To be successful and grow your business, you should consider reviewing and setting new goals for your business. So what objectives should you be setting, and what's the key to achieving them?1. Maintain cash flow control
Why? A predictable place to start perhaps, but serious cash flow problems not only threaten your business's survival and growth – they can also waste lots of your time and energy.
How? Effective cash flow management starts with keeping a tight rein on your costs (and if you're starting a new business, you need to minimise your start-up costs). Your suppliers should, of course, offer best value for money(which doesn't necessarily mean the cheapest prices) and you'll need to negotiate good deals from them. Your prices should enable you to attract customers while maximising profit, and now could be the perfect time to reconsider your prices and rethink your marketing strategy. You might decide to start selling online. To prevent cash flow problems you need sound credit control measures too. You must also know how to deal with late payment and how to recover debts if things get difficult. Working with budgets and producing cash flow and sales forecasts can keep your business out of trouble. Remember – cash is king.
2. Build a better brand
Why? Effective branding drives success in business and your brand should be one of your most valuable assets.
How? Branding means much more than business stationery, packaging, a logo, sloganor colours. It's what your business stands for, its personality and – crucially – how customers and others perceive your business as a result of their dealings with you. Is your branding consistent? Does your business image need a makeover? Do you need to rebrand your business, perhaps even including a new company name? Maybe you need a new business website or simply need to improve your existing website? Even if you're on a shoestring budget, you can create a winning brand.
3. Create an ideal customer base
Why? Some customers (let's call them "VIPs") are worth more than others, while some customers really are more hassle than they're worth.
How? Whether good or bad, you need to manage your customer relationships. You also must be able to understand your customers, if you're to target those whose custom will help take your business to new heights. Your customer service must be excellent and there are many ways to encourage customer loyalty. A proven business development strategy is to sell more to your existing customers, but first you must know who spends the most money with you.
4. Try something completely new
Why? Stagnation will lead to your customers deserting you in droves, while you and your employees are in danger of losing interest if things stay the same.
How? Successful businesses know when to try something new. That might be to reinventthemselves, introduce new products or services or (at the very least) find ways to freshen up their offer. In the short term, some businesses might simply need to stock new items or improve their premises, but the important thing is that doing something new can re-energise your business and act as a growth catalyst. Another strategy could be to target new markets, possibly including exporting your products or selling online. Standing still isn't an option in business.
5. Think more strategically
Why? Working "in your business" instead of "on your business" is a classic owner-manager mistake that hinders success and development.
How? Stop wasting time on things that really aren't worth it. Don't let too much of your time get taken up with low-level tasks, especially if other team members can take care of them. Learn to let go, by delegating responsibility. Take time to step back from day-to-day matters, to think more strategically about your business and where you want to take it. If you don't have a business plan, write one. If you do have one, update it, and repeat the process more often. Having to write or update a business plan forces you to think about your objectives and how to achieve them (ie your development strategy). And remember, there's nothing wrong with having grand ambitions.
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