5 steps to grow your business
Have you just started out and want to know how best to grow your business as efficiently and as effectively as possible? Look no further! We’ve put together a step-by-step guide that we think covers all the key points that’ll help you get started.
1. Create a realistic budget
Begin by focusing your energy and resources on the journey to growth, rather than the end result. Think about the position your business is in at the moment and create a realistic budget to go with it. What finances do you have access to and how can you use these resources to your advantage in the most cost-effective way possible?
2. Observe your sales cycle
The sales cycle is not just a marketing theory. It’s a practice that works under most circumstances. It consists of seven stages:
- Identifying new potential customers
- Making an offer
- Confirming the potential of a prospect to buy your product or service
- Presenting an offer they can’t refuse
- Answering the prospect’s questions and addressing their concerns
- Closing the sale
- Attracting recommendations
Observe how all these stages work in the practice of your business. When you understand them, you’ll be able to take your potential customers from one stage to the next one without losing them somewhere in the middle.
3. Maximise productivity
For any business, productivity is key to overall growth. More productivity means more goods and services being delivered which ultimately means higher profits. But how to make the most of this?
Think about your current resources and if your workload is manageable. Are you experiencing periods where the workload is getting more and more intense but your profits are the same or sometimes, less? To overcome this, consider growing your team, or hiring a freelancer to help. This way, you’ll reduce the likelihood of potential burnout and increase your productivity levels.
4. Revisit your budget
You have your profit and loss budget, but are you tracking the progress and making the needed revisions?
Try and separate your budget into months for the budget period. Then, evaluate the goals you met and the expenses you made on a monthly basis. See how they fit into the big picture. When you notice that things are not going as planned, you’ll need to revise some aspects of your budget. If you’re struggling with finances, think about speaking to an expert who will help you budget more effectively.
5. Work life balance
It’s important to also think about yourself and your well-being. Although growing a business can be really stressful and also time-consuming, making sure that you take time out for yourself can help you stay ahead of the game, in line with your goals, and manage your optimism when times are tough.
Write down both your business and personal goals. What is it you want to achieve long term but also what brings you joy in your spare time? You’ll find that the more you take care of yourself, the easier it’ll be to manage and grow your business successfully.
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