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Home » Grow Your Business

How to grow your business (part 1)

With newspapers optimistically starting to talk about the end of the recession, it’s time to start preparing your business for turnaround.

Because when an upturn comes you want to be sure that your business is prepared to capitalise on the opportunities presented to it.

In these dark days of the last couple of years it’s easy to think that the economy will never turnaround, but it will and in this ‘mini series’ of 10 posts we’ll show you your business can capitalise when it does.

In this first post I’m going to encourage you to take a fresh look at your business so that you know what works and understand what makes it tick:

Here’s 5 things to do to assess the current position of your business:

1. Products

Over the last 3 years, what products/services have been the real driving force of performance in your business portfolio?

2. Competitive

How do your products or services compare in price/quality or value compared to your competitors products or services?

3. Ask customers

When did you last talk to your customers? Go and make appointments with your top 5 customers and bottom 5 customers. Why are your top 5 buying and why aren’t your bottom 5?

Important: don’t try to justify what you’re doing, don’t get defensive just ask questions and listen to what their problems are.

4. Where’s the value?

What makes your products or services truely unique? What value do they give the customer?

5. What are competitors doing?

Do you know who your competitors are?

What are your competitors offers? How are they promoting their products are they growing or struggling?

Once you’ve got answers to the questions you can then start to form a plan of what you need to do.

Some tasks will be easy. Some will be difficult. So, split them up into tasks to do in the next 7, 14, 30 and 90 days.

What do you think? Anything to add?

9 Comments »

  • Alex said:

    G’day Matthew, eagerly anticipating the rest of the series. What I like about this list is that my business is new and still all but point 3 are applicable to me, but even point 3 can provide me with some valuable foresight going forward.
    If I was going to add one more thing to the checklist it would be to ask: How are you managing and focusing yourself?

    Thanks for the insight mate.
    .-= Alex´s last blog ..Dude! Where’s my Drive? =-.

  • Matthew Needham said:

    Hi Alex, thanks for your message. The posts will come out over the next couple of weeks, so stay tuned! Absolutely, just because you haven’t got customers, doesn’t meet you can’t ask prospective customers what they think of yours and competitor products – thanks for the addition, that does actually come in a couple of posts time! Thanks again, Matthew

  • Joshua Black | The Underdog Millionaire said:

    Number 4 is the kicker, and it all starts with your unique selling proposition. If your business solves a problem and/or removes a pain for your customer, that no other business can do, you can charge almost any price you want.

    Uniqueness, not just for the fact of being different, but being unique to your solution for a nagging problem, can really secure your place in the recession-proof arena.

    -Joshua Black
    The Underdog Millionaire
    .-= Joshua Black | The Underdog Millionaire´s last blog ..Is Your USP Punching Your Business in The Face? =-.

  • Matthew Needham said:

    Hi Joshua, you’re right USP is very important as it’s what sets you apart from your competition.
    Thanks for your comments here, Matthew

  • Steve Scott Site said:

    I’m always trying to improve myself personally and improve my affiliate marketing business, but sometimes life does get a bit overwhelming. Hey, it happens to the best of us! That’s why I really like how you tossed in the reminder that it’s okay to split big tasks up into smaller tasks. Baby steps are still steps, and as long as you’re showing progress along the way, I don’t see anything wrong with taking things slowly from time to time.

  • Matthew Needham said:

    Hi Steve, thanks for the comment. If you try to boil the ocean it will take forever and you’ll be overwhelmed. Small steps will give you more confidence and you’ll get more done.

  • Moon Hussain said:

    I like your approach here, Matthew. Definitely something to think about as ‘things turn around’. Things to think about in order to grow your business…. well done here.
    .-= Moon Hussain´s last blog ..11 Ways to Make Passive Income =-.

  • Matthew Needham said:

    Thanks for the comment Moon. How’s the non corporate life going?

  • How to grow your business (part 1) – Big Red Tomato Company « Tech4buziness – Eng said:

    […] Some tasks will be easy. Some will be difficult. So, split them up into tasks to do in the next 7, 14, 30 and 90 days. via bigredtomatocompany.co.uk […]