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Entrepreneurs - Want To Grow Your Company?

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Article Overview: You’ve got your company set up and the first scramble to get everything working ok and your cash flow positive has paid off. Now you need to grow your company – so how do you do this? Well there are four activities that will pay dividends in the future.

Entrepreneurs - Want To Grow Your Company?

You’ve got your company set up and the first scramble to get everything working ok and your cash flow positive has paid off. Now you need to grow your company – so how do you do this?

Well there are four activities that will pay dividends in the future.

1. Customer Base:
The Pareto’s Theory seems to work with customers, in that you will find that 20% of your customers are probably your high spending and loyal customers. Go through your customer list and do the following:
• Identify the high spending customers and offer them loyalty bonuses or better terms in order to maintain their custom.
• Identify the regular purchasers and incentivise them to buy more per transaction with activities such as up selling.
• Identify your poor customers and work on turning them into better or more often customers.
• Identify your bad customers or those that are more trouble than they are worth and work to remove them.

Keep in regular contact with your customers and work on increasing their spend and maintaining their loyalty.

2. Fine Tune Your Company:
Look at all your business processes such as customer handling, invoicing, debt collection and fulfilment and make the appropriate changes to make them more efficient. Talk to your staff who can often offer good ideas. Find tuning your company will make you more efficient, prepare you for your business expansion and often leads to a quicker turnover and more profit.

3. Exploit Your Market Position to Gain Market Share:
Review where your business stands in the market and use this knowledge to:
• Gain market share by encouraging your competitors’ customers to move to your company by being better quality/cheaper/better value/easier/friendlier etc.
• Exploit your market position in order to expand your customer base.
• Seek new markets by spotting new trends and opportunities.
• Invade adjacent markets by fine tuning your products, marketing and advertising.

4. Develop New Products and Markets:
Now you have fine tuned your company, understand your customers and your market, now is the time to review your product line as well. Decide as to whether you can add to your product line or tweek your existing products or services in order to meet other markets or increase your customer spend. Good Luck.

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Article Tags: business expansion, business processes, cash flow, customer base, debt collection, dividends, fine tune, fulfilment, invoicing, loyal customers, loyalty, market position, market share, marketing, new trends, pareto, poor customers, turnover



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