We have met a lot of entrepreneurs and business owners who have a clear vision of where they would like to be but only a vague plan of how to get there. That is understandable – there is a world of difference between business strategy and implementation in the real world – plus plans evolve over time and in reaction to trading conditions.
Before we choose to work with business owners and company directors we have to assess whether they are already executing the tasks necessary for their business to grow beyond the early stages or whether there is an enthusiasm to embrace these tasks that will stop their business from always being a small business. So how would you compare against this list? How to grow your business? Below are 18 tasks that you need to execute for your business to grow.
How to grow your business? – 18 Tasks for your small business
1. Business Development – Structured programme of business development – activities undertaken every day to deliver more customers.
2. Networking – How much networking are they doing and what are the results?
3. Creation and maintenance of a sales pipeline.
4. Ongoing research into market conditions, trending and opportunities.
5. Regular, detailed assessment of key direct and indirect competitors.
6. Proactive data collection/ list building of customers and prospective customers.
7. Implementation of a segmented newsletter to prospects / customers
8. Regular review of current suite of products services with a view to adding or removing when necessary.
9. Collection of post purchase feedback /research from existing customers.
10. Co-ordinated plan of upsell activities for existing/ current customers.
11. Regular assessment of existing marketing channels & marketing communication pieces to evaluate return on investment and overall effectiveness.
12. Awareness that there will be times when you will need to bring in specialists to help your business to grow.
13. Had some thoughts around disruptive activity – How is your company going to make a name for itself in your sector?
14. Active programme to increase revenue streams.
15. Robust understanding of the finance of their business – most fundamentally, is there business profitable? How tightly is overhead being controlled?
16. Versatility – The market may teach you that your current niche or target audience is not profitable. How willing are the entrepreneurs /owners to pivot the business to an offering that will prove more successful?
17. Are they already blogging? What is their blogging frequency?
18. Do the owners/ directors have examples of re-investing profits back into the business?
If you clicked on this post thinking that there was a formula to ensure that your business grows beyond the confines of a small business I hope you can appreciate that is it by executing the tasks listed above (and there are more) that you will ensure your business grows. The good news is that you do not have to do it alone. We are ready, willing and able to help you.
This is by no means an exhaustive list – we would be happy to apply our checklist specifically to your business and implement activities on your behalf. Give us a call on +44 (0) 845 226247 or drop us an email via mail@marketingfundamentals.com to set up a meeting.
We hope you have found this post useful.We are a leading marketing agency in London.
Kind regards,
Marketing Fundamentals Team
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