10 Things I Know About... Ensuring business growth
10. Begin with the end in mind.
What do you want or need from your business to provide a lifestyle, aside from income and retirement needs? Your business strategies should be guided by your goals for life.
9. Know your numbers.
Keep accurate and up-to-date accounting records, including an operating budget, cash-flow projections and an accounts-receivable collection log.
8. Measure your key performance indicators (KPIs).
Establish KPIs that define the few critical things you have to get right. Measure them regularly and take immediate corrective action for missteps.
7. Make marketing noise.
Consider the cost effectiveness of your marketing and advertising. Utilize lower cost email, social media and direct telephone marketing, but keep the presence constant.
6. Review and refine your value proposition.
Why do customers choose to do business with you? Analyze your value proposition to make your business stand out.
5. Review pricing strategy.
Review current pricing and gross margins to be sure you’re maintaining reasonable margins. Are you charging the right amount for current conditions?
4. Make them buy more often.
Keep accurate and up-to-date sales records. Compare weeks, quarters and years of data. Analyze trends to target sales timing and direct repeat business.
3. Focus on the most profitable products and services.
Review the sales mix of your products and services for areas that are more profitable. Focus on selling your highest-margin offerings and shedding unprofitable ones.
2. Establish and update your customer-retention program.
It’s easier — and cheaper — to keep an existing customer than to acquire a new one. Effective systems and processes build loyalty and repeat business.
1. Synergize the four ways to grow your business.
A successful strategic plan combines gaining new customers, increasing the number of times they buy and their average transaction amount, and streamlining processes to ensure growth
Curtis A. Feldman, a certified public accountant, is a partner in the Framingham office of Shepherd & Goldstein, a business consultancy and accounting firm based in Worcester.
WBJ Web Partners
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