3 Tips To Grow Your Small Business in 2012?
Posted by Vicki Donlan on Thu, Dec 08, 2011 @ 07:59 AM
"America is in a recession," you say. So how can you grow your small business?
Easy, if you are willing to follow these 3 tips.
(1) Grow By Saying NO. It's time to focus on what's working and what isn't. You should be able to look at your business and see what products and/or services are selling and what aren't. STOP offering what isn't selling. You must be turning your product as often as possible to grow. In the case of a service business, focus on what customers are asking for. Niche businesses grow more easily because their prospects can be better targeted. It is much better to be the best at "something special" than okay at "whatever the client asks for".
(2) Get Rid of Non-Performers. Excuses, excuses that's what you hear from those responsible for your company's sales. Money is tight, the customer is buying less, everyone is cutting back. It's time to realize that customers are buying somewhere and although finances are limited the revenues of the Fortune 1000 are better than ever. So, you need to ask yourself, why as a small business owner your revenues aren't up like the big guys. The answer is you've allowed the down economy to affect your sales people and they are getting away with it. There are salespeople out there that succeed in every economy. It's time to take action and demand that your non-performers step up their game or step out.
(3) Follow The Money. Often when I speak to customers about growth what they really want is to increase the bottom line. Growth and increased revenues are not necessarily the same thing. Perhaps, what you really need to do to raise revenues in 2012 is to look where your money is going. Here are just a few items to look at:
First, if you are in a business where tips are being paid to your workers are you allowing tips to be paid by customer credit cards? Ouch, your revenues are decreasing every time you pay an employee tip. Second, what credit cards are you using and for what purchases. Yes, American Express has its advantages but are they really helping you. And, what about bank charges? Are you paying attention to how your bank charges you to do business with them? Fourth, if you are in a service business it's time you get yourself on a retainer. Cash flow is critical to every entrepreneur and a monthly retainer will keep your business rolling along. Be creative...develop a monthly check-in with clients so that they see they are getting more for their money. Eventually the monthly retainer becomes a part of their doing business and will be budgeted for.
Small businesses can grow in 2012 if entrepreneurs do what they often do best -- get focused!
DON'T MISS THIS WEBINAR--LINK BELOW!
These three tips are just the start of what small businesses can do to grow in 2012...for more sign up for a free webinar offered by Hubspot and Vicki Donlan on Tuesday, December 13, 2011 at 2 p.m. http://www.hubspot.com/free-webinar-grow-small-business/
