While success can be defined in many ways, business owners, CEO’s, and management level executives all are evaluated on company growth and profitability, in some way, shape or form. With that in mind, our firm thought that it might be helpful to simplify a few ideas to help you improve growth and profitability in your business. They are, in no particular order:
1. Find your Differentiator:
While this seems overly simplistic, it may not be as easy as one would think. If you are selling widgets, what makes your widget special, as opposed to your competitors widget? Once you understand what makes your product or service unique, you can use this knowledge to build into your sales propositions.
2. Invest in your business:
If “invest in your business” seems like a broad tip, well, that’s because, it it. You have to be willing to invest in the proper equipment, and in the people that will be building your product, or providing services to your customers. It is also important for you, as the “top dog,” to recognize that you need to preserve cash flow for this investment. Just because you have more money in your company bank account, does not mean that you should take it. Discipline is key.
3. Roll up your sleeves:
A key component to running a successful company is to avoid complacency. Again, being the “top dog” requires more effort, not less. There is a popular cliché, that says “you should never ask your employees to do something that you are unable or unwilling to do yourself.” While the main responsibility of the leader of a company is to guide, mentor and develop your team, it is imperative that you know when to jump into the trenches with your team. Trust us, your team will appreciate it, and they will be more productive and motivated because of it.
4.Focus on your existing customers:
All too often we become so focused on our prospective customers, that we forget that there are opportunities to be had with our existing customer base. Something as simple as creating loyalty rewards programs where discounts can be earned through purchases or involving them in customer surveys that actually lead to some type of reward. This builds loyalty AND helps you improve.
Written by Joseph Giordano Jr., CPA