Business Owners – Step Outside the Box and Grow Your Profits

Is this the year you step outside the box to grow your business? Do you keep doing things the same old way each year? When did you start your business? How many years have you been in business? When was the last time you looked at your business systems to see what was working and what wasn’t? When was the last time you tried something new? Nothing remains the same. Business owners must stay abreast of the latest industry trends as well as the latest marketing trends in order to grow their business.

My three tips will help you in step outside the box so you can continue to grow your business.

1. Know your competition. Who is your competition? What are they doing differently than you? What are they doing better than you? What do you do or offer that is better? Are your prices in line with the competitor? Cheaper or Higher? Think outside the box on how you can gain the business competitive edge while growing your business. If you have fallen out of favor with clients what can you do to get them back? Often clients or prospective clients go elsewhere not because they were unhappy but because the business was not in their face enough. Social networking has changed how people make buying decisions. People are buying from what they see in front of them. They are no longer shopping around. If they see a recommendation on Facebook or Twitter or they are connecting with the business on social networking sites that is where they are buying. They are being loyal to the company that is in front of them every day sharing tips and developing rapport.

2. Know your industry. When was the last time you attended continuing education for your business or industry? Do you subscribe to trade journals related to your business or industry? How much time each day or week do you devote to continuing education? As a business owner, you must stay abreast of your industry trends and changes. Nothing remains stagnant. Do not become complacent. In order to have the competitive business edge you must stay abreast of the latest and greatest in your industry. You also must be aware of recalls of products so that you can be the first to offer a solution to your customers and clients. You will be seen as the expert if you are first on the scene with a solution or notification of a recall to a product. Social networking is a free tool that will help you market your business and stay in touch with your previous clients, prospective clients and current clients or customers.

3. Know You. Business owners need to take an honest assessment of their own strengths and weaknesses. Do you enjoy networking or does it make you feel faint? Are you embracing technology to grow your business? What are you not doing that you know you should be doing to grow your business? Is it following up with prospective clients? Do you feel like you are begging for the sale? Now is the time to adopt a business mindset and realize that certain things just need to be done because they are part of owning a business. I challenge you to pick one or two areas to immediately begin focusing on changing so that you can grow your business. Pick one or two networking events to attend each month. Go to the event with someone you know so it is less scary. After a while, you won’t mind going alone because you will look forward to meeting new people. To make it less scary do not focus on you and your business. Focus on learning about the people you meet and their business. Let the conversation casually lead back to who you are and what you do. Business owners need to stay abreast of the latest trends in using technology so that they can monitor what their employees are doing as well as grow their business. Social networking is here to stay. Use it as a free tool to grow your business. If you cringe at making follow up phone calls, you need to put your follow up system in writing and make yourself do it. Design scripts so you know what you are going to say so that it is less scary. In addition, you will want to use technology to aid you in following up. You could use email, dialmycalls.com and other resources to save you time and money when you follow up with prospective clients.

Business owners must make time to know your competition, know your industry, and know themselves so that they can increase their business revenue. Social networking is a free resource you have at your disposal to aid you in knowing your competition and keeping an eye on what they are doing, it allows you to follow your industry leaders and learn from them and it is a great way to show off your expertise and grow your business while increasing your revenue.