Learning from Your Mistakes
Business Growth is not a matter of simple 1, 2, 3, meaning launching your business product, advertising it well in the media and internet, and innovating a smooth sales program for the customer’s satisfaction. It also incorporates ways and means for the business to move ahead of competition, provide excellent customer service to gain repeat business, and correcting any mistakes made along the way.
Purge Non-Movers in Timely Manner
If a product is not moving well in sales despite efforts to advertise and put it before the public eye, consider if the sales of the low margin product is a hidden benefit, and actually making up the difference in its lower sales volume against the high margin products. If your calculations do not give a saving verdict to the low margin product, cut it from your product inventory. In good management, decisions on when to focus on a product and when to retire it are paramount to growth.
Walk Away from the Wrong Customers
If low margin products or underpriced work is depleting your bottom line of profit, decide to politely step away from customers causing this depletion. As you refine your marketing strategy, it’s important to understand your best niche and focus on it. Customers who require more overhead expense or special service costs to you will not make your business grow. Put more of your energy into the money makers and do not encourage the money takers.
Initiate more aggressive use of social media by adding zest to your blog. Listen to customers and run sales or promotions through your web site pages. Foster referrals and use their power to stimulate the business growth. Repeat customers are excellent advertising and invaluable to growth of a business. Utilize your customer list by revving up your customer service to give them the feeling they are your priority, and they will return and bring friends with them.
The small business needs to foster zeal among those working for or with the business. This is best done by complimenting performance and instilling the drive for excellence in those working to make your business a growing and thriving one. Personnel reports with noteworthy praise, occasional appreciation bonuses or increasing the individual’s authoritative duties go a long way toward company morale. Review personnel performances and determine the management encouragements that are the most effective, then capitalize on them.