Times are tough, and it's unlikely to change for a while. But, there are thousands of thriving and growing businesses out there all bucking the trend.
Here are some things a growing business did to make their own good luck. As Gary player said "the more I practice the luckier I get".
- You need to look for opportunities - they are all around you – you just need to search them out. Focus on maximising your profit but you also need to watch your cash.
- Rediscover the drive, enthusiasm and the passion that you had when you started your business in the first place.
- You need to apply common sense and balance your intuition within an analysis of the fax.
- Above all take responsibility to any actions decide on your strategy and then JUFDI.
Get up Close and Personal
- You need to find out what's happening out in the business world. What is changing as far as products are concerned?
- What is a customer looking for, what do they now want or need?
- What are your suppliers doing and of course importantly what are your competitors up to?
Sell Sell Sell
- Be proactive, get out from behind your desk, and pound those pavements to find new customers and develop a growing business.
- Make sure that you sell more to existing clients don't let them drift away from you and into the hands of your competitor.
- If you are one of the many companies that pulled back on your marketing effort kick start it again. Your competitors may be slow off the mark, but you can get ahead of them and that means getting your head out of the sand too!
- Innovative proactive and creative! That's not wacky it’s just thinking of different ways to solve the same problems.
- Tweaking is unlikely to help you much - be radical think out of the box, with new products that solve customers’ current problems.
- But understand the risk, make sure you mitigate against it and then manage it.
- Make sure you have a strategic plan, but don't write it and then put it in the draw. Don’t write pages you should be able to get it on one page and don’t forget your cash-flow!
- Keep reviewing it, updating it changing it as the business world around you changes.
- New opportunities and threats emerged every day - make sure you take advantage.
Increase your income
- When was the last time that you reviewed your pricing? Is it still effective or have your margins been eroded?
- It's definitely time to increase your prices and you should have an extremely good reason why not. Can you become income innovative? Can you offer installments, recurring income payments, can you give cash-backs off future purchases and early payment incentives which means that you get paid sooner than your competitors.
- Above all don't forget to collect a debt a day to help increase your income!
What other tactics do you have to get your business growing?