Certain characteristics are evident when you look closely at companies who have successfully implemented a business growth strategy for a sustained period of time. We have worked with hundreds high-growth businesses in the past 35 years and would like to pass on some of our lessons to help you grow your business.
It is obvious that there would be no business without sales, but some approaches and attitudes work better than others. Start by placing sales at the heart of your growth strategy and letting it drive your actions.
Start by identifying the departments that are lacking in support. Bringing production, design, logistics and administration/accounts etc. It may seem odd to begin with the sales team, but if you get all departments working together and talking, it can make a big difference. Problems with production, logistics, design, and accounting will all halt the flow of your business. Working together to resolve issues will help you unlock your business potential.
Start by identifying the departments that are lacking in support. Bringing production, design, logistics and administration/accounts etc. It may seem odd to begin with the sales team, but if you get all departments working together and talking to each other it will make an enormous difference.
The flow of business will be slowed by production, logistics, design, and accounting issues. Working together to resolve issues will help you achieve your business goals.
Most organizations do not have a large enough marketing budget. We set goals for research and innovation, but few companies invest near 10% of their revenue in this area.
Marketing budgets should be the last cut, but are often the first. Most companies experience dips in the business cycle, and they need to cut their budgets to hit profit targets. However, we have found that cutting your sales budget rarely results in you gaining lost business.
It’s not possible to change your sales and marketing strategy instantly. In today’s world, the entire process is usually omni-channel. Investments need to be made in branding, online sales as well as public relations, sales exhibits, advertising, and recruitment of traditional marketing and sales executives.
It is often a complex mix of information and messages that must appeal to many different audiences. Spending and approaches that are based on knee-jerk reactions will not be effective.
We believe that you should set realistic but ambitious goals. Start by asking key departments to contribute towards the overall group goals. Their targets should then be broken down and detailed into key product categories with associated costs. You can then agree with key personnel to increase or decrease certain figures. You will not be able to engage all groups or motivate them if you don’t have a clear process.
You hear a lot that it is difficult to determine the success of sales and marketing. We do not subscribe to this view or believe you should. You need to know how to evaluate the effectiveness of your target when you set it. It can be a difficult process but the technology has made it easier with CRM systems and internet measurement tools.
Many sales staff want to be evaluated solely on their sales, but is that adequate? No, it is not. Your staff fulfills many roles, from improving profitability to customer relations. You should judge them on a variety of criteria, including profit margins and customer feedback. They can also be evaluated based on activity levels, new accounts, and sales.
The importance of training in the department of sales and marketing is just as high as it is elsewhere within the company. These should be budgeted and will likely involve both internal and external inputs. Both are valid. It should include a fun element, such as team-building activities or group walks.
Market research reports on their sector are not commonly purchased by companies. It is not easy to get such information, and it can be costly. The information is worth the money because it shows the direction the industry is taking, how to invest best and how to position yourself to win more business. No matter how comprehensive the market intelligence of a company is, such market-focused knowledge is essential.
Businesses don’t like to ask their customers what they think of them. It is partly because it can be embarrassing, and partially out of fear to hear the truth. In these highly competitive times, it is important to satisfy the needs of customers. Ask for this vital information. You need to act on it.
We have a wealth of knowledge as business growth consultants about the best ways to grow your company. These tips provide a quick overview of what you can do to help your business grow. However, they are only a small part in your overall business growth strategy.