We all may have gone into business for different reasons, but one thing is certain – we all need to make money or there is no business.
And how you want to grow your business is up to you. For some people they want to make $50k and work from home around the family and that’s great. Some may want to make $100k, $200k, half a million and that’s great, or a million dollars and have a busy team and premises. There is no right or wrong answer, this is YOUR business so you get to decide what growth means to YOU.
One of the key factors that makes a big difference is your Business Model. And Covid has had an impact on every business is some way. It’s time to look at business with a fresh perspective – we can’t keep doing business the way we did pre-Covid. Business has changed and we need to keep up with it.
Read on for my thoughts about how you can grow your business in 2022/2023:
Get a plan
Take a step back and objectively look at what’s working well, what the bottlenecks or pain points are, and what you can do differently. Take it step by step and map out a 90 day plan. Just work on 2 – 3 key goals per month, and don’t try to do too much at one time. We want to get them done, implement them and get results.
Create income streams
This is where you could look at your current business model. What brings in the revenue, who are your best customers, what is your most popular product or service? Now think about WHO ELSE needs what you do! Think creatively and outside the box. Can you grow your customer base into different industries? Or can you package up your offerings and create passive income. For example, turning your knowledge into an online webinar or short course?
Be the solution to someone’s problem, and they’ll invest in what you have!
Decide your income
If you want to figure out how much you need to grow – decide how much income you want to make. This is both turnover, profit and what you will pay yourself. Then calculate how many hours per week or clients you need to work with every month in order to achieve this. Be prepared to work hard before the bigger pay off and shorter hours. It can take time to build up your business.
Work with better quality clients
You may have heard of the 80/20 rule – where in business 80% of your business comes from 20% of your clients? When was the last time you reviewed your clients and established who your ‘A’ and ‘B’ type clients are? When you grow a business, it pays to be strategic. You don’t necessarily need to double the number of clients you work with, but could look to work with a smaller number of higher value clients who value what you do, and want what you have. Or if you sell a product, look to wholesalers, distributors, and channels where others can sell your product for you. This extends your sales reach and can work well once set up.
These are just a few ways to grow your business, and there are many more. Here are a few final things to keep in mind:
- It’s not about how many staff you have, its about what business and lifestyle you want for you and your family.
- Keep control of how quickly your business grows and PACE out your growth – stay in control of it.
- Think strategically and think ahead – not just about the day to day work you do.
- If you want to grow your business, roll your sleeves up and get stuck in to MAKE it happen.
- Remember WHY you are doing this, and if it doesn’t excite you anymore, get a better WHY!
- Lastly – enjoy what you do, think of all the benefits of having your own business, and be proud of what you’ve achieved so far. Remember to celebrate all those ‘Wins’ along the way!
Fiona Clark from BreakThrough Business Solutions, is a leading Business Growth Specialist and helps to grow and scale small to medium businesses in New Zealand. If you’d like to find out more, visit her website: www.businessgrowthcoach.co.nz