As a matter of routine, we all know what we sell and who we sell it to. Day after day, week after week we service our clients and follow up with leads, referrals and prospects. From time to time it is important to step out of the routine and take a strategic look at how we inject growth into our businesses.
There are four ways in which to grow a business that can be explored.
1) Current products and services with current customers.
This is the bread and butter of our businesses, it pays the rent. Maximizing the true potential and protecting this revenue is the easiest and least expensive option to grow your business. Take care of what you have, put systems in place that ensures that you are caring for these customers at the highest possible level.
2) New products and services with current customers.
You have their attention, you have their loyalty, you have their trust, what else do they need that you can provide them. Think creatively about the services or products that you can offer and the value that your clients will place on one stop shopping, or on the ease of leveraging an existing relationship. Don’t limit yourself.
3) Current products and services into new customers.
Think outside the proverbial box – what target markets are others having success with, what demographics have untapped potential, think through the demographics of some of your more unusual clients and what they might be telling you about others that would be attracted to your products and services.
4) New products and services into new customer markets.
As you explore new products and services and new markets, it is time to think about what could be possible. Is there a market that would be a natural for new product or service. Once you have the other growth areas in place – this is an opportunity to be more creative and take some calculated risks that you can learn from.
YOUR CHALLENGE: Step back from your routine, look at the areas of growth potential in your business and what makes sense for you. Project your growth over the next 12 months across each of these potential areas.