7 secrets to building a successful business a growth strategy

7 Secrets to Building a Successful

Small Business

We’ll start soon

Ask yourself these questions

• Is there a market for my products

and services?

• Is the market big enough?

• Does my stuff solve a problem?

• Can I generate enough revenue?

• Is it profitable?

• Is it a growth industry?

Secret #1Start off With a

Simple Business Vision

Business Vision

• What will your business look like in 3,5,

10 years?

• What do you want to be known for?

• What do you want people to say about

your business? Values, principles etc.

• What’s the perfect business look like to

you?

• What’s your exit strategy?

• Do you want to expand it internationally?

• Do you want to leave it to your family?

Decide and develop a strategy to achieve

your goal.

Secret#2

You Need a Plan To Achieve Your Vision

Plan

• Set business goals

Write them down

– Time period (1,3,5,10 years)

• Get everybody behind your plan

• Keep your plan short and simple –

max 10 pages

Goals

1.Personal Goals

2.Business Goals

Marketing

1.Who is our ideal customer?

2.Which customers would we

like more of?

3.Marketing plan (include

weekly to do’s)

Break-even

1.Our income and expense

forecast

2.Our break-even point

Cash Flow

1.Cash flow forecast

2.Expense budget

Secret #3Do a SWOT

Analysis

Identify Your Strengths

• What advantages do you have

over your competitors?

• What makes your business

unique?

• What do customers identify as

your strengths?

• What problems do you solve

better than anybody else?

• List your weaknesses

• Develop solutions to overcome them

Identify growth opportunities

Be aware of the threats to your

growth

Secret #4 Master Marketing&

Sales

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Know your market

• What trends are taking place in

your industry?

• Who are your customers?

– What area are they from?

– How much do they buy ?

– How often do they buy?

• What do customers think of your

product or service?

• Who are your competitors?

• How much do they charge?

• How do they market their stuff?

• What are their strengths &

weaknesses?

Know Your Market

Plan

• Clearly define your target market/s

• Develop a detailed promotional plan

– What marketing tools are you

going to use?

– How will you measure the

effectiveness of your marketing

tools?

– Develop a marketing budget

Sales

• Set sales targets

• Develop a lead generation program

– Pick up the phone

– Email potential clients

– Network

– Develop content customers want to read

• Set regular appointments

Secret #5Employ Good

People

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People

• Where are the gaps? What people do

you need to grow your business?

• Develop profiles of the ideal candidates

• Get good people with a great attitude

• Outsource if you have to

• Develop an operations manual, with your

systems, processes, policy and procedures

• Develop a training plan for your employees

• Focus on results not how many hours they

work

• Inspire and motivate them

You can’t build a big business without systems

Secret #6Know Your Numbers

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• Purchasing strategy

– Who you buying your products and

services from?

– Are you getting the best value for

your money?

• What gross margins are you achieving

– What margins would you like to

achieve?

• Income & expense

– Monitor your expense ratios

– Develop expense budgets

– Get a good accountant to guide

you

• Regularly update your cash flow

• Know your monthly and annual

break-even

Never run out of money1.Sales is vanity2.Profit is sanity3.Cash flow is reality

Secret #7Use Technology

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• Use cloud based software only

• Use email marketing

• Find good technology people

– Outsource

• Develop a great website

• Use free online resources

• Use social media

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