Business Development

Growing a business can be a difficult task. We tend to focus our time on the areas that we are familiar with or come natural to us. Consequently, the other areas are left unaddressed and though it may not present issues in the short term, it usually has an impact on the long-term health of the business. For e.g., a mechanic that promotes itself in the beginning of its business may generate some work, but if they go on to focus all their time on billable work and nothing on advertising, the business may reach a certain level and plateau. Like training for a specific sport, it is important to nurture all aspects of your business in the right proportions so that you can produce the most successful result.

Here are nine tips that will help you manage and grow your business:

1. Set different levels of goals – the problem I have found with setting one goal is that it is all or nothing. You either accomplish your goal or miss the mark. I have found it greatly beneficial to set different levels of goals, rather than one target. For e.g., a personal trainer may have the goal of bringing in x number of new clients to their gym. The personal trainer should set a low, medium, and high range, with the low level slightly more than what is comfortable but highly attainable. This gives the trainer confidence to meet at least one level, with two higher levels to work towards.
2. Keep track of potential business and discussions held – if someone has expressed an interest in working with you or using your services, it is important to note down the potential client and size of work. This allows you to keep track of your discussions and evaluate how many have turned into closed business.
3. Attention to detail – one simple mistake could cost you a client and the potential referrals from that client. A thorough review of your work cannot be over emphasized. It is inevitable that we will all make mistakes time to time, so it is important to acknowledge those mistakes when they happen and take care of the client or customer immediately.
4. Responsiveness – It is abundantly easier working with someone that addresses your concerns in a timely manner. Even if you cannot get to a matter in detail, simply acknowledging that an email was received and that the work will be completed within a certain time frame puts the client at ease. You will gain their respect and understanding, and they will give you the time and space to complete the task.
5. Grow in volume or up the price? – Are you finding that the problem lies not with finding business, but with finding employees to keep up with the business you are bringing in? Perhaps your prices are below that of your competitors, which is driving your volume, but is placing added pressure on finding skilled employees to meet the demand. The business owner should consider whether increasing their prices would be more beneficial to the business. The business owner could focus its time on those clients/customers with more complex work and willing to pay the fees, rather than accept every client and spend time finding skilled employees to meet the demand. The business owner should determine the size of business they would like and adjust their prices accordingly.
6. Find your niche – where do you see your business going and who do you want to target? Setting a vision and mission for your company will keep the business moving in the right direction.
7. Professional development – while it may be more motivating to jump right into billable work, taking the time to develop your technical skills is invaluable. Through the development of your technical skills, you will complete work more efficiently and provide insights and recommendations to your clients that you might not have been aware of previously.
8. Stay ahead of the curve – keep up to date with the latest trends in your industry to position yourself at the front.
9. Nurture your inner circle – it is likely that 90% of your business will come from your inner circle of friends, clients, and colleagues. Try to connect with those in your inner circle at least 1-2 times a year so that you stay top of mind in your area of expertise.