15 Ways to Grow your Business in Every Economy

15 Ways to Grow Your Business in Every Economy Mary C. Kelly, PhD

Business/Organizational Assessment ➢ You must effectively allocate your time and resources to improve profitability. ➢ Where can you allocate time and resources to improve profitability? ➢ Time and Resources: Key Areas of focus ❑ Website ❑ Social Media Marketing ❑ Advertising ❑ Product/Service offerings ❑ Expenses ❑ Strategic planning ❑ Clients/customers ❑ Staff ❑ Team building ❑ Leadership ➢ Ask yourself, “Do I need to”: ❑ Improve product/service offerings ❑ Cut expenses ❑ Create a strategic plan ❑ Use my time better ❑ Find more clients/customers ❑ Get my people working better as a team ❑ Hire more staff ❑ Improve my leadership skills

What would more profitability mean for your business/organization?

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∆ Take 2-3 minutes to reflect on the following questions: ➢ Do you feel you are allocating your time and resources in a way that improves your profitability? Why or why not? _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ ➢ Which of the following areas do you need to focus on most? How so?

1. Improve product/service offerings 2. Cut expenses 3. Create a strategic plan 4. Use my time better 5. Find more clients/customers 6. Get my people working better as a team 7. Hire more staff 8. Improve my leadership skills _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________

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Business Growth Assessment Business Plan, Vision and Goals ➢ Growing a business requires attention to detail. ➢ Do you have a business plan that accurately describes your business? ➢ Do you have a strategic vision for your business that is driving it towards future success? ➢ Is everyone clear on your goals for moving the organization forward? ➢ Compare how well your business is doing with regards to others. ➢ What are the niche needs of the market that you currently fill? ➢ What are the unmet needs of the market that you could fill? ➢ What is your top business goal for the rest of the year? ➢ Read business magazines/periodicals on areas where you are weak. ➢ Attend conferences that push you and your business forward. ➢ Join groups that further educate you and your mind.

Revenue and Expenses ➢ ➢ ➢ ➢

What are your break-even points?

What is your total revenue?

What is your total cost?

What are your profits?

Customer Recruitment and Retention ➢ Do you have systems in place for actively generating, receiving, and thanking referrals? ➢ Do you have systems in place showing customer appreciation? ➢ Do you have systems in place for getting honest feedback? ➢ Does everyone on our team know how to take great care of your customers? ➢ Do you follow up with our clients the way you should? ➢ What do your customers believe and feel when they think of your organization?

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➢ What do you want customers to believe and feel when they think of your organization? o Reliable o Quality o Knowledgeable o Professional Website and Social Media ➢ Is your website easy to navigate? ➢ Is your website mobile friendly? ➢ Is your social media updated consistently and linked to your website? ➢ Does your website capture customer contact information?

Training and Guidance ➢ Your company needs trusted advice. ➢ Your staff need training and development. ➢ Read business magazines and periodicals to remain current and improve in areas of weakness. ➢ Practice gratitude. ➢ Do you have trusted advisors to keep you on track such as a corporate advisor, board of directors, or a mastermind? o Professional Advice o Consultation o Knowledgeable o Accountability ➢ Do you devote resources on professional training for your team? o Customer service o Leadership o Skills training ➢ Create the habit of being grateful and encourage a sense of gratitude among your team.

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∆ Take 2-3 minutes to reflect on the following questions: 1. Do you currently have a business plan? If so, does it include plans for revenue and profit, website and social media, customer satisfaction, and staff training? Which of these areas need the most attention and why? If you do not have a plan, what has prevented you from developing one? What resources do you need to get started? _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ 2. Is your team clear about your vision and business goals? How can you ensure that everyone understands the business goals and feels they play a major role in making sure these goals are fulfilled? _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ PagepPae7

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