I often use real coaching situations to develop content for this blog. I recently came across three women business owners who told me that they’d been in business 10-20 years, and that they were stuck and constantly in fear of what was going to happen next in their businesses. It occurred to me that more than just these women were having these issues. In order to get your business on the right track, you must get clear that the nature of business has changed. Everyone these days wants to hire specialists. And competing on price in the computer age is a losing proposition for small business owners, since competition is world-wide. You must understand that what you always did is no longer working. It’s time to reinvent yourself and your business. It is best to start by updating your business plan, which is a roadmap for success–but if that is too overwhelming right now, start by updating your marketing plan.
Here are 7 steps to take for course correction in your small business.
1. Evaluate the core products or services that your business provides. Once you make your list; determine three reasons for why you still sell each of them. Now if you can’t come up with three reasons for any of them, that’s a big clue. Now write down what are the features and benefits of each service. Remember “the benefits” is how you add value to what you do.
2. Determine the most profitable two things you sell in your business. It is fine to have a big list of things that you do, but at this point you need to focus your quickly dwindling resources on your most profitable activities. I want you to get clear about where you make the most money in your business.
3. Examine the competition in specific product or service areas. Look at their website and social media profiles, sign up for their mailing list, swing by their retail space. You need to study what they are doing, so that you can get ideas.
4. Look at your existing customer base. When is the last time you spoke with a former customer? Develop a new detailed customer profile. When you are finished you should be able to see the face of your customer. Develop a Target 25 or (for product based businesses a Target 65) list of customers who hear from you monthly. Never contact them the same way two months in a row.
5. Redefine Your Secret Sauce. Anyone can make pizza, but it’s the sauce that keeps bringing you back. What once made your business special is no longer working. Figure out what you could do that makes you stand out in the crowd. Be sure to take into consideration how social media could help you stand out.
6. Develop a method to attract new customers. Update your website, create a white paper or special report, create a contest or giveaway, or create a blog to demonstrate your expertise.
7. Develop daily sales activities. You must do something every day to tell the world you are open for business. Even if you just make one sales call a day, send out one helpful tweet a day, write one article to promote your expertise, send one follow-up email a day. DO IT EVERY DAY!!
Do you have any tips that could help an existing business owner jumpstart their business?
Melinda F. Emerson, known to many as Small Biz Lady (or on Twitter as @SmallBizLady) is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com. Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)
Great advice Melinda. I really think that people underutilize their existing customer base. Too often business owners spend all of their time trying to attract new customers when they could earn more money by selling to their existing customers.
Brilliant concepts! I will utilize these helpful tips to refine my business practice of ten years.
Thank you for this incredible direction.
Raffaella