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If you don't grow your business will almost certainly fail. However chasing new business can be as dangerous as chasing no growth at all. I explain how to identify the best channel for growth to increase top line revenue without eroding bottom line profits.
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Finding New Sources of Business
Presented by Mike Reddy CA
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What We’ll Cover
o Analysing your business
o Growing your top line without compromising your bottom line
o Setting growth targets
o Finding new business
o Measuring your progress
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The Importance Of Growth
o Businesses need to grow
o A focus on growth protects your market share
o Businesses that can’t find new sources of business will fail
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The Cost of Getting It Wrong
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The Cost of Getting It Wrong
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Valid and Sustainable Competitive Positions
Price Leadership
Differentiation
Unsustainable
Unsustainable (High)
Quality
Price
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Case Study – Vehicles
Quality
Price
Value Add Value Add(Low) (High)
(Low)
(High)Price
PriceHyundai
Lexus
Mercedes
Mazda
Toyota
Where are you?
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The Revenue Model of Business
The number of customers you start with-
The number who defect+
The number you acquirex
The frequency of transactionsx
The average value of each transaction
Total Revenue
=
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Growth Strategies
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Growth Strategies
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Growth Strategies
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Growth Strategies
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Diversify Your Offering
o Sell your existing products to new customers
o Sell new products to your existing customers
o Sell new products to new customers
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Are You Set For Growth?
o Increase customer spend
o Increase share of market
o Diversify your offering
o Enter a new market
o Sell to government
o Form an alliance or partnership
o Establish a joint venture
o Merge with or acquire another business
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WiFi – Stay Longer, Pay Longer
o If customers stay longer you earn more
o Business people need internet access
o 86% use smartphones on the go
o People stay longer – business up 40%
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Increase Your Share Of Market
1. Competitors’ strengths?
2. Competitors’ weaknesses?
3. Why do customers buy from your competitors?
4. How can you communicate a better value proposition?
5. What is your UCD?
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Enter A New Market
1. Who are your potential customers?
2. What do they want to buy?
3. Who are your competitors?
4. How will you market your products?
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Alliances Suit Small Business
o Create opportunities for small businesses
o Save time and money
o Cooperative arrangements benefit SMBs
o Share expertise, assets, expenses and risks
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Dare To Be Different!
o Growth from day one
o Be unique
o Create differences
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Drive The Business With New Products
o Every product has a life cycle
o Monitor your products and your market
o Is demand rising, static or declining?
o Have new products ready
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Summaryo Many ways to achieve
growth
o Develop growth strategies based on strengths
o Set growth targets and measure progress
o Either grow or go out of business
o Be patient for growth BUT impatient for profitability
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For free business tips, tricks, webinars and business building videos:
Appstore.com/shapeyourbusiness
http://bizresu.lt/14rCChu
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