How do you grow your business when you are already maxed out?
Phase IV – Formulating a plan
For those who jump to this article, you cannot effectively formulate a plan if you have not read and follow previous articles. There are critical pieces of the puzzle that you are missing.
Formulating a plan requires that you have most if not all of the relevant information. While 100% accurate, up to date information may not be realistic, you must be able to address these areas. To grow your business, you must know three things. But before we get into that, there is a subject that may get in the way of your growth.
Do you have the capacity to grow your business? Can you handle a 30 or 50% increase in your business? How much growth can you handle before you need to start investing in increasing your capacity? Crossroads Consultants can provide you with a Capacity Analysis to help you understand the costs related to your current capacity and capacity growth. We will assume that capacity is not an issue.
Know what makes you special
Most businesses believe they know this when in reality they don’t. There is a difference between why people come back to you as a repeat client and why they came to you in the first place. You need to know both if you are going to be able to effectively grow your business.
Know who your customer is
Over time we lose sight of what makes our customers different. How has your customer changed over the last several years? What are the demographics and psychographics of your customer base? If you can (and usually it can be done with some work) identify those traits or characteristics that make your customers different from everyone else, you will be much more effective in reaching potential clients.
Connect your message to your audience
First of all messaging is a blend of your value to the prospect and the uniqueness of your client base in how they receive a message. This can be some of the most difficult parts of doing business today. It is an art in crafting the right words to say, and impressions to give to the public hoping to catch the attention of your prospect.
Second, understand the most effective and cost-efficient methods of delivering your message. Billboards still have value for certain types of businesses. The point is to not eliminate a particular marketing method because of your bias or perception of what works. What your prospects think is what is important.
Understanding the correlation between real cost and real impact is often missing. Something like Facebook may seem to be low in cost may be very costly in time. And just because you get a thousand likes on a post, doesn’t necessarily translate into sales or whatever your goal is.
The next step is to create and implement a tactical plan that provides you with the results that you are looking for. While it takes a lot to be able to grow your business if you have the right goals and resources it can be very exciting. We’ll look at that next time.
There are only twenty-four hours in a day and you cannot spend your time doing everything. In the final piece of the puzzle, we will discuss how to make it happen. Reaching your goals without sacrificing your life is the real prize.
Stan Broesder, MBA is a business consultant and owns Crossroads Consultants. He helps businesses to address efficiency and effectiveness issues that affect business growth. Stan can be reached for a free initial consultation at Stan@MyCrossroadsConsultants.com