By Monique Dean, Client Marketing Advocate, PalmPons, LLC
When it comes to business, having a strategy for growth can mean the difference between an enduring brand and a passing fad. Even when not all the details are clear, however, it’s still key to have basic principles to apply to your company.
Let’s look at some of the most important tips for continuously growing your business:
1) Have Enough Cash and Use It Wisely
Funding is the quintessential small business conundrum, and it’s not just a priority in getting your business off the ground - but it’s just as important throughout all phases of your company’s life. Be creative and proactive in looking for ways to keep your enterprise flush with cash -- and once you have it, don’t be afraid to use it on the kinds of investments that will keep you competitive in the future.
2) Market When Times Are Good, Not Just When You Need to
Studies have shown that businesses that market aggressively during economic downturns are more likely to remain profitable and competitive than those that don’t. Likewise, you shouldn’t disengage with your marketing efforts just because there’s enough business “today.” Marketing can serve as the engine that drives growth and cues you on expansion opportunities.
3) You Need to Understand Your Value First
No matter what your product or service may be, it’s important to understand and communicate its value clearly. Today’s customers have thousands of options in virtually every industry. They don’t appreciate a mystery when it comes to the specifics of your offer. Never be afraid to quote a price to set clear expectations upfront and drive toward a closed sale...and make sure your price reflects your value.
4) Get Involved in the Community
These days, businesses large and small are expected to serve as good stewards in the community. When local prospects see that you are involved in community affairs, they are more likely to trust you and see your business as a force for good. Being active in your local Chamber, donating to local charities and getting involved in fundraising events for worthwhile causes can all be excellent uses of your time.
5) Always Keep Improving
Your business may be looking great today, but if you want to be competitive tomorrow, you need to keep sharpening the saw. That means investing in the tools and equipment you need, keeping yourself current on the state of your industry and even knowing when to take a break and recharge so that you can continue to innovate your products and services. If your organization isn’t improving to keep up with the latest trends and demands, customers will find one that is.
There has never been a better time for entrepreneurs to take decisive action on their goals. Keep these five tips in mind and you’ll always have a “North Star” to guide you when your path to business growth seems uncertain.
When it comes to business, having a strategy for growth can mean the difference between an enduring brand and a passing fad. Even when not all the details are clear, however, it’s still key to have basic principles to apply to your company.
Let’s look at some of the most important tips for continuously growing your business:
1) Have Enough Cash and Use It Wisely
Funding is the quintessential small business conundrum, and it’s not just a priority in getting your business off the ground - but it’s just as important throughout all phases of your company’s life. Be creative and proactive in looking for ways to keep your enterprise flush with cash -- and once you have it, don’t be afraid to use it on the kinds of investments that will keep you competitive in the future.
2) Market When Times Are Good, Not Just When You Need to
Studies have shown that businesses that market aggressively during economic downturns are more likely to remain profitable and competitive than those that don’t. Likewise, you shouldn’t disengage with your marketing efforts just because there’s enough business “today.” Marketing can serve as the engine that drives growth and cues you on expansion opportunities.
3) You Need to Understand Your Value First
No matter what your product or service may be, it’s important to understand and communicate its value clearly. Today’s customers have thousands of options in virtually every industry. They don’t appreciate a mystery when it comes to the specifics of your offer. Never be afraid to quote a price to set clear expectations upfront and drive toward a closed sale...and make sure your price reflects your value.
4) Get Involved in the Community
These days, businesses large and small are expected to serve as good stewards in the community. When local prospects see that you are involved in community affairs, they are more likely to trust you and see your business as a force for good. Being active in your local Chamber, donating to local charities and getting involved in fundraising events for worthwhile causes can all be excellent uses of your time.
5) Always Keep Improving
Your business may be looking great today, but if you want to be competitive tomorrow, you need to keep sharpening the saw. That means investing in the tools and equipment you need, keeping yourself current on the state of your industry and even knowing when to take a break and recharge so that you can continue to innovate your products and services. If your organization isn’t improving to keep up with the latest trends and demands, customers will find one that is.
There has never been a better time for entrepreneurs to take decisive action on their goals. Keep these five tips in mind and you’ll always have a “North Star” to guide you when your path to business growth seems uncertain.
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