Top tips of the achiever in Business

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Business Growth is an important issue for many business owners and directors. But do they want to achieve rapid business growth with significant sustainable profits or to be one of the heard just reacting to the current economic situation and working hard to stand still?

Have you noticed that some businesses still seem to be growing and have been shrugging off the economic slowdown? Not only that but those owners don’t seem to work as hard as the rest of the business owners around them!

These winning business owners and their staff are operating in a new world mode whilst the rest of the pack is still operating in the old world approach.

Any sensible business owners and directors are certain to want to know their secrets aren’t they?

The great news is these techniques are easy and inexpensive to implement, often they are free to put into place.

There are a number of rapid business growth strategies and tips that will enable the change to become a winning business here are just a few.

Firstly stop setting a fixed marketing budget. Calculate the total lifetime value of customers and the current costs of acquiring them. Then utilise the most cost effective method to gain customers. If you are not measuring this and costs of gaining a customer how can you tell if each marketing technique that you are using is working and more importantly is cost effective?

In the old world you just use one or two methods of marketing a business. Again this is wrong the winning businesses are using many methods and measuring results then fine tuning the techniques.

We are faced with a tough economic situation and some businesses are finding it difficult to attract customers. Often the biggest mistake made is to cut prices.

This is fatal don’t let anyone tell you that most of your customers buy on price. That’s old world mindset at work again. The belief that everybody is looking for the cheapest price on everything that’s old world thinking and in most cases just not true. Take a moment to think logically about this.

Just look around, if this was right everybody would live in the cheapest houses, drive the cheapest cars, wear the cheapest clothes, and book the cheapest holidays. So do they? of course not. Research says that just 15% make buying decisions on price. So if you cut prices the result is lower profits for potentially the same results.

When it comes to money then the winning businesses get their finances under control and use monthly cash flow forecasts. They also use the best methods to fund requirements for cash flow and capital expenditure.

One of the most misused sources of funds is the commercial overdraft and in the current climate it is the most risky method. One of my clients had their overdraft reduced at short notice because of a change of strategy at their bank. Luckily with a little help and a phone call they were ‘re-banked’ and had a larger facility in place at a lower interest rate within a couple of weeks!

There are also numerous ways to work smarter not harder and save money at the same time. Remember supremely successful business owners seek knowledge that will help them to manage their business easily and with less effort.

So, do you want to be part of that select group of winners or scrabbling about for the crumbs off their table? If you really do then the solution is in within your reach you just need to take that step into the new world.

Get some expert assistance to ensure that you learn the lessons of the winners and avoid living in the old business world with the business losers.

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