Archive for 'growth'

Business Growth Strategies For Surviving The US Recession

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On the first Friday of the new year Wall Street suffered dramatic falls. Weaker than expected job data and the sharp rise in the December unemployment rate heightened fears of a recession in the USA, the world’s largest economy.

Technology behemoth Intel increased American market fears after Intel fell eight percent. Investors are fearful computer sales will lead a lag in overall corporate investment.

The head of OPEC predicted crude oil prices will remain high for at least another three months because of problems in Nigeria, Pakistan, and the credit crisis caused by the mortgage market collapse in the US.

On top of that, the Dow Jones fell to the worst three-day start to a year since the Great Depression in 1932.

Credit crisis, rising petroleum costs, and recession looming will lead to consumer spending hitting a significant slowdown too. All these problems prove the US economy is on shaky ground.

2008 will come to be known as the year of greatest turmoil and loss for small business. It will also become the year of greatest opportunity for companies that proactively implement business growth strategies that work, instead of sitting around hoping things will get better.

That’s because the next 12 to 18 months will be a period of considerable change. Globalization, a softening U.S. economy, and increases in petroleum and energy costs will make remaining agile in competitive markets a challenge.

Only companies that have built high performance organizations that can react quickly to change will survive and prosper. A key to that survival is capitalizing on new marketing opportunities. It also means moving away from low-margin commodities.

Here are five questions that help determine if your company needs or should make adjustments:

1) Are you an independent professional, service business owner, or marketing director who wants to stop worrying about the future?

2) Would you like to increase the frequency, volume, and profit of each purchase from existing clients?

3) Would you like to attract more high quality leads and dramatically increase the number of leads converted to profitable paying clients?

4) Do you want to significantly boost referrals?

5) Would you like to stop clients leaving to competitors?

If you answered yes to any of these questions, now is the time to do something about it. In fact, the best defense is usually a strong offense.

Look for ways to change your business model to coincide with changes taking place in your marketplace and the global economy as a whole.

These adjustments to your current marketing processes will help improve overall profitability regardless of what is going on in the rest of the economy. There are three steps in all.

Step 1 – Evaluate And Diagnose Your Current Marketing Position

Step 2 – Implement A Proactive Marketing Action Plan

Step 3 – Track And Measure Results

In a nutshell make a complete assessment of your company’s potential, determine where improvements can be made, then select practical and low or no expense strategies to strengthen your business model.

The coming recession doesn’t have to be a case of ‘doom and gloom’ for your company. Even during the Great Depression there were companies that came out of the Depression and continued to prosper. How 2008 turns out for you and your company largely depends on the choices you make right now, early in the game as the new year gets underway.

HTML: Andre Bell is an Author and Business Growth Strategist. Visit his official site at www.AndreBell.com for a free copy of his new Business Growth Strategies Report.

Some Tried and Tested Business Growth Strategies

Some Tried and Tested Business Growth Strategies

Business growth is something that a capable business owner will almost always go for when given the opportunity. But the main question here is how does one develop business growth? What are the key things that one has to consider when eyeing for that company expansion? There are actually many ways that companies grow. Here are just some of the things a lot of successful companies have included in some of their business growth strategies.

Get Good People

One of the most important and vital of all possible business growth strategies is to get good people to spearhead one’s business towards progress. Both the business’ management its workforce will directly contribute to the success or failure of a business venture.

One of the most respected business individual said it best: The capacity of the business to grow is directly proportional on the capability of management to lead. Good managers are critical for business growth. In fact, a lot of very successful companies are always on the lookout for capable and effective managers as part of their business growth strategies. Managers are often the ones responsible for a lot important decisions that the company makes.

Getting good managers is one very important part of the equation. However, another equally important part is to get an excellent work force. The individuals working in the company is equally as important as the managers leading them. If the managers decide, the “regular” employees are the driving force for the company’s success. It is these regular workers’ innovations and stellar performances of simple workers that help the company grow in leaps and bounds.

Expand Customer Base

Another important part of a lot of companies’ business growth strategies is to look for ways and means to expand their customer base. As most companies and businesses are aware of, customers are the lifeblood of business. A big customer base means more revenue while a relatively small customer base means less. Therefore it is of primary importance for a business to incorporate plans on how to increase their customers.

There are many ways that a company can increase its user base. Aggressive marketing is a primary example. Relentlessly pursuing potential customers is one of the things that separate a mediocre company from a highly successful one. Good advertising, holding exciting company promotional events and providing excellent customer service are just a few ways that companies can be aggressive in getting more customers.

Optimize Company Resources

A lot of successful businesses incorporate resource optimization as one of their many business growth strategies. Increasing a business’ customer base and thereby increasing sales by extension is important. However, it is also equally important for companies to minimize cost and also to optimize any resource available to them. A lot of expense goes into a business’ daily operation, but as many business analysts would agree, a lot of these resources are not properly optimized. Therefore a lot of unnecessary wastage occurs. These could have been turned into possible company savings if the use of these resources was handled properly.

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3 Guaranteed Business Growth Strategy You Can Use To Sustain Your Business

Every entrepreneur desire growth in his/her business. Every business need to grow, and sustained growth is the dream of every committed business owner. Starting a business is one thing, growing the business is another thing but sustaining the growth and staying ahead of competition is another game entirely.

Without wasting much of your time, join me as i unleash to you five business growth strategy you can apply to your business:

1. Do Your Best To Preserve Your Customer Base: You know how difficult it is to find a new customer. I am always an advocate of keeping your existing customers happy by any means necessary. You can sustain your business growth by enticing your existing customers and developing more complex relationship with them. This will make it difficult for them to switch to your competitor.  I feel this is the most important business growth strategy you can employ.

2. Do All You Can To Increase Your Market Share: Always give your customers a reason to come back. Try to be the best to your customers and encourage them to tell their friends about your business. Attracting customers away from your competitors can prove to be tough, so you must apply every weapon in your arsenal to give any new customer the best you can. Offering higher value and quality service is essential at this point in time. If you want to sustain your business growth, you must strive to increase your market share.

3. Exploit Market Trends:  Of all business growth strategy i am sharing today, this strategy can make or break your business. You must keep your eyes and ears open to take advantage of any available industrial trend. This can be achieved by monitoring the industry for changes in buying criteria, product or service innovations and population trends.  Trend is your friend, never resist change. Instead, be quick to adapt to change. This can be a competitive advantage for you.

4.           Keep Your Eyes Open For New Business Opportunities: Being an experienced entrepreneur, i can confidently tell you that you can never talk of sustained business growth without having a diversification plan. Few years ago, a mentor of mine went to replenish his stock. He actually had in mind to buy his regular goods of motor parts but on getting to the marketplace, he discoverage that there was shortage of motorcycle parts. He carried out preliminary feasibility and found out that motorcycle parts scarcity was impending. Though not a motorcycle parts dealer, he invested all the money he had budgeted for his motor parts into buying motorcycle parts. He was not a motorcycle dealer, he was not experienced in that field but he took the risk and invested all he had into purchasing motorcycle parts. The business bombed and he made millions. Today, this friend of mine sits atop a conglomerate. The lesson from this story is you must keep your eyes open and be prepared for opportunities when it comes.

5.           You Must Have A Diversification Plan:  This is the last business growth strategy i can share with you for now and it is as important as the others. When you have made it in an industry or you feel your market is saturated or has grown too competitive. Don’t hesitate to diversify. Diversifying into other industries will help sustain your business growth. When developing business growth strategies and plan, always remember to include a future diversification plan.

If the five growth strategies prove too tedious to apply, then try implementing at least three of it. 
In conclusion, I wish you the best of luck as you strive to grow your business. Good Luck.

Ajaero Tony Martins is a serial entrepreneur, investor and a prolific blogger. He blogs about his entrepreneurial experience and provides hard core strategies for Starting a Business from scratch and handling Business Challenges

Continued Growth For Online Advertising

Online advertising will continue to grow despite economic woes according to the latest analysis from eMarketer.

The majority of analyst firms expect to see spending growth for online advertising to continue to show double-digit increases in 2008 and 2009.

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In our ongoing video series that highlights increasing sales for a fictitious technology company, I review the stakeholder meetings in this installment.

Brief Recap

As I hope you remember, this is a $62.5 million technology company that has experienced a few bumps in the road toward their goal of becoming a $100 million company so we’re setting out to help them get back on the growth track. A lot of the pains uncovered in this fictitious example are not uncommon for businesses in any sector so I hope you’ll take a look at this video in addition to the others produced thus far. Below today’s video are links to the others just in case you wish to review and/or catch up. Enjoy!

Previous Videos in this Series

5 Ways Enterprises Can Increase Sales

Keys to Success in Growing Technology Sector Sales

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