Greetings!
This is the first of a series of newsletters for small and mid-size business owners (SMEs) who want or are planning to grow in 2020 and beyond. The newsletters will highlight a couple of successful patterns for sustained growth that we recommend, guide clients in implementing and continuously research.
Here are strategies to consider today to reach your desired revenue goals:
- Directly connect to your customer, talk to people
- Build multiple revenue streams
Directly connect to your customer, talk to people!
Once you have data on website usage and conversions to sales it is still important to talk directly to customers and potential prospects. Customer loyalty is vital to sustaining a business especially if you plan to take on growth projects that use up cash.
Loyalty is built on trust so invest time in your conversations with customers and others in your business and local communities. Exploring surprising descriptions of why they like your products and services is invaluable. These conversations not only build trust because customers believe you listen to them. You may also discover new ideas for products, services and process improvements.
Share something about yourself that helps people understand why and how your business delivers benefits to them. The more customers know about you makes your business memorable.
Build multiple revenue streams!
Multiple revenue streams is the recommendation I make most often. In a world of constant change it is essential to have primary, secondary and new products or whole business lines in planning or ready for launch. Revenue will have to keep rising to exceed rising costs and maintain profitability. Increasing external forces beyond your control may create a need for emergency resources and recovery. The growing threat of fires and power outages are a recent challenge that is not going away.
Get used to revenue forecasting and contingency planning. Most business owners have an idea of how much revenue they will generate in the short-term. Too often
the in the head estimate
does not go beyond one to two quarters or an annual revenue goal. To really sustain growth and be able to acquire debt or equity funding for a major growth step, forecasting and revenue risk assessment are required. The full financial statement forecasts should be at least three years out and better five to ten years out. There are public, non-profit and private resources who can help with financial forecasting. Find a resource and make it a habit to predict your revenue short- and long-term.
Then aim to hit your goals! We will take that up in the next newsletter...
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To learn from a CEO who has used these strategies successfully reserve your place in my interview with Debbie on February 4, join the webinar
Working Through Bold Growth Moves
to learn from the experience of Debbie Pfisterer, CEO of Blue Heron Catering, Inc.
