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Your business is humming along nicely, and you are finally at a point where you can reflect on where you are. Are you content to let it flow for a while or are you already looking to expand and grow your business?
Whether you’re in go-with-the-flow mode or eager to keep going right now, there are some important things to consider moving forward. If you look to grow too hastily or without enough thought, you run the risk of spreading yourself too thin and ignoring aspects that could actually help you.
In no particular order, here are 10 questions to ask yourself when you’re ready to boost your business.
You need to have a goal in mind before you start your evaluations. Unchecked and random growth may be great at first, especially if it happens quickly, but without a focus on where you actually want to go, that randomness can eventually become unsustainable.
The model that you are following now was established hopefully, with a purpose. Where are you in the plan? Have you achieved everything you set out to, or are you somewhere in the midst of it? Are you at a point where a simple decision could make a big difference?
The key to this one is that you don’t have to reinvent the wheel. If your current plan is working well, you can look at it to adapt it for growth.
While you’re looking at your plan, take a closer look at what you are most excited about. It could be reaching new customers, or it could be the next step in your product rollout. But if you’re going to grow your business, you need to be interested and invested in whatever form that growth takes.
No plan is without problems. Knowing what stumbling blocks or potential hazards face your business is half the battle to overcome them. Trying to grow without having a firm understanding of the challenges you may face will only cause frustration.
Your business is nothing without a customer or client base. You need to have a firm grasp on who you are selling to and why they are your target.
You obviously are doing something right if you have a solid enough base to grow your business. But you need to know exactly what it is that they value from you and why they stick with you. Hint: you can achieve this through client feedback forms or simply interacting with them on social media. People are usually not shy about voicing opinions these days.
Similar to the second question, you should determine whether it is worthwhile to try to grab new clients or add new offerings to current clients. There’s no reason that you can’t do one and then the other but trying to do both at the same time is a sure way to miss your mark. Get a handle on which one would be better to do first.
This may just sound like number three is reworded, but it’s totally different. Is your business something that can be applied to a completely different market altogether (not just to individuals)? For example, think of a software developer who creates a front desk concierge service with dental offices in mind.
That person could continue to market to dental offices – but couldn’t other businesses with front desk services also benefit? Answer: of course! There are several markets that would be interested. So, look at what you’re offering and then do some research to see if there is another market you can target.
This is vital if you are in a saturated market. Your inclination may be to copy what they do, especially if you see it working for them. And it is entirely possible that this strategy might work for you. But it might also be beneficial to figure out a new path that your competition has not used and offer something different to the marketplace.
Is it your way or no way? Can you stand constructive criticism or observations about your business? If you’re closed-minded and not open to other ideas, you could be missing out on a fresh perspective or out-of-the-box approach to growth.
If you couldn’t already tell from these 10 questions to ask yourself when you’re ready to boost your business, it’s all about being able to evaluate where you are and where you want to go. To do that, you have to really scrutinize the positives and negatives of your process.
Once you have answered these questions, you should have a better idea of the most effective way to boost your business. Good luck!
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