There is no end in sight to the current tough economic times for both entrepreneurs and their customers alike. Unfortunately, we cannot even afford to duck into brace position and hope it will go away. With no doubt, it is important to maintain focus in growing and sustaining the business. There is no time to give up, yet there is also no time to sail along for the sake of calling ourselves entrepreneurs hoping the New Dawn has come. For many, the new dawn is being brewed, roast your own daily.
Whenever you consider growth strategies, always ensure that the following five tips are not left behind in your formulation:
1. Never drop the ball on New Business Development
When you are comfortable with the number of customers that generate revenues that can make you proudly say – ‘I am in Business’. It is easy to stop knocking on more doors for new business. The thought of even losing those customers or revenues doesn’t even cross your mind until you are 1 month towards the looming end of one project and then you stop and think to yourself or with your team: “Where to Next?” Oh-Oh… Run, run, run and let’s getting knocking on those doors. Really? Read the heading of this paragraph again. No matter how pressurized you are with the current customers or projects, keep chasing those potential customers.
2. Stay Synchronized with Your Customer’s Demands
Growth also comes from loyal and repeat customers who believe your business is solving their problems or is improving their lives. Customers are your best business instructors – make time to engage and listen to them. What do they appreciate? What frustrates them out of your dealings or orders? For example, if they keep minimal stock, do you deliver in time when they need you? Do you always send them your Senior Consultant or Technician if they believe in the Company Expertise they bought into initially? Always Listen!
3. Fine Tune Your Delivery Systems
Once the demands are fully identified, build your own delivery yardstick. Gauge each customer’s ordering frequency and plan your raw material quantities and frequencies. In practice and for the benefit on this point you will need to define your stock. Is it the number of CV’s if you are a recruitment agency, whatever commodity you resell onto your customers or even the availability or schedule of your consultants or technicians? Be ready and willing to ask how high you should jump when customers need you.
4. Retain All Profitable Customers
If you are running a one-man business, unfortunately, you are going to have to play every role your customer wants you to play. From the sales admin to delivery person to after-sales consultant. Never get lost into one role, as with a multi-role resourced business everything still needs to come together in symphony for the greater contentment of the customers. You can then add more cherries on top like – discounting on volume or early payments, unbilled assessments and recommendations or buy ten get one free deals.
5. Mimic Big Business, Wherever Possible!
I repeat, wherever possible! I know you see it every day; a soft drinks company reduces the handy bottle from half a litre to 450 millilitres. Did that stop their enthusiastic customers from buying from them? No, because they responded to their demand for affordability and no hefty price increases. DO NOT, send in a junior techie to save costs or use lower quality raw material. Whichever way, always research and benchmark – Grow no matter how tough the market may become.