7 Ways to Grow Your Business

Sometimes you just need some fresh ideas to get the creative juices flowing and grow your business. If you are looking for an idea or two to take your business to the next level read on.

1. Edge Expansion

Consider adding to your product line by offering accompanying products or services.  Ie. If your business is cleaning carpets and rugs add in a base board refresh and renew service. An additional service like this can have a high profit margin because: 

  • You are already in the building so no travel time.
  • The cost of the service will be a small percentage of the price the customer has already agreed to.

2. The Pareto Principle or The 80/20 Rule

Typically 20% of your activity produces 80% of your results. Reduce the busy work, reduce the “back office” work.  Many activities can be delegated or even reduced and simplified.

Figure out the most productive business building activities and develop systems that allow you to spend more time on those activities.

3. Review Your Supplier Contracts

A few ideas are:

Negotiate more favorable terms. If you have been with a supplier for years they may be willing to give you better pricing or more favorable payment terms.  The smart supplier knows it’s easier to keep a good customer than to replace them.

Grow Your Business

Consider reducing the number of suppliers, increasing your orders from one supplier instead of spreading the money around can earn you favorable terms. However: There is a certain security that comes with having multiple suppliers, as you reduce the risk of “putting all your eggs in one basket” kind of thing. Approach this strategy with caution.

Credit card processing fees can be a big expense. How long has it been since you have reviewed alternatives to your current credit card processor?  If it has been more than two years its time to review a few proposals.  Credit card processing is a very competitive field and there are always new products being developed.

4. Join a Mastermind

Big businesses have boards of directors and advisory boards. Small and medium businesses have Master Minds.  There are industry specific masterminds, local masterminds, national masterminds and those that meet in a physical location as well as those that meet online.

5. Understand Your Sales Funnel & The Buyer’s Journey

Marketing and lead generation is not selling.   Marketing and Advertising is creating awareness.

Show your ideal clients what the next step is and engage with them.  

Related: The Buyer’s Journey

6. Get Google working for you

If you guess that google likes to find google assets in their searches you win, and you know why a free google page can be important.

Claim or manage your page here.  https://www.google.com/business

Once you have claimed your page:

  • Complete it (especially the business description).
  • Master the dashboard.
  • Post regularly.
  • Respond to all reviews . . . especially the bad ones.
  • Keep the page current and up-to-date.

7. Build it to sell it

Even if you are not planning on transitioning out of your business in the near future building a business that is valuable to buyers will be a business that is profitable and sustainable with people and processes in place for continued success.

The statistics are scary for business owners who want to sell their business.  Only 20-30% of businesses that go up for sale get sold. Of the businesses that are sold only 50% of business owners are happy with the transaction.  Avoid becoming a statistic by planning early, design and build a business that will have value.

Perhaps you have a recent business valuation done by a professional business evaluator. Even if you do, most of these reports focus solely on the financial state of your business and often only on historical data. Business buyers consider much more than past financial performance when evaluating a business opportunity.  Wouldn’t you? 

There You Go

7 big picture strategies to grow your business and create more value. If one of these ideas seems to make sense for your business right now…take it and run with it.