Do you sometimes feel like you’re swimming against the tide or running up a steep hill when it comes to building and growing your business?
Like every business, you’ll find that there is a limited amount of hours in the day and these are often consumed within operational tasks rather than marketing, sales, and business development activities.
HOWEVER, for any business to succeed today, you MUST dedicate hours for working ‘on the business’ and developing strategic marketing and sales programs.
I can hear you already “I really want to be doing this BUT I simply don’t get the time”.
You’re correct, out of all the companies we’ve provided business mentoring, the majority either do not get the time OR they don’t have the skills and knowledge in place to do the tasks (because they don’t get the time to learn)
The most significant impediment a business faces is ‘time’. To overcome this, it’s essential that you remove yourself from those non-value adding tasks and get back into the driver’s seat.
The following six (6) points explain the most common barriers to growing a business. We’ve also added some great tips and tools to help you resolve them.
Why most companies are spinning wheels!
(1) Workplace Productivity (stop working on the non-value tasks)
A recent survey showed that 1 in 3 business owners believe disorganisation makes them less productive, and also less strategic in the way they grow their business.
53 percent of businesses that were thriving/surviving said their workplaces were organised and took advantage of digital workplace productivity and communication tools.
Of the struggling/failing businesses surveyed, ONLY 23 percent said they were organised and knew about such productivity tools.
Work with a digital transformation agency such as rev™ Branding who can show you how to plan and invest in digital improvement solutions. They’ve helped many companies to identify the inefficient areas of their business and deploy new productivity tools (e.g. software for workflow, collaboration, marketing and comms etc.) and processes that ultimately free you up to work on the more critical business activities.
(2) Knowledge and Skills Gaps
The way today’s business needs to brand, market and sell has changed dramatically.
The use of social media and digital marketing (more recently digital experiences and journeys) has raced ahead in the last 12-months leaving business marketers scratching their head not knowing where to start.
Most companies have a high-level of understanding of how they should be rolling out their brand marketing and sales campaigns, but they lack the intimate knowledge and skills required to do it themselves or to teach their staff.
Work with a Brand Marketing Agency who are efficient and effective at these tasks. GOOD digital brand agencies will have a solid experience in digital marketing and can provide you with checklists, templates or complete outsourced programs. They will work with you to identify your target audience and create an integrated and connected brand marketing plan, social media and digital marketing program, lead generation campaign, automated sales funnels and email marketing workflow.
Visit the self-service digital marketing dashboard: www.retaile-v.com.au/Digital_Experience_Activation
Check out our range brand and digital marketing programs: www.retaile-v.com.au/DigitalChannelMarketing
(3) Cash Flow Management
Every business struggles with cash flow.
Sure, you often start well with a great new concept and brand, but after competitors enter the market, your audience proliferates, and sales and profit margins start to reduce.
From online invoice software to better budgeting systems and effective cash flow management, this challenge can be overcome.
Good Product Management and Marketing will incorporate an effective procurement and pricing model. These work together to ensure that your buy and sell price will maximise your margin (profit).
Software designed to manage and automate accounts receivable and payable, plus some customer relationship management tools will greatly improve your cash flow.
Ask us for some advice or assistance to help you implement;
- Procurement process
- Pricing models
- Sales and Distribution models
- Digital invoicing and payment systems.
(4) Growing Brand Assets
Your business and/or product brand is one of the most valuable entities in the business. DO NOT underestimate its value.
In an online digital marketing world, your customers now have easy access to information about your offer. They also have fast access to reviews, examples, and use-cases that when pulled together can create a very powerful sales tool. If the reviews and brand experience is terrible, then it becomes the opposite.
Brand and Content Marketing, when done correctly can boost your business online and in some circumstances promote your offer without any advertising investment. It is also one of the best SEO tools available.
Brand Marketing will boost your credibility, integrity, and overall trust in the eyes of the customer.
Take advantage of the free online tools and resources available to help you with Brand and Content Marketing;
(5) Stay passionate – use a business mentor or coach
Sometimes you are so busy working in the business that you can’t see the wood for the trees right?
You can have SO much going on that you forget which bit was most important or even worse, you do a half-hearted job on tasks that you know that you’ll regret later.
Mentoring has now become the “new normal” with many more companies now seeing the benefit of having an ‘on-call expert’ to provide valuable business advice or feedback on your ideas.
Business mentoring and coaching provides a trusted forum for you to collaborate on business ideas, strategies and tactics. Usually held as a monthly meet-up, your business mentor will help you to stay focused, you’re your business goals, and improve skills or knowledge gaps.
Stay motivated and keep learning. Ask us about our range of business mentoring and coaching programs.
(6) Scaling your business – Growth versus Quality
What happens when your business booms? How do you cope with the sudden increase in demand for your offer PLUS continue the same level of customer experience and satisfaction?
At a point in time, after you have a grip on all the above, your business will boom beyond your growth expectations. Business owners who haven’t planned for this increase in customers and product/service availability are liable to fall by the wayside and die from bad online reviews.
As the demands for your business increase, without the proper systems and processes in place, you’re more likely to come up short and fall into trouble. It’s crucial that you plan to scale up your business – without sacrificing the qualities and brand reputation you worked so hard to achieve.
Our business development team can help your business to scale with the following;
- Use of third party companies
- Offshore resourcing
- Digital transformation.
Check out the rev™ Business Development Portal: www.retaile-v.com.au/Business_Development_Activation
Keep inspired and motivated
Every business faces the same growing pains! (even your competitors).
Regardless of your industry sector or type of business, how you take on and respond to these challenges will ultimately decide the future of your business.
As a leading business mentor and coach, Robert Durrant has already helped numerous companies within the IT&T, Trade, Service, Retail, FMCG & CPG, Hospitality, Sports and Lifestyle segments to take on and resolve this issues and grow their business locally and globally.
Speak with me on +61 3 9429 2293 or email@example.com about how we can help you to resolve any of these challenges or simply just some a bit of advice.
Helping someone costs nothing…