Every business owner believes that his/her ideas for business growth are the best. But, the truth is that a lot of trial and error is generally experienced before an entrepreneur is able to land on the perfect strategy. And, honestly, no strategy is ever completely perfect. Every business venture has its ups and downs.
So what is the best way to establish a strategy for business growth? Here are three ideas:
1. Be specific about your target audience. You know your products inside out. But do you know the people who are most likely to take advantage of them? Remember that your business is less about the products it sells and more about the people it serves. How can you meet the needs of a specific group of people through what you have to offer? It’s all about identifying your ideal customer.
On Entrepreneur.com, HourlyNerd founder and CEO, Rob Biederman writes that identifying your ideal customer is an important step in creating a growth strategy that works immediately. “You got into business to solve a problem for a certain audience,” he reminds us, “Who is that audience? Is that audience your ideal customer? If not, who are you serving? Nail down your ideal customer, and revert back to this audience as you adjust business to stimulate growth.”
2. Get honest assessments about how your business is perceived. There’s nothing like asking in order to receive. Everything from online surveys to personal conversations with your customers – and even your friends – can really come in handy when assessing where your business needs to go. What needs are you meeting? What spots are you missing? What are your best traits? What are your weakest points? Getting people to answer these questions honestly will steer you in the right direction.
“It takes real strength to see that the first step to real business growth is a step back,” admits EMyth VP of Marketing, Jonathan Raymond on 15Five.com, “It starts by asking questions instead of demanding action. Go to those same people—but this time instead of pushing them for results, push them for innovation. Ask questions like, ‘If a friend asked you, what would you tell them are the three reasons more people don’t buy from us?’ ‘What is it about our customers that you think we don’t fully understand or appreciate yet?’”
3. Focus on outshining your competitors. It should never be lost on any business owner that he/she is not alone in his/her industry. Customers always have options. And they know it. The second they are disappointed with a brand, they’ll be off to its competition in order to secure what they covet. It’s your job to prevent that from happening. Therefore, it’s imperative that you study what your competition is doing.
“No matter your industry, your competition is likely excelling at something that your company is struggling with,” says Biederman, “Look toward similar businesses that are growing in new, unique ways to inform your growth strategy. Don’t be afraid to ask for advice. Ask yourself why your competitors have made alternate choices. Are they wrong? Or are your businesses positioned differently? The assumption that you’re smarter is rarely correct.”
Once you’ve established your strategy for business growth, you’ll certainly be in need of the extra working capital to your plans into action. For more information about our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.