As we continue our series on the Top 10 small to medium size business issues, priorities and challenges – this week’s topic begins with a growth strategy to increase business.
#5 Business Issue: Increase Business Growth
Every company looks for ways to be sustainable. Without a company growth strategy, you could be actually losing business.
Here are some simple steps you can take to create a plan to increase business:
Establish a value proposition
What sets you apart from your competition? Why do your customers come to you for products or service? The answers you give will explain to new customers why they should do business with you.
For example, some companies place value on “authority”. They are the only place to find certain products or services. Some compete on “price”. Whatever your value is, stick to it!
Identify your customer
Who is your ideal customer? Create a profile of that customer and always refer to it as you adjust your business to stimulate growth.
Define your Key Indicators
Changes are necessary to increase business. Although it's impossible to know what works if you don’t have a way to measure success. You need to be able to identify what changes make a difference to your business. Then you can invest time and money in those areas.
What is your current Revenue Stream? Are there other areas of your business that could create new streams? Could these new streams be sustainable and profitable in the future?
Identify your competition and look at what they are doing. Chances are they are excelling in an area you might be struggling with. Ask questions, and ask for advice. Use the choices they have made to help make your value proposition solid.
Find your Strengths
By examining your competition, you can find your strengths. Focus on them! You can build upon them to grow and increase business.
Invest in Talent
The “face” of your business is reflected in your employees. You need to hire the very best people that are motivated and inspired by your business proposition.
Pay them well and they will invest their talent in helping you grow.
Tailor your growth strategy to your business strengths and your customers. If your customers are happy, they will keep coming back. Best of all – they will spread the word!
#5 Business Priority: Analytics
Data is becoming the currency of all business. Rutgers expresses the importance of data analytics, saying that “IT and other skilled technology professionals at innovative firms such as Google, Tesla and Uber, have leveraged the power of data analytics to break into new markets, build stronger relationships with consumers, and streamline processes such as supply chain and marketing management.”
What makes Data so valuable?
· The ability to plan ahead.
· The ability to understand your audience. Who they are, where they are coming from and what they are interested in.
· Ultimately, the number one benefit is better targeting, which can save money. You only need to talk to people who might be interested in your product.
#5 Business Challenge: Managing Data/App Integration/Insights
The first thing to remember is that data integration and application integration are different. Data integration focuses on managing the flow of data and standardized ways to access it.
Application integration focuses on managing the flow of events - transactions or messages -between applications. So the key is to recognize that these integrations have separate methods, tools and approaches.
There are a lot of things to manage in order to grow. Why not get some help?
At EN Computers we focus on providing Proactive Support to identify and resolve issues before they become problems. We believe that this kind of support gives businesses a chance to focus on growth areas. Areas like data and analytics-- instead of managing a network.