for real business growth!

Ready, Set, GROW!