Building a dynamic small business is a constantly evolving, increasingly demanding role.
It is very easy to get so caught up in the day to day running of our business that we neglect to take the time to look from the outside in to see what we could do to improve our profitability!
Well here are 5 Strategies that could boost your productivity overnight!
They are not rocket science…and you may have even heard some of them before, but they are 5 proven principles that you can review today to help you stay on track regarding the real issues to grow your business from here.
So why don’t you take 15 minutes…make yourself a coffee…and recharge your batteries!
1. Define your Unique Selling Proposition (USP) in one sentence
What is at the heart of your business that makes it unique and attractive for your customers? Summarise your key selling points that make your product or service a ‘must have’ for your clients.
You probably went through this exercise when you first started your business…but have you need to remind yourself regularly why you are doing what you are doing!
New competitors may have emerged and you don’t have that same uniqueness that you once had.
Perhaps it’s time to reinvent yourself and get that edge over the market once again!
2. Identify Who Your Target Market Is
When you first started your business, you knew exactly who your target market was. Is this market still the same, or have they grown up…or matured in their buying habits.
Has new technology overtaken your ideas?
Just imagine if Video Rental Stores had stubbornly refused to rent DVDs because they were just a Video Store! Your market may have changed, and you may need to reassess who you are trying to reach.
Your original target market have grown older since you began and if you are still promoting your products or service to this same group – their needs may be different!
3. Would you like Fries with That?
McDonalds have made an additional fortune by training every one of their sales force to ask one simple question with every order: ‘Would you like fries with that?’
I went to buy a tube to fix my daughter’s bike puncture the other day, and instead of just selling me a new tube, the smart salesman in the Bike Shop enquired quite genuinely if I had the right tools to fix it.
I didn’t – but of course he did…so he cleverly added value to my shopping experience, and added extra profit to his bottom line.
What service or product can you offer to people to make their original purchase with you even more worthwhile?
4. Establish where your clients go before and after they visit you?
If you can determine this, then you can add instant profits to your business.
Just imagine if you owned a Real Estate business. Wouldn’t it make sense to have a Settlement Agent in house? And what about a Mortgage Broker? Or even a Removalist Company?
Perhaps you could rent out a large Furniture Trailer with your company name emblazoned all over it!
Ask yourself the same question and you can start incorporating other services that complement your existing business and watch the profits grow!
5. Ask your existing customers for referrals
If you are providing an excellent product or service, then your biggest fans will be your existing customers.
Why not offer them an incentive to put you in touch with people just like them who would also benefit from your services?
It doesn’t have to be anything really expensive…maybe even just a 10% discount off their next purchase from you.
I referred some friends to a Mortgage Broker a few months ago…and had forgotten all about it…until last week I received 2 movie tickets in the mail thanking me for the gesture.
A $20 investment leaves a nice impression in my mind that will probably make me think of him again when my next friend asks me if I know of a good Mortgage Broker!
Make sure you get Part Two of this article for another 5 Strategies to improve your small business success!
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