Run and Grow Your Business for Dummies
Four tips to run and grow for entrepenures
1- Measure and analyse your status.
The first thing to do before setting a course for growth is to measure how well your business is performing.
For example: knowing who your customers are and how often and what items They order can be key to finding out other items you can offer to compliment the ones they are already buying.
Cash flow is very crucial for a business owner. Review it every weeK and maintain monthly profitability. If you have to, cut costs and reduce expenses to achieve this.
Try to move inventory and turn it into cash. Find out how quickly inventory items turns and which items are popular and move fast. This helps you to understand how long you can expect inventory to sit on the shelf.
Technology and efficiency.
Technology can help you work smarter and you can get more done.
Computer – first consider how you do business before investing in a computer. For example if you are a mortgage consultant and on the road a lot, you might consider a laptop. Or you are at your shop or at your desk consider a desktop. Do a careful selection for your monitor. Since you are spending a lot of time in front of it make sure you don’t skimp on quality and size.
3- Customer service
Understanding your customer needs is step one. Keep in contact with them, call them when you have a sale and refer them to your website for a complete selection of products or services you offer.
You are not always the one dealing with customers. As your business grows, you might have a team of sales people. Treat them well and offer incentive programs. This will keep them happy and happy sales reps equal happy customers.
4- Expand on what you offer.
This step is to build on what you currently offer while looking into bigger opportunities. True, going after new clients can be exciting and the satisfaction of closing a deal. But in reality, you can get more mileage out of optimizing your relationship with existing customers. Get to know them personally and you can convince them that you can improve there results with your new product.
Not every existing customer is a good customer. Get to know them so you can tell the difference and really focus on the best ones. Core customers typically comprise 20% of a company’s base but provide 80% of profit.
If you have satisfied a customer, there is a good chance you will satisfy them again.