Posted By: Khawar Zaman : Comments
Are you troubled with slower than expected growth of your business? Is it still far from what you had in mind? Are you trying your best to grow your business, but not seeing the desired results? Well, running a business successfully nowadays has become far trickier and multidimensional affair than it was ever before. So, you definitely need expert assistance in this regard. Though no one can put themselves in your shoes, but their experiences can serve as beacons of light to help you move ahead. So, Technorian are here with the best expert opinion you could ever get for growth of your business with these Actionable Business Growth Strategies by World Renowned Business Experts.
1.Analyze your competition and replicate what’s working for them.
2.Learn from other businesses mistakes and avoid making the same ones.
3.Break down your goals into bite sized tasks, which will help increase your odds of achieving them.
1.Building relationships – As Porter Gale says ‘Your network is your net worth’. If you build relationships strategically with the right people this will significantly benefit your business.
2.Get your first customer as soon as possible – I know I have been guilty in the past of working too long on building the product. When you have real customers you get real feedback!
3..Set Goals every day – I have my quarterly goals, annual goals but also my daily goals. If you become goal oriented you’ll achieve more in less time!
2.Seek out others that are smarter than you.
3.If you’re not getting punched in the face every day, you probably aren’t doing anything worthwhile.
1.Take content strategy very seriously. Don’t write for “content’s sake,” but write to appeal to your audience’s needs. Work the SEO in there sensibly, and you will grow healthily.
2.Don’t be afraid to take risks you believe in. Doing the same thing everyone else does will put you behind everyone else (since they have a head start). Instead, find a way to differentiate yourself.
3.Build relationships every step of the way. Have faith in serendipity!
1.Know your market inside out – far too many people launch products without understanding the landscape of their industry and who the key players are. Understanding who your competitors are, what they’re doing well, what isn’t going so well and exactly who your product is for remains key.
2.Market to influencers – these people have direct influence over your target audience allowing you to increase growth fast.
3.Never stop development of your product/service – the world doesn’t stand still and neither should your business, other businesses are developing new products/service offerings and the last thing you want is to get left behind.
1.Focus on a few things
2.Work harder than the people you hire
3.Be quick to pivot when things aren’t working as planned
1.Build, nurture, and leverage business relationships.
2.Keep your finger on the pulse of your niche – trends, news, competitors. Make sure your business stays on the cutting edge of it all. Soon enough it might be YOU who’ll be setting the trends.
3.Diversify your content. Learn how to repurpose your content as presentations, PDFs, images, videos, podcasts. That way you’ll reach the biggest possible market.
1.Always do amazing work for a client and they will want more and or refer you. It is 10x more valuable to increase a current client than it is to find a new one. I always create a “trigger matrix” that tells the account team when it is “time” to ping the client for something new. We are never aggressive sales just logical progression through the offer.
2.Always find ways to make process more efficient – If I can save 4 hours of effort with a $500 tool or small application it is a no brainer and that time becomes incremental billable.
3.Cash flow management – it is amazing how many people do not invoice immediately when time and monitor payments. With many companies now on Net60 of Net90 it is critical to manage cash effectively
1.Start with a clear quant-based marketing plan. This concept has been popularized by Noah Kagan from Sumome. Basically, pick one very specific quantifiable goal and work backwards to uncover everything you need to do to get there.
It’s made up of 4 key phases:
WHO is your target customer
WHERE are they online (or offline)
WHAT messages aligns with each stage of your personas buyer journey
MEASURE what works. Fail quick and double down on what works.
I’ve used this framework on a number of projects. Not only does it give you very clear direction, it helps you quantify each move you make – no more “hope marketing”.
1.Growth can only come when you know whom you are trying to reach, so make sure you have your target market very clear.
2.Focus on marketing techniques that reach your target market and also tap into a strength you possess. You won’t keep doing something long enough to really grow if you hate it.
3.Identify your 80/20 tasks – the activities that deliver the big outcomes – and ignore the rest.
1.Be bold but do not make mistakes you can’t recover from.
2.Surround yourself with the right people to take you to the top
3.Listen to you head, not your heart. Don’t make emotional decisions.
1.Have a clearly defined mission statement.
2.Focus on a specific area. What is (are) the value proposition (s) that differentiate your from your competitors?
3.Have a clearly defined strategy to maximize customer service and nurture the relationships with existing customers. This is where the majority of your profitable growth is going to come from. How do you upsell them or cross sell them?
4.Have 1 year, 3 year and 5 year plans so that you have a general understanding of where you’re going. Be prepared to adjust and pivot, as required.
5.Develop contingency plans for all critical aspects of your business to ensure that if something unexpected happens that you can quickly react without your business suffering.
1.Talk to your customers every single day. It doesn’t matter how busy you are, this is priority.If you don’t, you’ll lose sight of your product, what people really want from it, and whether or not you’re delivering that.
2.You don’t get what you don’t ask for. Partnerships, discounts on expensive software, guest blog posts…none of these happen without you having the courage to ask for what you want.
3.Make time to learn new things. Read. Understand every part of your business, even if it’s not your “job.” For example, you may be farming out accounting, but understanding what your accountant is doing will help you pick the best vendor for the job and just understand your business more deeply overall.
1.Begin – and always work with – an Ideal Customer in mind.
2.Be 100% clear on the Desired Outcome of your Ideal Customer.
3.Create Products, Services, and Support systems that help your Ideal Customers achieve their Desired Outcome. Repeat.
1.Know your business and niche – most people trying to grow their businesses don’t sit back and analyse their resources – the better you know your resources available, from marketing to systems, the better prepared your strategies would be. I once built a six figure business and had it implode because I took too many clients and couldn’t keep them all happy. Taking extra help meant that I lost most my profit margin. I learnt the hard way that if you want to scale you have to understand where your breaking points are and what it would cost to repair.
2.Build a plan, and stick to it – but allow for fluctuations in the plan – tactics can change, strategy shouldn’t, unless its inherently wrong.
3.Fail fast, recover quicker. Try small experiments quickly and often – the more you fail, the better you will get at making the right decisions, learn from them and then scale.
1.Prioritize email list building at the very start of the campaign (inject email capturing forms to branded pages and highly useful resources).
2.Invest in educating your team members with your business process, industry updates and new products/tools.
3.Improve your business process through constant practice and experiments/testings.
My secret isn’t much of a secret, but the way I have grown my business is to get lots of exposure amongst my ideal customers and make sure that they know I am a freelance writer. This approach includes
1.creating and distributing a lot of content with freelance writer in my author bios and
2.engaging on social media networks and groups with freelance writer in my social profile bios.
1.Keep your eye on your financials. You need to keep score of where you are and where you are going. If you do not know where your money is coming from or where it is going, you will quickly fail. Make sure you know where you are at financially at all times.
2.Your network is your Net worth make sure that you build relationships wherever you can… both on a personal level and also on the Social media level. The people that you meet and create relationships with , will be the most influential people in your growth.
2.Consistency Be consistent in whatever you do..if you plan to do something, do it consistently. If you want to record a podcast, do it consistently, if its to post on social media, do it consistently…it has been the fire in our growth for years
19-SUE ANNE DUNLEVIE:
1.Guest blogging. My mentor, Jon Morrow, says to do 4 guest posts a month when you are starting up a blog because you’ll get more “eyeballs” on your site by publishing your work where there is more traffic.
2.Blog commenting. By commenting on 2-5 blog posts every day that you work on your blog, you are building relationships. And my friend, Adrienne Smith of AdrienneSmith.net, says that relationships are the secret weapon most bloggers are ignoring.
3.Driving free traffic to your site through blogger outreach. Building connections with influential bloggers are even more important that being a great writer. It’s who you know online rather than how great a writer you are that counts.”
1.Start with fact-based competitive analysis by doing keyword research
2.Use this data to analyze intent and purchasing funnels by building out a keyword matrix
3.Design timelines to attack the revenue verticals that emerge from your analysis. Create specific offers around each vertical for each audience – and split test until you’ve hit a baseline conversion rate of 2%.
1.Focus on execution. So many entrepreneurs and business owners focus on what they “can do” and learning instead of testing and executing what they know. A combination of both works best
2.Find an experienced mentor. Not only do mentors provide guidance and great advice they help you focus and reduce mistakes
3.Identify your weaknesses. Hire people to help you with areas of weakness or find a business partner. At Single Grain, I learned early on that I sucked at Sales so I found a business partner who’s strong at Sales. We instantly doubled our sales.’
1.Reinvest: As an entrepreneur your best ROI shouldn’t be in the stock market or some other investment class but instead your best ROI should from you and your business. Don’t be afraid to reinvest profits back into the business.
2.Hire Early: This is similar to the reinvestment mantra, but a mistake I made was waiting way too long to hire my first full time team member. You should focus on “raising your hourly rate” by examining the tasks you do during the day to determine what provides you the lowest ROI. Use this list to hire your first team member so that you can get back to work on what you do best.
3.Personal Expense Reduction: The longer you can delay gratification in your personal life the faster your business can grow. Eventually you need to pay yourself more, but when you’re first starting out delay this desire to focus on growing your business.
1.Have a plan. Kind of obvious but if you don’t have a plan and some goals then how will you grow? If you don’t aim higher then you won’t climb higher. Set milestones and push hard for them.
2.Understand your market and try to identify a niche. Don’t try to be everything to everyone. Find an emergent area or niche where the current solutions are poor or over priced and aim to build something better and more keenly priced.
3.People. It’s all about the people. Build a team that want it as badly as you do and work at sustaining a culture and creating somewhere that people want to work. The people will make or break you and especially in the early days. Get this wrong and you will never grow.
1.The longer it takes to develop, the less likely it is to launch” and I stand by this. Get your product/company to market as quickly as possible to test the waters.
2.Be incredibly clear about your goals and measure as much as you can. If you’re measuring you can determine your points of success and failure, and then improve on them.
3.Network as much as you can. The more people you can grow in your community, the more people there are to support you.
1.Cultivate an inner circle. create your own mastermind group of people that you trust, push you to think big, and support you. Having people in your life that can give you honest feedback is so incredibly crucial to your business success.
2.Seek feedback from your audience. Never stop getting feedback from your market. It’s so important to implement follow up systems such as surveys, questionnaires, follow-up calls, etc. to ensure that you’re always growing and evolving to the audiences’ needs.
3.Do what you say. Always. Your reputation depends on this. No matter what business you are in and how talented you might be, if you’re not reliable, trustworthy, or lack follow-through, your business will suffer. Every business is built on relationships. Without them it will be difficult to grow.
1.Accept you don’t know everything, if you get stuck do not be scared of asking for help from friends or acquaintances, most people are more than happy to help out.
2.Constantly monitor your competition, take what they do to get success and do it BETTER.
3.Find what marketing strategy works for your business, and do it to excess. Do not spread yourself too thinly, especially if some channels are not working.
1.Know your customers and share expertise that they will find relevant and valuable.
2.Always deliver your best work – give them more than you promise
3.Build a referral network to reduce the time you spend selling, so you can focus on the work
28-LAURIE S HURLEY:
1.Identify your target market and speak to them – don’t try to be everything to everyone.
2.Use outsourced & contract labor if it makes sense for your business – you will save on the bottom line and be amazed at the talent that is out there!
3.After deciding on your prices for your services; stick to them – don’t discount and offer bargains just to nab a client; that client probably can’t afford you anyway.
1.First, create balance in your business processes. The most successful businesses have refined their abilities in 3 core areas: lead generation, sales, and delivery. Review your processes in each and find ways to optimize your strengths, shore up your weaknesses.
2.Second, build a community. Once your business processes are working in a balanced, profit-generating way, you need to turn your attention to your market. Every successful business has a core market that loves engaging with them. Get social. Start creating a unique experience for them. If possible, get them to self-identify as one of your tribe.
3.Third, automate. You need time to engage with followers and support your tribe. To free up that time, you need to automate as much of your business as makes sense. Create systems for lead generation and nurturing. Invest in the tools to create funnels and automate follow-up, so you have time to focus on the tasks that need personal attention.
1.Create a “Real” Business Blog – This one is dead simple, yet so many people neglect to actually get started right away. It’s not just about creating a blog, it’s about creating a blog with purpose and one that can be treated like a business.
2.Become the Authority in Your Niche – With 300+ million blogs in the world today, you simply need to be the best. Do everything it takes to show your expertise and become the authority within your niche.
3.Build a Long Term Monetization Plan – There are plenty of ways to make money online, but choosing the best methods to grow and scale your blog and business over time is key. Take a look at this infographic to see how top bloggers are monetizing their sites and creating real businesses out of their brands, content and site visitors.
1.Start blogging – and for me, Google+ is the perfect micro-blogging platform as well as an incredible place to distribute your content. People love to hear your voice, and Google+ is built for making conversations happens.
2.Build a community of people around you – ideal for collaborative working, evangelism and generally increasing your reach as you serve them with great content and connections.
3.Reach out and form allies with people who have access to audiences outside of your existing space. Visiting conferences is one of the best ways to firm up relationships too.
1.Mimic businesses in your niche that you know are successful (not necessarily the competition). Copy aspects of their design, their pricing page, etc (within reason of course).
2.Build relationships with influencers and leverage those to generate traffic via content marketing.
3.Have stellar customer support, and people will share your product. Word of mouth marketing is powerful.
1.Keep a clear focus on what you want to achieve and why
2.Be selective – on who you work with, hire, where you spend your time
3.Learn to be productive – the biggest issue is always managing time effectively