There is a lot of noise currently in some industries, especially in the Capital Equipment Market. There are a lot of talk about investments being delayed due to indecision about future directions in regulations and Consumer Behavior, think E-Cars, renewable, etc. Although we still anticipate a great 2019 as all economic indexes and forecasts show a positive outlook, this might be the Year to benefit from a sale of your Company or if you think of growing, consolidation in your Industry with an acquisition might be the fastest route. In any event, simple rule in valuation of a Company, earnings beat sales.
Grow your Business – 10 Ideas
Have a good customer management system (CMS). You need to track transactions well. Find a program that works for you.
Create a sales funnel to automate your business. You will need to spend some time developing the right process, but once it’s in place, it will greatly contribute to your business growth. Get a lead magnet and grow your email list to funnel customers into your sales funnel.
Know your competition. If something works for your competition, you can emulate it to scale your business.
Identify new opportunities in your industry and market. Diversify your offerings. What else can you sell to your customers to add income?
Find streams of passive income to have resources for business growth. For example, create a webinar that sells your product and reaches more people.
Create a customer loyalty program. Customer retention is much cheaper than customer acquisition. Don’t lose customers.
Look out for strategic partnerships. Work with a company that complements your business to reach a lot of customers quickly.
Think global. Use technology to reach out to a global market. Expand internationally. The potential for profits in the international business world are massive. You may have some start-up costs, but you may also find a market that isn’t as saturated as the U.S.
Get a licensing deal. You may have to share revenue, but you can saturate the market quicker when you bring it to a company that has a larger footprint.
Moving to a franchise model will take some effort, but it will also grow your business faster than you can alone. Alternatively, add another business or location.
Remember the Visa Card commercial about a special moment in your life and then, everything else you can buy with a Visa (Credit) Card, what if in today’s corporate world the special moment outdoes a monetary reward for recognition, like a ticket to a concert or as suggested in this article the Art’s …