To grow a business, you need to find opportunities that are profitable in terms of both time and money, that you can assign to other members of your team and monitor with relative ease.
Here are the 4 steps to successfully grow your business.
STEP 1: PENETRATING THE MARKET
The first is market penetration. You need to generate as many sales as possible to keep your company alive and pay yourself.
At this point, it’s important to measure and analyze the sales of products and/or services, and assess the customer's level of satisfaction in order to adjust your strategy, if the established objectives are not met.
STEP 2: BECOMING PROFITABLE
The second step to managing your business growth is making your sales count.
Being more selective and concentrating on the most profitable clients and products. At the same time, you need to structure your business and optimize your process in order to reduce costs and increase your profit margin.
STEP 3: MAXIMIZING SALES
In the third phase, your business must maximize it's sales by analyzing the needs of it's clients and improve how those needs are met.
It may be necessary to develop related products or partner with other suppliers. An example would be a restaurant that partners with a delivery service such as Uber Eats.
STEP 4: PURSUING GROWTH IN NEW MARKETS
In the fourth and final phase, your company can continue growing by pursing new markets.
This can only be done if your business is running smoothly and has delegated as many operational tasks as possible to employees and associates. It’s only when you’ve reached that point that you’ll have the time and resources to develop new opportunities.
BONUS STEP
We are happy you are serious about growing your business. This bonus step is really simple. Don't be afraid to ask for help. ReInvestWealth is ready to support your business by providing a free consultation. Simply send us an email at info@reinvestwealth.com or schedule an appointment on our website www.reinvestwealth.com.