Strategies to grow your business

Over the last week I have been listening to the author Brian Tracy on what does it take to be successful in today’s business world. Below I summarise his seven tips to grow your business which remain applicable to businesses of any size.

1) BE HANDS-ON AND METICULOUS

An MD has to be there all the time and hands on, acting like a doctor.

An MD can never be afraid to do the small tasks. “He or she should pitch in and straighten up boxes or pick up things. Small things do get noticed, so attention to detail is very important.”

2) SHOW YOUR PASSION

Selling is a transfer of enthusiasm. MD’s need to show their enthusiasm for their product or service, as well as for their customers.

Besides showing passion, MD’s need to be optimistic. In business, there are all kinds of problems. You have to look for the good in every situation and look for the lesson in everything that goes wrong.

3) FOCUS ON THE CUSTOMER

The purpose of business is not to make a profit. It’s to create and keep a customer. You want them to come the first time, then come again and then refer you.

A measure of your success is directly related to how many satisfied customers you have. To increase customer satisfaction, you have to listen to your customers and be involved in their buying experience.

4) BECOME MORE COMPETITIVE

Unless you have an exclusive monopoly, competition is everything and differentiation is the key to successful selling. You can’t be a ‘me-too’ company.

You must have a competitive advantage If you don’t have one, create one.

5) MANAGE THE MONEY

In putting together a strategy the directors should always focus on sales, costs and cash flow, and to know every day how much money is being made. Focus on your net profit, not your gross profit. This gives you a more realistic view of how the business is doing.

6) BE THE BEST

Successful companies are always striving for excellence. They want to be the best at what they do. Being the best is about being in constant motion, working harder and faster. Being the best is also about wanting to learn more.

7) MEASURE YOUR SUCCESS

Everyone defines success differently. The best measure of success is that you should enjoy what you do. That’s the ultimate success. Next, you should consistently hit your numbers, it shows that you know what you’re doing. Lastly, you should be passionate about your product or service and customers. If you do all these, you can’t help but be successful.

 

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