In just 60-seconds, we’ll show you how to really accelerate your profit to grow your business!
0:60 Research Your Competition
Look up your competition. Find companies that are about your size, provide same product or service, and serve your niche group. One good resource to size up your competitors is Dunn & Bradstreet. Compare how they serve their clients and you may just find a key element to your future success. Also, go to your local Yellow Pages, and look up every competitive business in the area. Visit a few that are known to be popular to see what they are doing to attract and retain customers.
0:42 Stand Out from the Crowd
What or how you can offer a service or product that is different and speaks to your customer base can make or break your profits. Offer a discount to regular customers. Do you give customers who refer new business to you free products? Meet a mentor online to figure out what you can do to attract new customers while retaining existing ones.
0:30 Grow Your Network Online
One of the quickest and economical ways to grow your customer base, is to offer your products/services online. Build a Web site. Start email marketing to existing customers, and new. Do you have a Facebook page, business Twitter account with a growing list of followers, LinkedIn group? This is a free and fast method of growing your base from just your in-person customers to potentially a MUCH greater online client list. A product can be shipped, a service can be provided via content on the Web, demos... The sky is the limit.
0:20 Drop What Isn’t Working
Do you know of underperforming parts of your business? Examples would be employees, products, payment plans, and non-paying clients. Get in there and cut out what isn’t working and what is pulling down your finances. Once the “drag” is cut, you can use that money to invest in growing what IS working and start cashing in.
0:10 Sell, Sell, Sell
Use any and every resource you have, such as flyers, word-of-mouth, Welcome Wagon coupons, showing up at local events, being a presence at trade shows, farmers markets, sponsoring local sports teams, even having a re-branding or re-launch of your business to spark new interest and visibility of your business now that it is freshly focused and ready to profit.
Brought to you by SCORE "Counselors to America's Small Business" Ask SCORE.
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