Business growth

Your business may benefit from convening a focus group. This will require you to gather a group of customers together in order to discuss your business. Here’s how it works: 1. Schedule a meeting at a desirable location, such as a restaurant or a hotel, with either lunch or dinner provided 2. Contact a group […]

The 80/20 rule (also known as the Pareto Principle) says that 20% of your activities generate 80% of your results. From this, we derive principles such as 20% of your customers generate 80% of your revenue. Do an analysis – group your customers together by “family” and related entities and see how closely this applies […]

If your customers have complaints that are appropriately resolved, they can become better customers than those who haven’t complained. Authorise your people to fix problems without any “run around”, just as they do at Ritz Carlton Hotels. Give your people the authority to send a customer a bottle of wine, flowers or whatever is appropriate […]

Undertaking a survey of your customers should go beyond the issue of customer satisfaction. You want to enhance your understanding of your customers’ needs and wants, recognise your weaknesses and identify new opportunities to expand your business. Some customers may be reluctant to give you their real, unbiased opinions if you conduct your own survey, […]

More and more businesses are outsourcing various functions in order to focus on their main areas of expertise. Ask yourself these questions: What are we doing that is not one of our core proficiencies? What do we do that we don’t do well? What could we potentially outsource? As an example, many companies have outsourced […]

Technology is a major driver of business profits. Here is a list of innovations you may want to implement in your business: 1. Document management systems (going paperless) 2. Electronic workflow 3. Multiple monitors 4. Portals 5. “Cloud” computing 6. Customer relationship management (CRM) software There are significant benefits to going paperless: Increase in productivity […]

Theodore W. Garrison (1998) notes in his article “The Magic of a Marketing System”: “Have you wondered how Ray Kroc managed to get teenagers in California, Illinois, Florida, and Maine to produce the exact same fry? It is really quite simple; McDonald’s starts with the same kind of potato. Each potato is cut into fries […]

Key performance indicators (KPIs) are the statistics you track to determine how well your business is doing. If you’ve been running your business for a long time, you will probably have developed your own KPIs, even if only on an informal basis. We think there’s merit in formalising your KPIs and setting up a system […]

Once you have a business plan, move on to setting targets for the short and medium term. Do this together with your team, making sure everyone understands them and how they will be achieved. Then make sure everyone agrees that they are achievable. If your team isn’t willing to agree on this, go back to […]

Planning is a key element to running a successful business. To get where you want to go, you’ll need a business plan. Most businesses don’t have any kind of plan. So, start with a simple plan that pinpoints what you want to achieve. A business plan is used to get backing. This can be as […]

Before you design your logo or write a clever slogan, you need to identify your USP. This is what gives you an advantage over your competitors as it differentiates you from them. So what constitutes an effective USP? A winning USP: Makes a proposition to the customer that you will provide a specific benefit to […]

The Porter Generic Strategy Model suggests that businesses are most successful when they target one area of the market only. Rolls Royce, for example, goes after a niche market with a high degree of differentiation. Asda, on the other hand, goes after a total market using a low price strategy. Where is your business on […]

The most profitable small businesses all have one thing in common:  The owners’ personal objectives are congruent with their business strategies. Our third tip in our Grow Your Business series is to look at what really matters to you.  You can then keep these priorities in mind as you plan your business. As a prompt […]

If Part 1 of this new series was the all time most obvious business growth tips, part 2 is one of the oldest.  A worthwhile thought process nonetheless. DO A SWOT ANALYSIS As part of your business planning process, conduct a SWOT analysis to help you identify your company’s: Strengths Weaknesses Opportunities Threats Use this […]