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Taking Your Business To The Next Level

Wednesday, January 28, 2015   By Mike Reddy

 



Reaching for a goal can be quite a motivating thing. But achieving that goal can make you feel a little flat. You’ve worked hard and achieved it, so what now? It stands to reason that setting yourself another challenge can be just as exhilarating. So let’s suggest that your next challenge is to take your business to yet another level.

There is an old business coaching saying that if you are not going forward you are going backwards.

There are a number of ideas on the next steps to growing your small business. Here are some of my favourite coaching tips.

  • Reenergise, revitalise and reset. Take a breather. Reflect on what you have achieved. Learn from the mistakes you have made. This gives you the opportunity to put the past into the past and to fully focus on the future.

  • Mix it up, team wise. Examine the effectiveness of your business collaboration. Which team members worked best together? How aligned were your advisors with your goals? How well did your marketing strategy perform? A new phase means a new chance to keep what worked and change what didn’t .

  • Take stock - Consider your new starting point. Nothing chews up cash faster than a growing business so do you have the capacity for growth? Do you personally leave you can see it through to the end? Do you have a Plan B? What are the areas of risk and what can you do to minimise them?

Once you’ve contemplated the three areas you’ll be in a better position to know if right now is the time to grow.

What in your marketing strategy will need to change? In order to grow, you may have to deal with a different marketplace who have different needs and will therefore respond to a different message. What is your expected marketing reach? What would a likely conversion rate be? What is the financial impact of not achieving that goal?

It may be a very good time to have another look at your Unique Core Differentiator. What is it that differentiates you from your competition in order to make you a compelling choice for your target customers? Is it still as powerful today for your new target market as it was yesterday?

How effective is your selling technique? Will you be able to support a larger customer base with your existing resources? How will you outsell the competitors who are already serving the customers you need?

As a business leader you never have the luxury of not learning. As a business coach I am always excited about the new strategies, technologies and resources available to help businesses excel in delivering solutions to new customers.

It’s just so important to stay ahead and be innovative. This can require a certain amount of risk but as long as that risk is quantified and managed it’s just part of doing business.


Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.