5 Strategies To Grow Your Business Now
In today's economy, many businesses are struggling to keep their heads above water
. They find themselves under a lot of stress and looking for ways to recession-proof their businesses. I love Michael Gerber's book E-Myth because it teaches entrepreneurs how to systematize their business so it runs smoothly and as expected. In times like these, business owners often find themselves wondering what they could do to protect them for the future. Here are 5 tips that you can use right now:1. Perform a Financial Makeover Now is the time to be financial focused and trim the fat! As business owners, we sometimes have a tendency to set and forget, but in a recession, it is critical to focus on every element of the business's finances. Look at what is essential to you business and identify wasteful spending. How can you save? What can you leverage? Renegotiate all contracts (even if the contract isn't up yet). Bottom line - eliminate expenses that are not essential to your business.
2. Automate, Outsource and Redistribute Now is the time to be working on your business, not in it. It is so easy to fall into the trap of doing everything yourself - don't do it. Look for solutions that add value, make sense and can be leveraged. Your time should be focused on building your business and developing strategies to grow your business. Bottom line- automate, outsource, and redistribute the tasks that take you away from growing your business.
3. Create More Value For Your Customer
Now is the time to tell your customers you love them! Show them why they should continue to do business with you and a simple way is to create more value for the same price. Take a look at what little bit extra you could throw into the pot. A free service? A free widget? An extended contract at current prices? Whatever works for your business. Bottom line - Do everything you can to keep your clients and attract more.
4. Network Like a Maniac
Now is the time to reach deep into your network and make connections. Building up social capital is one of the best marketing strategies a business owner could use to build their business. To be an effective networker, you need to be genuine and not be looking for something in return. Offer your gift of knowledge, compassion and connections to help out others. The ROI on that action will pay off for years to come. Bottom line -Friends give friends work.
5. Stay Focused on The Future
Now is the time to position yourself for the future and in order to do that, you must remain focused. Although these are tumultuous times, begin smart and strategic will bring you out ahead of your competition. You should always be thinking about what action you can take that will move your business forward. Bottom line - never lose sight of the prize.
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