Stop,Spinning,Your,Tires,and,G business, insurance Stop Spinning Your Tires and Grow Your Business
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Does operating your business these days remind youof spinning your tires? Are you generating a lotof activity but not moving forward? Believe it ornot, this could be a good sign. It could mean thatyou are ready to move from one stage of businessgrowth to the next.Experts identify three main stages of business growth.The Startup Phase is the time when you get yourbusiness up and running, locate customers, make salesand essentially, try to get money coming in. Typically,at this point, you are an Owner/Operator.The next stage is Early Stage Expansion. In this phase,your business experiences "growing pains" similar tothe ones I will discuss below.In the third stage, your business moves from OwnerOperated into Management. In other words, your functionis that of manager.You are no longer involved in theday to day operation of running the business or ofproducing the product or service.Experts claim that only a minority of small businessesmove into the third phase. Therefore, today's articlewill address ways of managing growth as you move fromStartup into Stage Two.You know its time to look for ways to manage growthif any of the following apply:1.You have steady income and regular sales but youare working too hard. You are investing "sweat equity".You know that if you continue working at that speed,you will burn out, lose productivity or worse --become ill. It is time to find a way to increasegrowth while working less.2.You are running into cash flow problems. Often,cash flow problems are caused by the need to investin inventory or in product development, or to coverpayroll. However, while money is being spent on theabove items, the payment for sales is delayed untilthe product is developed, delivered and invoiced.That is, you have capital assets (equipment, inventory),but cash is flowing out faster than it is flowing in.In this situation, you will need to find a way tomanage by generating an influx of cash whilecontinuing to develop your products or services.If it's time to grow your business, you'll wantto manage that growth as efficiently as possible.Try one or more of the following strategies:a. Existing Customers and Existing Products.Find ways of selling more products to your customers,or raise the price or fee. If you have been chargingyour customers the same price for a year or more, itis reasonable to notify them of an increase. Similarly,there comes a time when you might decide to turn downlow paying work in favor of spending the time lookingfor higher paying markets. You might also increase inwardcash flow by strategies such as announcing a sale, orby offering a discount if people paynow for a year's worth of services.b. Existing Customers, New ProductsKeep your existing products, but look for newcustomers. Ask your existing customers for referrals,have a contest or publish a newsletter. Look foropportunities to reach new customers through jointventures or other strategies. For example, if you areselling web development services, you could locate acompany selling ecommerce software and arrange to promoteone another's services to your existing customer list.You will both be using your existing products to reachnew customers.c. New Products, Existing Customers.Develop new products and sell to existing customers.This is often referred to as developing "back end"products, and is a favorite approach used by the web'smore successful entrepreneurs. For example, if you arecurrently selling gardening supplies, you might notifyyour existing customers that you now have added vegetablecookbooks or garden ornaments to your inventory.d. New Products, New Customers.You develop new products and look for new customers.Essentially, this means you have a new business, andlike all businesses, you will need to do your homeworkand your market research. Article Tags: Existing Customers
Stop,Spinning,Your,Tires,and,G