5 Strategies That Will Boost Your Business Productivity Today! - Part 1
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!
About The Author
Glen Smyth is the author of the popular new eBook, 'The Small Business Success Guide'. Discover how you can build your own profit-pulling small business, starting today: smallbusinesssuccessguide.com. Make sure you also sign up for the WOW! Factor Newsletter which is full of great ideas from other Small Business owners!
Why Create an Annual Plan?
Can you imagine going on a road trip without knowing your destination? Or, building your house without plans? The same can be said about running your business without a plan.They say that "If you don't know where you are going, any road will do.
A Backup To The Internet Is Vital & Now Cost Effective
It doesn't take a Terrorist Act, Tsunami or Earthquake to put a business heavily dependent on the internet in the dark and effectively out of business??for hours or even days into weeks.Actually, a misguided backhoe, a lightning bolt, a car accident involving a phone pole or cable box, a flooding rain or an electrical "brown out" can do it in a flash.
Vendor Relations Strategies Sample Outline
One of the quintessential parts to any business is your supply chain. To insure that the supplies are there when you need them; in this new day and age of "just in time" distribution where very little sits on warehouse shelves until you order it you will need excellent vendor relations.
The Top Five Reasons Strategic Plans Fail
"Most great plans aren't. They are just nice, high-level ideas.
Seasonality: Whats the Big Deal?
Do you work in or own a business that's affected by seasonal cycles? Do you live in a community whose population changes significantly during the year (e.g.
The Accountability/Alignment Process: Three Steps to an Accountable Organization
The Accountability/Alignment Process: Three Steps to an Accountable Organization Generating genuine accountability and functional alignment into your workplace cannot be left to vague ambitions and abstract statements. Well designed processes must be embedded into the heart of an organization to ensure that each employee's goals and expectations are clearly defined and that the resources to bring about specific measurable results are in place.
ERP Role in Selling Your Mid-size Business - Microsoft Great Plains and CRM Example
If you own the mid-size business and actively work in it as executive manager or lead, say marketing, - you probably know exactly what needs to be done on the daily basis to keep it running. However, in many cases this business critical knowledge exists in your head only.
Why Do a Business Plan?
To Grow (Catapult) Your Business That's Why.When it's in your head it's not as likely to happen--too much missed.
Secrets Of Effective Brainstorming
Have you been in a "brainstorming" session where each person just defended their own ideas? Worse is when people don't suggest ideas at all, for fear they'll be attacked. That's no way to brainstorm.
Mining Market Data
With a heightened awareness of opportunity, ideas can often be generated by market research. The National Women's Business Center (NWBC) defines market research as "a systematic, objective collection and analysis of data about your target market, competition, and/or environment with the goal being increased understanding.
Business Disaster? Wont Happen to Me
As fast as you can say business disaster, your business can go up in smoke. That's what happened a while back to Castle Carpet One.
Writing Your Business Plan is Actually Storytelling
Storytelling and writing a business plan actually go hand in hand. The same ingredients used in telling a story are also used in writing a business plan.
Will and Vision
Remember Chux? The disposable diaper that took the market by storm in 1932? Of course you don't. Chux saw its product as a luxury item, and happily kept its little throwaway business to itself for almost forty years.
Shortening Product Life Cycle!
The current state of the available technology at the disposal of designer is the most limiting determinant to what is technically and economically feasible to develop, therefore research into metatechnology such as computer science, whereby interdisciplinary spin off provides advances that both directly increase capabilities, and affects other technologies to dramatically improve system performance, is a necessity, the implication being that despite many of the basic principles being relatively static, the technology used is essentially in a state of constant development.Such developments result in smaller, more efficient, cheaper and more reliable components.
Your Business: Will It Have A Happy Ending?
"Begin with the end in mind," says Stephen Covey in his book Seven Habits of Successful Living. Those who have created a successful business know it does not happen without planning, hard work, and a little luck.
Questions to Ask Yourself When Starting a New Home Business
I love the excitement of starting up a new home based business. I enjoy trying out new ideas and approaches with the new venture.
Succession Planning for Business - 10 Key Points You Must Know
By cranking up others development to meet your business needs, big or small, not just for right now, but for the future, you will find payoffs, big-time. Here are a few ideas to get you started.
Leverage - A Small Step For You /A Big Change For Your Career
Cassy was an employee of a nonprofit who had been at her job 5 years. She came to me because she felt that the organization she was working for didn't value her and was upset because others had been promoted but she had not.
Balanced Scorecard Strategy Map
With the help of balanced scorecard strategy map, it is very easy to design the organization goals and build business strategies. Balance scorecard and strategy map are interrelated with each other.
Creating a Vision That Achieves Results
How important is a vision statement to your company or division? Well, have you ever thought about embarking on a journey without knowing where you are going? The same can be said about running a company, without a vision statement you are going places but who knows if it is in the right direction or even if you want to go there.A vision statement should paint a picture of what you want your business or division to look like in the future.
|home | site map|