Growth Strategies for Businesses

Growing your business can be a difficult and often frustrating process. No matter how talented, experienced, or proficient you are as a leader, business development may be draining your energy, funds, and desire to achieve the original plans you had for your company. Yet growing your business is a critical step in maximizing your company’s potential and in revenue enhancement. So how do you achieve success? You need a growth strategy.

Business type may dictate growth strategies. Service businesses are certainly different from product businesses in terms of strategies. And obviously globalization strategies are different than local strategies. Yet, devising the correct strategy is important for the expansion of any business.

Here are a few ideas that would cross over any business type, industry or size.

* LEVERAGING. Every business should be looking for ways to leverage every thing they do in multiple ways. The question to ask yourself before beginning anything – be it a new service, a product offering, or an innovative idea – is how else you might be able to leverage it. If you are creating a new service, what else can you do to utilize this new service? Can you offer to speak at conferences or write an article about the service? Does it offer opportunities for joint ventures with others? Can you productize the service in some way? Everything you do or create has the opportunity to be leveraged in multiple ways if you think creatively.

* RELATIONSHIP-BUILDING. Relationships are key to growth. You must build high trust relationships with everyone – clients, vendors, colleagues, alliances – absolutely everyone who deals with your business in any way, shape or form. The more people who know you, who understand your ethics and values, how you work and what they can expect from you, the greater your chances of these people referring business. Your ability to ask for referrals and get them is also increased. Often we think of those high trust relationships as being with clients or perhaps staff. Yet the truth is that relationship-building crosses over into all facets of your business.

* CLARITY. You need clear job descriptions and understandable metrics for all staff. Sounds silly right – how can this grow the business? But the clearer these pieces are the greater productivity you will have. Increased performance leads to growth.

* INFRASTRUCTURE. Building an infrastructure is often discussed yet rarely handled. Your infrastructure will includes budgets, planning and other piece of business involved with creating and maintaining the foundational parts of your company. Many business owners and leaders overlook this critically important aspect of doing business. How do you know where you are going if you don’t plan for it? And if you are off track how do you figure out where you’ve gone wrong if you don’t plan?

* LEARNING. Become a learning organization. You want to find the lesson in everything. Every success and also each action or move that didn’t work out quite as anticipated. Just because your marketing initiative was successful this time doesn’t mean it will be the next time. Take the time to analyze what made something work well, or not so well. If everyone in the company is taught how to analyze and learn from what they are doing, success and growth are the outcome.

Growth strategies are essential to a company’s success. But only those companies that produce products and services that sell in the market will succeed. And only those products and services that are marketed and put into action skillfully will sell in the market. They sell because you have covered your groundwork. You’ve built strong relationships. Effective communication is essential within your company. You’ve put a well-built infrastructure in place. You’ve leveraged everything you do. You know the answers to the basic questions that determine the success of any business. You know who you are, what you are doing, which is your market, who is the potential client, and you know the challenges that keep your clients up at night. All that remains is to provide your clients with solutions that will work for them. That is, after all, what a growth strategy is.

Chamber of Commerce Strategy – Business Watch and Company Security Talks

If you run a Chamber of Commerce, then can I suggest a project for you that will put your business group front and center as a benevolent force in the community? Why not form a business watch? In fact, why not offer free information to business owners allowing them to help themselves to better security and safety? Okay so, let’s discuss this.

There are several folks, perhaps even members of your chamber already who can assist you in delivering a quality program to educate small business entrepreneurs about security risks, and then once they have their own house in order they can then join your business watch program in the community to help become an extra set of ears and eyes for local law enforcement. There are several things I’d like to discuss in this article, namely;

Lock Smiths
Focus Groups
Security Consultants
Commercial Insurance Lines
Leveraging Today’s Technology

First, once you get a large number of members together who are interested in business security you should have a locksmith, hopefully also a chamber member give a talk about the best ways to secure their facilities, location and stores. This would include their work vehicles and off-site equipment. I also recommend having a security consultant come in, and also someone that sells commercial lines of insurance. Hopefully a preferred company or a commercial business insurance broker.

Next, you should help the business owners leverage technology such as CCTV, e-mail alerts, computer security recognition systems, gate cards, and other high-tech strategies. Once everyone feels that their facilities and businesses are safe, then they need to get involved with your business watch program. This is where you will help become the watchful eyes for the local police department reporting suspicious behavior. Of course you need to know what suspicious behavior is, and what some of the challenges in your city are for instance;

Theft Rings
Counterfeit Rings
Employee Pilferage

Once you identify the challenges in your own business community, then you should get the group together, break them into focus groups, and attempt to address each of these issues, and the best strategies to deal with them. Remember entrepreneurs are very smart at solving problems, much better than a slow-moving bureaucracy.

This is why your group can become so valuable to making your city a no-fly zone when it comes to crime. If you can remove one or even two of the sides of the crime triangle you will be well on your way to helping your local Police Department. Please consider all this and think on it.

Internet Marketing Strategy: Business Ownership Means Leadership

Hi guys! I hope you’re doing awesome.

A business owner is a leader. Do you believe this? I sure do. That’s why my online ventures are insanely successful. I don’t only own a company, I lead it. As one, I make it my responsibility to grow my biz. I take care of those under my wing the way I do my family. I propel it to higher ground through sound business strategies and right principles.

What does it take to be a leader? In my experience, it’s really two things: foresight and the ability to delegate. When I say foresight, I mean exactly that. It’s the ability to predict what’s going to happen even before others do. That’s why I became a businessman in the first place. I possess an ability (and I’m sure you do too) to “see” something before it happens. I’m able to look at my statistics once and right off the bat, see that a strategy I use is not working as it should, and that my business is better off if I employ something else. This foresight is not the same foresight of psychic fame. It’s educated foresight, something that’s based on concrete information, data and observation.

The ability to delegate is another trait of a leader. What does this mean? It’s knowing my priorities and then deciding that others could do the more routinary things for me. It’s realizing when I need to outsource so I can focus on the really important stuff, like thinking of ways to leverage my biz. It also means delegating the things I know I can’t do, and be humble enough to admit that I do not know everything. It’s realizing that there are certain things that others will always be able to do better than me, and delegating that responsibility to them so my business can grow. It’s asking the help of people when it all becomes too overwhelming.

If you really want to succeed in your business venture, you’ve got to understand that ownership is also leadership. You’re not a leader if all you do is finance a venture and leave the operations to a manager. Real business success can only come if you become more than an entrepreneur. It comes when you become a leader.

Own your business. Lead it. That’s the only way to make it succeed.

To YOUR Success,

Kevin Hutto