Three ways to grow your business this week.
It is possible to grow your business. The most important aspect of changing (improving) your performance is to change your actions.
So what three things could you change this week to grow?
1. Lead generation. Do something different targetted at improving your leads. It could be an email campaign, a radio ad, or a presentation to a community group. But do something and make it different.
2. Conversation rate. Do something different to improve the number of leads that turn into customers. It could be what you do or say, but you have to do something different to get a different result.
3. Increase the average sale value. This is the classic “would you like fries with that”. Just think how many customers or clients you have dealt with in the last week who could have benefitted from more of your productsor services.
These are just 3 of the many ways you can achieve growth this week.
If you would like to explore these and more, call our office or email adam@mbrgroup.com.au
Opportunity knocks constantly
In todays world, many businesses are trying desperately to retain their existing customers or clients.
The reality is that this focus can stop a business from keeping pace or moving ahead of the competition. Being too concerned with maintaining the status quo can really restrict the opportunity to move forward.
Your competitors will be looking for an advantage, so by merely maintaining your business, if your competition is moving forward, your business is actually falling behind.
Find out where the market wants you to be:
1. Ask questions of your best customers
2. Take note if you lose a customer – it may mean nothing, but then again…
3. Make sure you know who your ideal customer is, as then you can research their needs.
You need to move with the market to maintain your position, staying still is likely a backward step.
But it is your customers wants that you can satisfy that present a great opportunity, and their needs that provide the future.
Do not fear the future, embrace it, as that is where the opportunities for your business are!
The present of today is the history of tomorrow, so for a prosperous future of both your business and you, look to where you want your business to be, and plan the actions you need to take to get there.
Remember it is Decision AND Actions that produce Results.
If you would like to explore the opportunities for you business, call us today and quote “business success” for a bonus invitation.
Do you really want a business partner?
As our business develops, or as we start out our business, it may seem like having a business partner is a great idea. But what if it is not what you thought it would be?
As with any significant event or strategy for your business, you should consider both what is to gain, and how to minimize the disruption if the outcome is not positive.
If you are thinking of adding a business partner, or starting a business with a partner, consider these 5 keys to a successful partnership:
- Establish common goals for the future of the business – Clarity is “gold”
- Document the rights and responsibilities of the partners
- Make sure the agreement covers sale or purchase of partnership interest and how that will be valued
- Ensure you have a communication strategy between partners
- Review and refine the goals and agreements regularly
If you follow these keys, not only will the likelihood of a rewarding partnership increase, but in the event that this does not turn out, formal documented agreements can make the partnership dissolution less costly and painful.
If you are considering a partnership, or an agreement for an existing business partnership, and would like more information, contact our office today.
Business is like a game of football!
If Aussie Rules is not your game, substitute the team sport you can best relate to.
I ventured to the M.C.G. on Saturday afternoon to watch Melbourne take on West Coast. With the youthful exuberance that Melbourne had been demonstrating in recent weeks, I was looking forward to a contest filled with energy.
Have you ever looked forward to doing business with someone, in the belief that their product could help you?
And, if so, have you ever finished the transaction and felt like you had been shortchanged by the experience?
On Saturday, I felt shortchanged by Melbourne. It gave me the opportunity to liken the game of footy to business and these are the things that were evident:
1. When Melbourne ran through the middle of the ground early in the game, and then kicked poorly, it was like a business having a great product, and delivering it poorly.
2. The quarter and half time breaks were a great opportunity to review and reflect on what was working and what was not. It is a time to build on successes, trial changes to those things not working well, and reset targets. We all should take the time to do this in our business.
3. When things aren’t going well on the field, the challenge is to remember to enjoy the game, take the positives on board and learn from any mistakes.
4. If you see another team (or business) doing something really well, remember that might just work for you!
5. West Coast ended up wining the game because they consistently did the little things that matter. How does your business “score” on taking the time to tend to the little things?
6. If you can get your entire team sharing a goal, then the likelihood of success is multiplied. Get your team playing the game together, and enjoying the game together. Success will follow.
So take note of these points when considering the “game” your business is playing today. Make decisions, take actions that result in your supporters (customers) not feeling shortchanged.
Don’t wait for the whistle, go for the ball!
Why should I grow my business?
Your business is paying all the bills.
You don’t have to work (most) Sundays.
You are paying off your home.
Your football team is winning games.
Why should you think about growing your business? Your friends who run their own businesses have been able to grow, but they have been lucky, have grabbed a great contract or customer and do not operate in your market so growing was easy for them.
If this sounds like the thoughts in your head then you will have proven yourself right!
The saying goes “If you think you can, or you think you can’t, you are right!”
The first thing that needs to happen for your business to grow is for the leader (I am talking to you) to believe that you can grow it. If there is belief, then anything is possible, because it is the belief that will provide the inspiration for action.
Of course, ACTION is required for change.
So first, believe, second, act, and third monitor the impact of the action.
Then, when your business grows in a way that frees you to spend more time doing what lights you up, you will know why you wanted to grow your business in the first place.
Go to it!
To improve your business, first commit to change
The key step to improving your business is to commit to changing one or more aspects of the way you do business today.
To think that you will be able to improve your results by continuing to do the same things today as what you did yesterday, is to hope that someone else will change.
But to make sure you have an opportunity to improve your business, you need to implement the change, not just think about it.
So here are 4 steps to improving your results today:
1. Determine the drivers of your business performance (KPI’s).
2. Identify one activity to change that will impact a key driver.
3. Implement the change.
4. Monitor an measure the result.
Whilst nothing will happen without you DOING, (number 3 above), to be effective you need to monitor and measure.
This way, you will understand the impact of the change, positive or negative, and take the appropriate action moving forward.
Then, go back to number 1.
If you would like help in identifying your key performance drivers, email Adam@mbrgroup.com.au for more information.