Help – I’m Going Nowhere!

In today’s ever changing environment too many business owners are still clinging to old out dated practices. Granted many of these models were successful in their day but for those owners not willing to evolve you will be relegated to watching your competitors succeed and eventually the decline of your business.

“What Got You Here Won’t Get You There” – Marshall Goldsmith.

So what are successful business owners doing to get themselves out of the rut? Here are 9 strategies to get your business back on track.

Realise you can’t do it all yourself: Very few of us have the time or the available resources to become an expert in all facets of running a business. We can’t know all legal ramifications of every decision, solve all HR problems, handle all IT queries, design winning marketing material and be experts in financial accounts. Find yourself a team of trusted advisors and professionals who you can outsource work to so you can concentrate on your core competencies.

Plan: Every journey starts with a single step. To ensure your journey is a smooth as possible write down your goals or create a business plan to help you define the crucial steps and help you achieve the outcomes you desire.

Change your offering: If your existing products or services are no longer performing then consider how you can add value to the offering rather than simply discounting the price. Existing services and products can be bundled, re-packaged and changed to better suit your clients changing needs.

Provide value: The sales techniques of yesteryear have all but gone. Goods and services will no longer sell themselves, what is now required is for you to provide exceptional value and service while you provide relevant solutions to the customers problems.

Know what your customers want: It is arrogant to assume what your customers want so stop making assumptions and survey your customers as to their genuine needs and develop solutions around these needs.

Realise the value in your customer list: Your list of current, former and prospective clients is a value asset. It is six times harder to sell to new customers than existing customers so use your list to develop deeper, more profitable relationships.

Leverage technology: We are all time poor but there have been some fantastic advances in technology that allow us to achieve so much more than we could a decade ago. The internet is just one such technology that can increase our productivity. Look to utilize technology where possible because if you are not your competitors will be!

Keep marketing: There is no point being the best kept secret in your market. Develop a marketing plan that utilizes a number of different marketing channels. But most importantly develop strategies that reach your target audience in the most efficient way to make your advertising dollar go further.

Monitor your progress: One of the best ways to drive increased performance is to set achievable goals and monitor your progress in achieving them. Just ask a professional athlete that strives to beat their personal best time, adapt the same principle toward achieving your goals. “What gets measured gets done” – Peter Drucker.

A free consultation with a business consultant from Watts Price Accountants may be the ideal place to start your journey. Call us today on 03 5382 3001.

 

Richard Kemp – Watts Price Accountants
E: richardk@wattsprice.com.au

The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.