6 months to expand your business

Here is an idea starter for you and your business. Each week, just read one idea.  There are 26 ideas so it will take you six months.  

Allow yourself to experience one of two things:

1. Let you mind ask, “How could we implement this idea in our company and industry?”

2. Let you mind use that weeks idea as a launch pad for a completely different idea that would work in your company.  Allow day dreaming or additional questions to think of new things.

Sales:

1. ·         Add sales force.  Hire more sales or marketing people.
2. ·         Reduce sales force.  Sometimes getting rid of people who are not performing inspires everyone else to do more.
3. ·         Launch new locations.  Can you duplicate what you are doing somewhere else?  Across town? In a different state? In a different country?
4. ·         Re-inspire the troops with a conference or training.  If people are your greatest asset, when is the last time you invested in them to keep them growing in skills and camaraderie?
5. ·         Increase your price.  If you could increase your price by 1% and not lose business, how much would that add to your bottom line?
6. ·         Decrease your price.  Retail companies do this every Christmas.  They offer a sale price for a set period of time to bring in more business.
7. ·         Bundle your offering with another product or another companies offering.  Can you add something else you offer or that someone else offers in attract more business?  For instance, one restaurant bundles appetizers, a main course and a dessert for a low price of $20.
8. ·         Bundle your offering with a service or another companies service.  Instead of adding more products, can your team or the team of another company add something that makes your product more valuable and desired?
9. ·         Systemize what your top performers do and use that to train the bottom 80% of the sales force.  Basically you are franchising your top sales force.  Your 80%ers will sell harder because they believe if they do what the top people do, then they will get what the top people get.  Their right!
10. ·         Engage a sales consultant or sales coach.  Invest in someone from the outside who can give you a fresh look at the strengths and weaknesses of your team and sale process'.

Marketing:

1. ·         Create a Social Media Marketing plan.  If you don't have one you are already behind.
2. ·         Create a short video.  If you go to: http://www.finishlinefloors.com/floor-finishing-ultra-durable-floor-finish.html .  After viewing it, go to:  http://www.finishlinefloors.com/floor-finishing-tile-grout-restoration.html.  You will see an example of two 90 second videos that have brought us business.  Since I systemized the general flow it made it just as easy to make two as it was to make one.
3. ·         Update your website.  It's just not that expensive anymore.
4. ·         Update your reference letters and testimonials.  Do not let six months go by without a new reference letter.  Potential customers are more impressed with a current letter than one dated two years ago.
5. ·         Hire a marketing firm.   It's just amazing what professionals can do for your business.  Don't feel like you have to do it all yourself.  And especially don't believe you can do it better than the pros.
6. ·         Write industry articles in your industry magazine.  If you want people contacting you by word of mouth, this is a great way to get it done. 
7. ·         Speak at industry conferences.  If you write articles, you are asked to speak at conferences.

Business Strategy

1. ·         Engage a business consultant or coaching program for executive team.  Same thing, don't assume you know everything or that you should know everything.  Consider fresh insight from the outside.
2. ·         Systemize repetitive processes.  Pretend you are going to franchise your business.  Write the process manuals.  This will help you recruit and train talent faster and position you to either franchise or open more locations.
3. ·         Know your financial numbers.  It's amazing how living on a budget can reduce unnecessary overhead.
4. ·         Franchise.  Not all business's can or should franchise but maybe your business can. 

                                  

Operations

1. ·         Systemize it.  I once helped a custom commercial art company systematize their systems.  If they can do it, you can do it.  It will dramatically help you control operations.
2. ·         Remove bottle necks in your process’.  Do some work flow analysis and figure out where your bottlenecks are.  My guess is you probably already know where they are.  So either remove it or add the resourced needed to open the flow.
3. ·         Remove dead weight employees.  People are people.  Just like the sales force, when you remove dead weight, the others are inspired to work hard.
4. ·         Reduce overhead.  Know the difference between luxury and functionality;  wants verses needs.
5. ·         Increase output.  As long as sales are there, what can you do to increase the output of your operations?  If sales are not there, what increase in operations create an added value to your offering?

Although any of us could just read through the list, which is what you just did, go back and meditate on one a week.  Even if you only apply one a month your business will look different by the end of the six month session.

Business Growth: The #2 & #3 Differentiators

Last time I discussed the top differentiator for a company that wants to rock in their industry.  Here are the next two.

Superior Employees

          The biggest reason my father never opened his own business was employees.  They can be either the greatest head ache or source of greatest joy.  The company I work for has a unique system.  It sets them apart from competitors.  But we didn’t start taking off until the president hired a top gun sales guy to reach our home city of Minneapolis and hired me to turn it into a national company.  On my wall I have written, “Recruiting Emerges as a Competitive Strategy.”

          As the owner of your company don’t feel that all the innovation, skill, and drive have to be from you alone.  Hiring or developing employees that can take your company to the next level is a huge advantage.  Your competition, who is not reading this magazine, is just grinding out another month of work.  Pushing their employees to show up on time and do acceptable work. 

          You, on the other hand, are investing in your business by reading Unlock Your Life Blog and searching for competitive advantage.  Great leaders don’t just lead, they surround themselves with great leaders.  Eisenhower could not have won World War II if he was the only general.  He had incredible generals and admirals working with him, Nimitz to run the naval fleet, Patton in north Africa, Bradley across Europe to Germany, McArthur in the pacific theater.  To be a captain of commerce you must have superior leadership.

Superior Operations Systems

          Finally we get to the operations, the products, and the equipment that may give you a competitive advantage.  Industry journals are a great source of companies advertising their unique machines and chemicals.  A wise business owner is not just looking at how to get more business but how to stay ahead.  Every month, our company is looking at products and services that are coming on the scene which we may want to add to our arsenal of unique services for our customers.

          When I was an infantry platoon leader in the U.S. Army I studied and applied strategies and tactics.  One key lesson I learned was I could not depend on one strategy to win all of my battles.  When I excelled, it was because I implemented a blend of various strategies and tactics in different proportions to my environment.  The same is true with your business.  Each of the unique advantages above can enhance your business.  However, you can dominate your market if you blend various advantages in varying degrees and apply it to your company.

Business Growth: THE #1 Differentiator

How can you differentiate yourself in a highly competitive field?  What if you are selling the exact same service?  What can you do to grow your business in tough times where the only differentiator seems to be price?

          Here is the first of three ways to make your company objectively different than your competitors.  Contrary to what manufacturers want you to believe these are also in highest impact order. 

Superior Sales Systems

          You may have the latest and most innovative system but without sales you have idle equipment in your warehouse.  Most companies focus on getting the newest gadget and fail to enhance the highest priority differentiator in any industry-sales systems.

          Many great inventions have gone with their inventors to the grave because they were not brought to the market.  Don’t let this happen to your company.  Focus on increasing your sales and marketing skills and systems.  Focus on creating actual sales systems that are better than your competition.  Then, even if you cannot afford the greatest new extractor or piece of equipment, you can beat you competitor.

          I own rental properties and have one where the weeds are getting out of control.  I went to the internet and found four companies that told me they were “The Best.”  I entered my information in their “Contact us” field and asked for someone to contact me so I could get that yard taken care of. 

• Company A called me within 10 minutes of my sending the request.
• Company B called me the next day
• Companies C and D never contacted me.

 

Company A got my business because not only did they call me right away, the sale person answered all my questions, set my expectations, and closed the deal on the first call.  The other three companies did not have a chance.  Who knows.  Maybe company B, C, or D have more efficient machines, more green chemicals, or better customer service.  They might have what they think is a competitive advantage but without superior sales force they have nothing.

Next time I will share with you what your second best differentiator is.