Would you like to grow your business and take it to the next level?
If so, read on…
For almost 20 years I’ve been helping businesses of all shapes and sizes grow, where it matters, the bottom line.
Here are my Top Growth Tips, which you can use to grow your business and make more money.
1. Big Vision
Have a big vision for your business. If you want to grow big, then you need to think big. Set yourself a Big Hairy Audacious Goal (BHAG) – Something that seems so impossible right now but something that will be amazing when you achieve it.
2. Execute Like Crazy
Once you have a vision, start working towards it. Execute. Execute. Execute. And we aren’t talking people we are talking delivery. Break your big vision into smaller visions with shorter timeframes. For example where will your business be 12 months from now, 6 months from now, 3 months from now? Break these smaller visions into manageable goals and deliver them.
3. Why you do it, not what you do
Every business owner knows what their business does. Some businesses owners even know how they do it. But very few business owners can explain why they do it. What gets you up in the morning? If you can explain that to your workforce and your customers then you will create an emotional bond. For example if Apple thought like everyone else this is what they’d say:
“We make great computers (what). They’re beautifully designed, simple to use and user friendly (how). Want to buy one?”
But instead they say:
“In everything we do we believe in challenging the status quo, we believe in thinking differently (why). The way we challenge the status quo is by making our products beautifully designed, easy to use and user friendly. We just happen to make great computers. Want to but one?”
People don’t buy what you do, they buy why you do it.
4. Business Growth Is a Mindset
Whatever the sate of the economy, what ever market place you’re in, whereever you operate in the world there are businesses that are growing. Jack Welch the legendary CEO of GE in the 80’s/90’s told the leaders of GE’s businesses to redefine thier business unit so that the business only had a 10% share (even though they were market leaders) by expanding your horizons you create a growth mindset which allows you to focus on opportunities to grow you business.
For example what’s the difference between the resturant owner who owns a successful resturant and the owner of a chain of successful restaurants? Mindset.
Adopt a business growth mindset.
5. Stop doing stuff
It might seem crazy that the secret to growing your business is stopping doing stuff. But it’s true. How many side projects are you running which get in the way of growing your business? When you cut out the distractions and focus on the important you immediately save yourself time and money. One client I worked with gained 10 hours a week by selling off a loss making website and focusing on the primary one. This in turn allowed her to grow her business by 33% year on year in the first 3 months after she stopped working on the loss making website.
6. Balance Risk With Opportunity
Essentially there are 4 ways to grow your business:
1) Sell more existing products or services to existing customers
2) Sell existing products or services to customers like the ones you’ve already got.
3) Sell new products to existing customers
4) Sell new products into new markets
For some reason most business owners focus on 4), which is actually a) the most difficult and b) the most risky. The most certain method of growing your business is selling more volume to your existing customers, followed by selling your existing products or services to new customers exactly like the ones you’ve already got.
This gives you two advantages 1) you already know the market and 2) you can show potential new customers real life examples of how you products or services can work for them.
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