In part 1, of Business Growth Strategies That Work In Uncertain Times, I identified the first seven strategies that high-achieving businesswomen utilize that can turn your business around in uncertain times or when you don’t get that big business deal or client that you worked so hard on.
When you first started your business, you probably did a lot of research. You may have sought help from advisors; you may have gotten information from books or magazines; or other readily available resources. You invested a lot-in terms of money, time and sweat equity to get your business off the ground now to be in a situation of uncertain times!
Also, for those of you who have survived startup and built a successful business, you may be wondering how to take the next step and grow your business beyond its current status or during those uncertain times.
Below are the remaining business growth strategies that have worked for me over the past fifteen years – don’t forget to read or re-read the first seven strategies (part 1).
- Take care of your employees and business relationships.
Let your employees know that they are valued with benefits as well as training opportunities that will help them build new skills and bring new value to your organization.
Be honest about your business’ finances and how your employees may be affected.
Also make sure you keep those business relationships in tack – they may be the leverage you need as you go forward.
- Plan for an emergency.
For any business, advance disaster planning can make the difference between staying in business and losing everything you have build.
Planning ahead is one of the easiest ways to help ensure your business survives and recovers from a disaster. Make sure you have an emergency plan as well as a plan for the continuity of your business in the aftermath.
- Protect your investment.
As your business continues to grow, your insurance may need to change too. Make sure you have the right coverage for the risks that impact your type of business?
At minimum make sure you have against fire, theft, lawsuits, business interruption, data breach and any thing else that is industry specific for your business type.
- Form an alliance.Aligning yourself with a similar type of business can be a powerful way to expand quickly.
You make want to sell some of their products especially if they are in line with your business model. You can consider an affiliate program that can provide you with some well-deserved passive income.
You need to align with other businesses that already have lists of prospective customers that you can capitalize on for your business.
- Diversify.There is several way that you can diversify your product or service line:
- Sell complementary products or services
- Teach educational classes or webinars
- Import or export yours or others’ products
- Become a paid speaker or columnist
Diversification is an excellent business growth strategy, as it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins.
Diversification can broadened your target audience and increase your presence in the marketplace, giving you more credibility to approach much larger retailers.
- Win a government contract.One of the best ways for a small business to have maximum growth is to have the federal government as a customer.
The U.S. government is the largest buyer of goods and services in the world, with total procurement dollars reaching over 500 billion.
A fair amount of patience is required in working to secure most government contracts. A Request for Proposal (RFP) usually requires a significant amount of groundwork and research. If you’re not prepared to take the time to fully comply with the RFP terms and conditions, you’ll only be wasting your time.
The good thing about winning government contracts is that once you’ve jumped through the hoops and win the bid, you’re generally not subject to the level of external competition as the outside marketplaces going forward.
Stay tuned for part 3 of Business Growth Strategies That Work In Uncertain Times.
Visit my website: http://www.drlaureen.com.
Connect with me on:
Facebook Biz Page: https://www.facebook.com/drlaureen
Remember for career and businesswomen it’s always about – ‘Results. Uniqueness. Differentiation.’ I call this your RUD.
© Dr. Laureen Wishom or Dr. Laureen International (2013-2018). Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Dr. Laureen Wishom/Dr. Laureen International with appropriate and specific direction to the original content.