Cut the Chase and Grow Your Business
As we enter the 2nd half of the year, it’s time to cut to the chase! If you have been getting distracted or getting confused or trying several fads, it is time to get focused and use your energy correctly to achieve your business goals before the year ends.
I decided to go straight to the point and provide practical things you should be focusing on in this 2nd half if you really want your goals not to remain wishful thinking, but to actually become a reality. Here are my top 3 suggestions:
Know your numbers
In business, your numbers are extremely important. If you can’t measure progress, you can’t manage it. Knowing your numbers is the best way to measure it.
A few questions you need to answer to help you know and focus on you numbers are:
- What are your most important business numbers? Profit is great, but income is important if you want to remain liquid. Getting likes and leads are good, but actual closed deals is what will lead to money in the bank.
- How do you track them? You should have a tracking mechanism. I suggest you download my business bump checklist.
- How can you improve them? When you know them, then you can focus on improving them. This should become a major topic in your weekly meetings if you have a team or by yourself if you are a solopreneur.
- Who is accountable for them? Accountability promotes responsibility. If no one is accountable, no one is responsible. Don’t just set targets, have people who are responsible to ensure the targets are met. For example, the sales people would be held accountable for the sales target.
Focus on marketing and sales
I cannot emphasize this enough. Sell! Sell! And Sell. When you sell especially at a good margin, your business has the requisite cash flow to expand and grow.
A few questions to answer to help you focus on marketing and sales?
- How can you find more customers? This is why having a marketing plan with various channels of reaching customers is important. You should keep exploring new ways to expand your reach and create awareness with your target market.
- How do you communicate with them? Customers are smarter and more discerning. The way you communicate with them has become more important than ever. Finding effective and accessible channels of communication is also important.
- What is your customer follow-up and conversion process? When you have gotten the attention of prospective customers, how do you follow up with them and convert them into paying customers? When you have a system, it is easy to replicate and track.
- What are your Upsell or cross sell system? When you can upsell or cross sell a customer, you maximize the financial value you can get from them. Develop a system to do this and you can increase your revenue per customer.
Maximize existing customers
Statistics have shown that you spend three times more to get a new customer, than to keep an existing customer. Your existing customers can become your greatest sales ambassadors and here are a few ways:
- Offer them outstanding service that hooks: create consistent memorable experiences for your customers so that you remain their preferred and not their alternative. Always ensure you can deliver on your promise, so don’t let enthusiasm or desperation push you to make promises you can’t deliver on.
- Make them your evangelists: your existing customers have enjoyed your products or services, so it is time to set them free to ‘evangelize’ for you. Encourage them to share their experience with your business.
- Showcase them as social proof: the easiest way to get people to buy is to show them results. People like to see people like them who have achieved the results they desire. Showcase your existing customers as social proof as often as possible.
- Ask them for referrals: I always ask the customers I enjoy working with to refer more people like themselves. My simple assumption is that they will know similar people within their circles that will value our product or service offering. You should do the same. You can even go the extra mile and create an incentive system for referrals.
I hope these 3 suggestions will inspire you to take action immediately to achieve your business goals this year.
If you are tired of going round in circles and need a tool to help you focus on what is important to grow your business, my business bump checklist will become your most valuable companion.
Get it HERE.