Building a dynamic small business is an increasingly demanding and evolving role.
It’s so easy to get so caught up in the day-to-day running of our business that we neglect to take the time to look from the outside in to see what we can do to improve our profitability!
Well, here are 5 strategies that could increase your productivity overnight.
They’re not rocket science … and you might have even heard a few of them before, but they are 5 proven principles you can review today to help you stay on track regarding the real issues to grow your business from here. .
So why don’t you take 15 minutes … make some coffee … and recharge your batteries?
1. Define your Unique Selling Proposition (USP) in one sentence
What is at the heart of your business that makes it unique and attractive to your customers? Summarize your key selling points that make your product or service a ‘must do’ for your customers.
You probably did this exercise when you started your business … but you need to regularly remind yourself why you are doing what you are doing!
New competitors may have emerged and you may not have the same uniqueness that you once did.
Maybe it’s time to reinvent yourself and get that edge over the market once again!
2. Identify who your target market is
When you started your business, you knew exactly who your target market was. Is this market still the same, or have they grown … or matured in their buying habits?
Has the new technology outgrown your ideas?
Imagine if the video rental stores had stubbornly refused to rent DVDs because they were just a video store! Your market may have changed and you may need to re-evaluate who you are trying to reach.
Your original target market has aged since you started and if you are still promoting your products or services to this same group, your needs may be different!
3. Would you like fries with that?
McDonalds has made an additional fortune by training every member of its sales force to ask a simple question with every order: “Would you like fries with that?”
I went to buy a tube to repair my daughter’s bike puncture the other day, and instead of just selling me a new tube, the smart salesman at the bike shop sincerely asked me if I had the right tools to fix it.
I didn’t, but of course it did … so it smartly added value to my shopping experience and added additional profit to its bottom line.
What service or product can you offer people to make their original purchase with you even more valuable?
4. Do you establish where your customers go before and after they visit you?
If you can determine this, you can add instant profit to your business.
Imagine if you had a real estate business. Wouldn’t it make sense to have a Settlement Agent at home? And a mortgage broker? Or even a moving company?
Maybe you could rent a large furniture trailer with your company name stamped all over it!
Ask yourself the same question and you can start incorporating other services that complement your existing business and watch your profits grow!
5. Ask your current clients for references.
If you are providing an excellent product or service, then your biggest fans will be your current customers.
Why not offer them an incentive to connect you with people like them who would also benefit from your services?
It doesn’t have to be something really expensive … maybe even 10% off your next purchase.
I referred some friends to a mortgage broker a few months ago … and had completely forgotten about it … until last week I got 2 movie tickets in the mail thanking me for the gesture.
A $ 20 investment leaves a good impression on my mind that will probably make me think of him again when my next friend asks me if I know a good mortgage broker!
Be sure to get the second part of this article to learn about 5 other strategies to improve your small business success!