7 secrets to building a successful business a growth strategy
1. 7 Secrets to Building a
Successful
Small Business
Weâll start soon
2. 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?
4. 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.
⢠Whatâs the perfect business look like to
you?
5. ⢠Whatâs 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.
7. Plan
⢠Set business goals
Write them down
â Time period (1,3,5,10 years)
⢠Get everybody behind your plan
⢠Keep your plan short and simple â
max 10 pages
8. Goals Marketing
1.Personal Goals 1.Who is our ideal customer?
2.Business Goals 2.Which customers would we
like more of?
3.Marketing plan (include
weekly to doâs)
Break-even Cash Flow
1.Our income and expense 1.Cash flow forecast
forecast 2.Expense budget
2.Our break-even point
10. 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?
11. ⢠List your weaknesses
⢠Develop solutions to overcome them
14. Know your market
⢠What trends are taking place in
your industry?
⢠Who are your customers?
â What area are they from?
â How much do they buy ?
â How often do they buy?
15. Know Your Market
⢠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?
16. Plan
⢠Clearly define your target market/s
⢠Develop a detailed promotional plan
â What marketing tools are you
going to use?
â How will you measure the
effectiveness of your marketing
tools?
â Develop a marketing budget
17. Sales
⢠Set sales targets
⢠Develop a lead generation program
â Pick up the phone
â Email potential clients
â Network
â Develop content customers want to read
⢠Set regular appointments
19. 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
20. ⢠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
You canât work
build a big
⢠Inspire and motivate them
business
without
systems
22. ⢠Purchasing strategy
â Who you buying your products and
services from?
â Are you getting the best value for
your money?
⢠What gross margins are you achieving
â What margins would you like to
achieve?
23. ⢠Income & expense
â Monitor your expense ratios
â Develop expense budgets
â Get a good accountant to guide
you
⢠Regularly update your cash flow
⢠Know your monthly and annual
break-even
24. Never run out of money
1.Sales is vanity
2.Profit is sanity
3.Cash flow is reality
26. ⢠Use cloud based software only
⢠Use email marketing
⢠Find good technology people
â Outsource
⢠Develop a great website
⢠Use free online resources
⢠Use social media