7 KEYS TO GROWING YOUR BUSINESS IN 2016

As an entrepreneur the growth in your business is 100% under your control. It reflects, to a large degree, the decisions you make and actions you take to generate growth. Your ability to think, analyze and decide is the key determining factor of your profitability.

7 KEYS TO INCREASED GROWTH

Working with small business owners has taught me that growth is a fairly predictable outcome assuming you utilize seven (7) keys that foster it. If, however, you choose to ignore these 7 keys stagnation and decline are likely results.

Here are seven (7) keys you can leverage to realize significant growth in your business in 2016:

1. YOU

The ultimate source of energy, leadership and direction for your business. Sometimes, focusing on your strengths — rather than trying to improve your weaknesses — can help you establish growth strategies. Reorient the playing field to suit your strengths, and build upon them to grow your business.

2. SALES PIPELINE

The quantity and quality of prospects you’re attracting. You got into business to solve a problem for a certain audience. Who is that audience? Is that audience your ideal customer? If not, who are you serving? Nail down your ideal customer, and revert back to this audience as you adjust business to stimulate growth.

3. AVERAGE SALE

What someone spends, on average, with you. Identify which key indicators affect the growth of your business, and then dedicate time and money to those areas. Also, A/B test properly — making changes over time and comparing historical and current results isn’t valid.

4. CUSTOMER PURCHASE FREQUENCY

How often someone does business with you. Operational and behavioral metrics make accountability more transparent, fair, and objective. They are mission critical to long-term organic growth.

5. SALES PROCESS

How quickly you can help someone make a decision to buy from you. To increase sales efficiency, you need to examine your sales process for weaknesses that can be addressed with either sales efficiency software or through reorganization and strengthening of existing processes.

6. PROFIT MARGIN

How much of each dollar remains with you after all costs have been covered. A key principle for business success is tight financial controls and good budgeting. Successful businesses use accurate bookkeeping and accounting systems. They put these systems in place at the very beginning and carefully record penny they spend.

7. LOOK TO YOUR COMPETITION

No matter your industry, your competition is likely excelling at something that your company is struggling with. Look toward similar businesses that are growing in new, unique ways to inform your growth strategy. Don’t be afraid to ask for advice. Ask yourself why your competitors have made alternate choices. Are they wrong? Or are your businesses positioned differently? The assumption that you’re smarter is rarely correct.

Growth . . . Begins With Y-O-U

Your business is alive with the energy you feed it. Growth reflects that you’re feeding yourself and your business well. When your business is easy for clients to consume, and they like it, they want more. Therefore, you need to be well fed and growing to feed your clients well too! If you’re seeing shrinking customers, profit margins, inspiration and support… take care of yourself first. And take it from there.

Failure to thrive in your business may be the first and best indicator that you’re failing to thrive personally. New York Times bestselling author Michael Port—if you haven’t read Book yourself solid, Steal the Show, move them to the top of your list —teaches that business problems and personal problems are interchangeable.

GROWTH MADE SIMPLE

If you intend to grow your business in 2016, commit to leveraging each of the 7 keys cited above and develop a plan to use them to unlock your business growth potential.

Remember –– modest changes, applied consistently and conscientiously, produce a synergy that will help you grow your business substantially in 2016.

SUMMARY OF KEY POINTS

Growth of you, personally and your business, financially is necessary for the benefit of both.

Factors that drive revenues and profit are readily known and 100% under your control.

Focused, conscientious action can improve any or all of the growth factors cited above.

A simple 5% improvement in each factor, achieved consistently, generates significant growth

Your company’s data should lend itself to all your strategic decisions. Specifically, you can use the data from your key indicators and revenue streams to create a personalized growth plan. That way, you’ll better understand your business and your customers’ nuances, which will naturally lead to growth.

A one-size-fits-all strategy implies vague indicators. But a specific plan is a successful plan. When you tailor your growth strategy to your business and customers, you’ll keep your customers happy and fulfill their wants and needs, which will keep them coming back.