Every business gets to a point where it faces gridlock, and stays in a particular level for a long period of time.
Change is constant in life and as an entrepreneur you should not get comfortable in a spot for too long. Start thinking of levels higher than the one you are presently.
Here are steps to ensure smooth transition of your business to a higher level;
Reach out to customers in more than one way
If by now you are still not taking advantage of the digital space, now is the time to get onboard. There is more than enough space for you and your business in the digital space.
Always have more than one ways of getting in touch with customers or potential client. This way success rate would be higher, because all your customers can’t like the same thing, some prefer phone calls, some prefer text messages while some prefer, emails. Using multiple channel of communication gets maximum result.
After you have done this, you would be able to know the most effective channel and also categories your customers in line with their preferred channel of communication.
This is a critical factor to the success of any business and any entrepreneur. Always ensure you make good use of your time, the best way is to use the 60/20/20 approach. 60 percent of your time goes into implementation of projects, 20 percent goes into planning how to implement your projects and the last 20 percent goes into strategizing , coming up with ideas that are profitable. This method ensure you don’t just work tirelessly without result rather you work smart to achieve maximum result.
Have a business tool
Business tools are like spanner to a mechanic. They are what stimulates the whole work process. Business tools includes;
A business plan to help keep you in check and on track with the overall goal.
A marketing plan that will gives your company direction on how best to infiltrate the market pace and get your own market share.
An employee manual is needed to drive, inform, give guidelines, rules and create orderliness in the workplace and beyond to achieve the utmost result.
Computers and a proper IT infrastructure, to gives access to the digital space and aid smooth operation.
Monitoring your numbers
Accountability is a pillar of success to any entrepreneur, you and your business must always be accountable at all times. Make use of accounting software or a professional to stay abreast of cash flow within the organisation. Now is the time to start to measure your business and use metrics to take your business to the next level
Make strategic acquisitions
Business Growth comes with strategic planning and if possible ownership of things that would aid the growth. When you are thinking of expanding your business, property acquisition cannot be left out and also acquisition of smaller businesses that are part of your primary process. For example a water refilling company can acquire a small scale bottle producing company which produces part of what is needed for their production chain.
Proper acquisition brings in profit and ensures diversification and expansion of your company.