“A goal without a plan is just a wish.” ~Antoine de Saint Exupéry
As we head into the 4th quarter, it’s time to reflect about the current year & plan for the upcoming year. Were you successful in reaching your sales targets for the year? Are you on target to meet or exceed your net income goals? What worked, what didn’t work? What changes need to be made so we can have another successful year? Now’s a great time to sit down and reflect about the change we want to see in our business & draft a plan of how we will achieve our dreams. Here are some steps to help you skyrocket your business to the next level.
1. Revenue Streams
Conduct a full analysis of your company’s revenue streams. In this analysis, you want to consider:
- The life-cycle of your products and services – Don’t let products & services loose their selling power because they are becoming obsolete, out of date, competition has met your match, or the market is changing. What innovation is needed to keep you one step ahead of the competition and market trends?
- Review your pricing models and strategies – Learn and build on pricing models currently thriving for your business. Research & launch new pricing structures to fix the lost leaders.
- Expand your revenue streams – What are ways you can expand your current offerings, reach a new demographic, expand sales to a new location (city, state, country), sell more to your current customers…
2. Marketing Plan
Revisit your marketing plan. You should be tracking where every lead is generated. This will allow you to focus your efforts on the marketing avenues generating the best results. Consider the revenue stream analysis you just completed. How will you get your new and expanded revenue streams in front of buying customers?
3. Establish a network of Key Relationships
In business, it’s the people you know, not necessarily the skills you possess. Find and cultivate those key relationships that will fuel your business growth through referrals and strategic partnerships. This is key to experiencing rapid growth.
4. Invest in the Right Team
You are going to need a team of A players to help you execute your plans! Make sure everyone on your team knows how they play an integral part of your company’s vision & goals. Having a purpose and reason helps everyone stay focused on the road ahead to success. Don’t be afraid to invest in your team to fuel growth. What additional training is needed to improve your employee’s skills and knowledge? Are new employees needed in some departments to help the company reach growth goals? Review compensation plans. Incentive based compensation can go a long way in rewarding employees for their dedication and hard work.
5. Work On Your Business, Not In Your Business
This is one of the hardest skills for entrepreneurs to master. More often than not, we see entrepreneurs simply create a “job” for themselves. If you want to scale your business, your team needs a leader to who can manage and inspire the team navigate the growth trail. Focus on a handful of key activities that will move your business forward in a strategic way.
6. Measure and Track Results
Measuring and tracking results is key to keeping you on track & alerting you when changes need to be made. It’s vital to invest in a strong accounting and finance team. Your controller and CFO will help you and your management teams measure and track KPI’s (Key Performance Indicators). KPI’s are useful metrics that measure results, allow you to quickly see if your team is on track, and alert you to potential dangers. It’s also essential to have a firm grasp on your company’s financials.
Drum roll please… The most important step is ACTION. Dream big, put a plan in place (as outlined above), and then act. Nothing is going to change or happen if you sit back dreaming to experience rapid growth. It’s time to step out of your comfort zone and put your plans in motion.
Now’s a great time to make your dreams a reality. All it takes is a little strategic planning, action, and measuring your results. We are here to help you as you experience rapid growth and skyrocket your business to the next level.