We’re all searching for growth strategies to help our small businesses in these uncertain times.
Any small business strategy that focuses primarily on expanding your business could be a disaster waiting to happen.
First, you should understand that growth in itself is not always what we want. If you are currently tired, will more business help you or hinder you to achieve your goals?
Can you handle increased business?
There’s no doubt that small business marketing has two sides.
Growing your business too quickly is one of the best ways to see it fail when you least expect – when you are at your busiest, and your revenue is at its peak. Growing your business and not paying attention to the service you provide is a recipe to disaster.
The second point is that growth is not what you want, even if it is misguided.
Profit growth is what you should be aiming for, or at least desire if you are thinking about it.
Wouldn’t it make more sense to do the same work, or even less?
The only rational response to this question is “yes”.
Here are 3 simple strategies to increase profits that you can use without having to break your back.
Increase your prices to begin with.
You’re right. There are many reasons why this will not work. I can assure you that it will work. Whether you like it or not, almost no one buys based on price.
In fact, no one ever buys solely on the basis of price. Even if they say they do. It’s possible that you might be tempted not to believe this. You might be tempted to negate this.
Because of these nuts and bolts, even a small increase in price has a hugely disproportionate impact on profits. (Another thing to be aware of is that a price cut has an equally disproportionate negative effect on your profits. Do you not believe me? Try it out and decide for yourself. You can lower your prices next week if I continue to blabber on about nonsense.
Second, you should not focus on acquiring new clients but rather on your existing ones. You need a little new business but you can find the best sales and profits by focusing on your existing customers. The majority of businesses don’t even think about it.
Lack of recognition is the most common reason for customers and clients to change allegiance. If you don’t give your clients anything to hold on to, then it is impossible to expect them to remain loyal.
You will increase your sales no matter how you keep in contact with them. Whether it’s through Internet marketing, letters, or the humble telephone, you can expect to see a rise in sales.
Thirdly, stop selling and start serving.
It sounds absurd. If you are selling, then you are pitching without paying attention. If you don’t listen to what clients and customers want and need, then you are missing out on many opportunities to better serve them.
The more you serve, the higher your earnings.
These business growth ideas will work for you. I promise.
If you don’t do anything with them, you can’t expect them to do much for you.
