The start of a new year is an exciting time for business owners. Emotions are high, and you feel refreshed with a new lease of life, ready to brush off last year’s blues and smash your goals. It is time to accelerate business growth.
Unfortunately, this hype is short-lived for most business owners. You quickly settle into your old routine, and growth ideas are pushed aside for busy schedules.
But for some people, this time of year is a turning point for their business. They sustain that intention and keep it going month after month to accelerate business growth.
If you fall into the former group, there is something you can do to support the survival of your resolutions and goals in 2023.
What I’m about to share will make planning your yearly activity straightforward.
Tip the business scales with The Now, New, and the Next
Have you ever considered how some companies stay ahead of the game? How do they influence market share? How do they seem to hit the next big thing right now, rocketing their growth?
It’s by considering the Now, New and Next.
NOW: short-term profit growth
Businesses need cash in the present to survive. This strategy thread requires minimal effort, so you can get it up and running ASAP.
For a quick win that kickstarts growth and enthusiasm, I recommend looking at how you can use your current business model in new markets.
Focus on what you’ve built your reputation for, and then consider other market segments. Find new avenues for the same products but into different markets.
A timber manufacturer may, for instance, consider an emerging market for their products overseas.
Make a list of each new market and define a strategy to target each.
NEW: mid-term profit growth
This strategy should feature the same business model, in new markets, with new products.
Your NOW strategy has already launched your presence into new markets, and now you’re going to take it one step further with new products.
For the most significant return with the least effort, consider where the ‘bolt-on’ opportunities are.
For example, a painter could offer additional design services, or a drain professional could sell drain maintenance products.
They’re providing a new product using existing equipment and processes to an already well-established audience.
Make a note of the emerging needs of your target market. What else would your clients use before and after using your product/service?
What are your upsell opportunities that increase your AOV (Average Order Value) and therefore reduce your CPA (Cost Per Acquisition)?
NEXT: long-term profit growth
This strategy will future-proof your business. But you need to start it today to see results in 1, 2, or 3 years.
You may change your business model, delivery, product, and market presence here. Explore growth from new revenue streams.
Consider alternative business models that would add value and growth, such as enabling parts replacement via digital blueprints and a 3D printer.
It is an excellent example of a market disruptor that already impacts the global manufacturing industry and will only grow in popularity.
If you’re currently B2C, could you launch a new product into the B2B market or vice versa?
This one will take more thought, and involving your team in brainstorming could make a big difference in how you do business in the future. It can also improve your company culture to strengthen future operations.
Business growth starts with a decision
When it’s all said and done, you need to work ON your business, not just in it.
You’re going to be busy. You’ll have your team knock on your office door all day. You’ll need to put out fires left, right, and centre. Unexpected things will happen.
But you must decide to prioritise your business growth and not let anything get in the way.
As business leaders, we need a mix of the now, new and next to guarantee our long-term sustainability and success.
Power to you!
Stefan
