Be Different or be dead

June 29, 2020

8 proven ways to quickly and easily grow your business

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8 proven ways to quickly and easily grow your business.

Sources of growth the fast-and-easy way.

As a small business you are generally limited in terms of resources; cash reserves can get depleted, customers can dwindle in numbers and growth in your business is difficult to achieve — in fact in the COVID world, survival is your prime objective.

Here’s a quick way you can get your business back on the growth path.

Set the context for growth by a quick review of your business strategy — Survival and growth should be a function of what overall direction you want to follow based on your basic business.

Take a moment to review the business plan that has worked for you in the past; decide if you want to stay your course or if deviating from it is necessary given the new circumstances you face. It’s ok to make a change; your survival is at stake. And you just may find a new opportunity for your business in the post-pandemic era.

Dumb it down — Keep your approach simple; quick and easy sales is your objective with as little risk and investment as possible. Figure it out on the back of an envelope; it doesn’t have to be fancy just fast.
What demand seems to be there at this moment and how can you morph your basic business to take advantage of it? What assets for you have that can be used for a different purpose?

Some organizations with unused warehouse space launched manufacturing of personal protective equipment when things went sideways. Can you do a similar approach?
Decide how much revenue you need — Calculate how much revenue you need over what timeframe to turn the corner. Have a specific growth target and make it about top line revenue.

Even though the intent is to keep it simple and move fast, it’s important that you know approximately how many sales (and at what price points) you need so you can track your short term performance. You need to know if you’re making progress or not.

Declare your objective and be ok with not knowing how specifically to achieve it. Use ‘I don’t know’ to drive creativity and get your juices flowing.

Be short sighted — Look at short term performance; you don’t really have the luxury of looking far out into the future. Normally I would be recommending a planning horizon of not more than 24 months, however as I’m writing this piece three months into the COVID-19 era I’m now of the opinion that small businesses — no, all businesses — should be looking at what they need to do over the next 24 hours to achieve survival grade performance.

The shorter the planning period the more you have to execute to survive

Be clear on who you need to target — In the midst of chaos it’s really easy to start running all over and chasing opportunities. I’m not saying this is necessarily bad as long as it’s focused on customers you know have the potential to generate the sales you need to keep on breathing.

The easiest growth is achieved from the customers who buy from you repeatedly and often.
You should know who they are when they phone in an order or order something online; if you don’t, start capturing customer information ASAP so you can do everything possible to encourage them to return.

Organic growth is best achieved through the loyal customers you currently serve. Focus on THEM. Trust that with the right value proposition they will do more business with you and tell their friends and family.
Forget about trying to get new customers. If you happen to get some from word-of-mouth that’s ok but don’t try to be proactive. It’s time consuming, risky and takes your eyes off serving your existing base extremely well.

Think ‘fast-and-easy’ — An effective way to choose customers to target is what I call the fast-and-easy method.

It means choosing customers that:

Can be sold quickly — Customers you can get to fast with your current selling methods. If you have to build new sales channels, it will consume energy and precious time that you can ill afford without generating additional revenue.

In addition, as I’ve said elsewhere, it is critical to focus your efforts on the things that matter; those activities that you believe have a good chance at helping to grow your business.

Stick with what you know. Bear down on what you’re good at. Concentrate on customers you know. Ask yourself ‘Is this consistent with fast-and-easy?’ when considering chasing new stuff.

Are ‘close to home’ — In a geographic sense, explore the territory immediately around you before trying to exploit distant ones. If you have a good online presence, stay with the market focus you have.
Exploring new virtual or physical markets — probably with the need to establish new sales channels— can gobble up your time with questionable short term results.

Penetrate and dominate your current markets before you wander afar. This is an area where I’ve seen small business leaders fall flat on their face. They spot something new to do that is interesting and at least theoretically is a good idea and they decide to chase it, reducing the energy that is applied to fast-and-easy activities. They lose on both accounts: the new stuff doesn’t materialize and the current stuff suffers.

The fast-and-easy approach: get sales fast and don’t spend much time to get them.

Don’t need much selling — Where closing a sale can occur relatively quickly and revenue realized soon thereafter. An opportunity requiring a 12-month sales cycle won’t be terribly productive when you are in the survival mode.
Work with clients who will give you revenue tomorrow if you want to hit your sales targets.

And avoid customers who ask for proposals. Responding to the request and waiting for a decision will gobble up precious time you don’t have. The formal sales process is a time consumer; focus on people who are willing to deal you their business based on trust and past success with you.                         

Can give you quality referrals — Again, a short planning period requires closing as many high value deals as possible which generally means getting to deal closure without a lengthy sales preamble. High quality referrals should mean that your brand comes recommended and you can get to the solution presentation quickly.

Just do a few things — It’s critical to focus on doing the right one or two things that will kick in with sales; trying to do too much won’t work. You don’t have the resources or working cycles to pull it off. The secret is to pick a few critical objectives that you believe will give you an 80% chance of hitting your sales needs.

Avoid brainstorming as the way of setting priorities; if an action cannot be directly aligned with generating revenue from your loyal customer base, don’t chase it!

Stop! — It goes without saying that you can’t keep doing stuff that was part of your ‘yesterday’ unless you are absolutely confident it will make the survival sales you need.
Every time you’re tempted to do a comfortable ‘yesterday’ activity, stop and ask yourself whether it is necessary to meet your 24-hour sales goals.
You can’t afford to do unproductive things when you’re fighting for your life.

Yesterday’s relevance is today’s irrelevance.

Know where you are — Measure progress regularly to know if you are on track to hit your survival sales objectives or not. COVID has changed the meaning of time in this regard; you have to know literally every day where you stand. It’s the only way you will know if you have to change your plans on the run.
Pandemic notwithstanding, it takes discipline to grow your business; it doesn’t happen by serendipity.

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

• Posted 6.29.20 at 03:34 am by Roy Osing
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