5 Critical Success Factors For Business Growth in 2016
We’re nearing the end of 2015 and one thing is paramount in business owners minds: What Do I Need To Do Now To Prepare For My Business Growth in 2016 and make sure that it’s my best year yet?
Is that something you want?
I’ve attended several courses and training this year and been privileged to learn from some of the most successful business owners and consultants.
I have learnt many secrets to running a successful business and as we enter 2016, here are some of the top 5 things I believe are key to business growth:
“ONE” is the most dangerous number in business. When my colleagues and I first got started in business, we had one product and served one market and we were all set to “change their lives” with our amazing breakthrough. It lasted only 4 months before we couldn’t deliver that product anymore. And you guessed it, no product = no business. We are out of business before we had really started. With this harsh lesson learned, when we started a new business venture, having different products and services and serving various industries became a priority for us. Whether its one product, service, client source etc, it’s dangerous for your business. If anything happens to that one thing, you’re stuck.
Action Step For 2016: Look out for Diversification opportunities.
2. Content is Everything.
It has been said that information is the new currency. Every day, we’re looking for more information to help us make the decisions we need to make. It’s no wonder Google is the biggest website on the planet. What does this mean for your business? There are people out there, searching for solutions to their problems – problems your product or service solves. You need to provide them with valuable information – content – that shows you understand their problems and explains just how your products or services can help them solve those problems. You have to take on the role of trusted advisor rather than a salesman. When people know you have the solutions to their problems, they will buy from you.
Action Step For 2016: Start creating valuable educational content that will help your potential clients make an informed buying decision.
3. Return On Investment.
Any efforts you’re using to market your products and services, you MUST demand a return on investment from it. This starts with knowing exactly WHY you are using each strategy you are using to promote your business. Is it Radio, TV, Flyers, Social Media, Banner Ads? Are you using it to build brand awareness, make more sales, encourage repeat buyers, seek referrals? Once you have the goal clear in mind, it becomes easier to track what you’re doing and know if it’s working or not. You MUST demand a return on investment. If it’s not working to achieve the results you need, Don’t do it.
Action Step For 2016: Put Key Performance Indicators on all your marketing efforts and create a system of measurement and tracking so you can do more of what’s working and completely eliminate what’s not.
4. Model Success.
“Success Leaves Clues” is a popular saying I’m sure you know. There is also a popular saying from Tony Robbins “If you want to achieve success, find someone who is already successful and do what they did. In other words, model them. If you’re in an industry that has a lot of successful businesses, Model them. What are their products and services, how do they offer them, Who are their clients? Then do what they are doing. If they have a system that works for them and is constantly bringing in business, then that is where you want to get to. Now, I feel a few disclaimers are needed here. Model them, don’t copy them. Use what they do as a template for your own business. Second, this does not stifle or downplay the importance of innovation. By all means, you want to think of ways to be unique, stand out etc and that is important. But, you need to know what it is they are doing and know what their formula of success is. Then you can insert your own unique service offering.
Action Step For 2016: Find a business that has achieved what you’re looking to achieve, model them and then, put your unique stamp on it.
5. Attend Events
Attending events, networking with people in and out of your industry and continual learning and improvement is critical to your business growth. If you’re not consistently learning new strategies to enhance your business growth, if you’re not consistently going out there and knowing what’s working in your industry and out, if you’re not consistently investing in yourself and your business, your business will become irrelevant sooner rather than later. Why? The world has changed. Tactics that worked 2 years ago, 1 year ago, 6 months ago, may no longer be relevant and unless you keep yourself in the loop, you will miss out.
Action Step For 2016: Find at least 2 events in and out of your industry and commit to attending them.
I’ll definitely be focusing on these 5 things closely in my business going into 2016 and I suggest you do the same thing.
In the next few weeks, we’re going to be delivering a series of online classes on how to harness different tools and strategies to grow your business, attract your clients and customers and make 2016 your best year yet.
Watch out for it and I’ll keep you posted.