How would you like to earn more profit from your business, without increasing sales, and without increasing your customers?
Well, if you hang around for a few minutes, I am going to give you some simple yet effective Business Tips that are going to help both you and your business.
I have worked with so many companies over the years who just don’t have a working Business Strategy
They have a business plan, but they don’t have a system that will help them to run the business on a day to day, month to month basis.
IF you want to be successful in business, IF you want to grow your business sustainably, you need it to be resilient from any outside influences and really know the mechanics between your sales and costs
So, we need a plan! We need a STRATEGY and a PLAN and I am going to share with you three Innovate to Success Golden Nuggets from my business development strategy, that I know will help you out.
Create a Sales Pipeline
The first one is all about creating a sales pipeline. So get a piece of paper (A4 sheet), put it in landscape, and on the left-hand side put all your customers, all the people that you normally get your customers from.
Across the right put a timeline (whether it be days, weeks, or months). Start to map out, as of today, where your sales, and where your profit is actually coming from (over the next two or three months).
Have a good look at it, be honest with yourself, and try and understand where the gaps are actually coming from. So why have you got gaps? Do you have a sustainable pipeline? There could be lots of different reasons but the KEY for this area is about sales pipeline is understanding WHY you’ve got the gaps, WHERE the gaps are, and HOW you’re going to fill them.
Know Your Customer
The second Golden Nugget is all about knowing your customer. Who is your ideal customer? Where do they shop? Where do they spend money? What do they like to do?
Get another sheet of paper and on the left side, write down all the things about your customer — i.e. what they like to buy when they are with you, what services they like, and what problems you are going to solve.
On the other side — refresh your mind of who are they, why you are helping them, why did they come to you. Understand what services do you provide for them, make sure that you match off as many as you possibly can.
Get another A4 sheet of paper (in portrait) and on the left side, write down details about your avatar; the person you’re trying to sell your product or services to, and on the right-hand side put down where you’re matching their needs, and where you’re helping them out.
If you find that there are a few mismatches, then you may need to adjust your avatar, adjust your marketing, or you might need to change some of your product line. However, this gives you a really good idea at what you are trying to sell and who you are trying to sell it to.
Understand Your Sales Funnel
The last one is all about understanding your sales funnel. If you think about it, if you bought a really nice car, you probably didn’t just go there and buy that car. You would have gone on a journey where you learned about the company as you had to know, like, and trust them.
You knew that the car was quality because you’ve been on that journey with the company ,they have been building trust with you .
So, You need your customers to know, like, and trust you.
Let’s understand what journey you are taking your customers on. If you are a service — are you giving them away something FREE, and then a small cost, and then you’re building their trust up (adding value) so they come back and buy. OR you just go for the big sale from day one.
I hope you like these three tips that I’ve put together for you today. These will sit under the “Business Development” section of my DRIVE for Business programme, my integrated business strategy for ambitious SMEs.
I want you to do two things today. The first thing is to get your 3 pieces of paper out, and really analyse and be honest with yourself, and look at your business and see where these tips can help you.
If they can help you, then I would love to hear some comments from you, and I would love to hear some suggestions on things we should cover. And the second thing is if you’ve got anyone in your network who you think would benefit from these tips, then please hit the button, and SHARE this video.
As with everything when growing your IT/Tech Business its all about small steps and ensuring that you have a structured and connected Growth Plan.
At Innovate to Success we use our very own tried and tested Drive for Business Model to help you market your IT Business. This helps you understand the day by day steps that you need to take to sustainably grow your business and increase your profit margins. Check out my LinkedIn Introduction video on my profile to learn more about the model works and why we should connect on LinkedIn.
I hope you enjoyed this Blog and if you want more like this, then check out my other Business Development Related Content specifically for IT / Tech based Businesses. Alternately if you want to have a quick chat about how the Drive for Business Model can help you and your IT Business then click HERE to book a call.