5 Fundamentals You Need To Plan For Your Business Growth

5 Fundamentals You Need To Plan For Your Business Growth

As an entrepreneur, you are constantly engaged in building your business and increasing your revenues. Here are 5  fundamentals you need to plan for your business growth: 1. Acquiring new customers We all have heard that people do business with people they know, like and trust. Yet to grow your business, you have to attract, convert and close new customers that do not know you and have no reason to trust you. “Anyone interested in my services” is too general of a statement. By targeting a specific audience, you are not excluding people, rather focusing your resources and energies at a higher level to attract a market that is more likely to buy from you than any others. 2. Honing in on your competitive edge When looking at your competitive advantage, you inevitably compare your products and performance to those of your competitors. Yet spinning your wheels searching for all the ways that you are “better” will not advance you very far. Your distinction is not defined by your competitors but by your best customers. These are the customers for whom you made a difference, for whom you were the only answer. Learn from them. 3. Undervaluing your product/service To grow their market share, small businesses often sacrifice their revenues by undervaluing their products/services to reach a wider audience. Such tactic requires patience and a lot of capital for no guaranteed success. A more sustainable route to build your business is to create more value for your customers by refining your unique selling proposition. 4. Learning new technology As an entrepreneur, you are constantly on the move, adapting to...