By Adrienne McLean MIML
Thinking bigger about what your business offers to customers can propel the business into areas of growth never imaged. It also keeps the business relevant, agile and in step with changing market forces locally and internationally.
But if something isn’t broken you don’t fix it, right? Sticking to the same way may seem reproducible and efficient, but is it limiting your business? While being able to offer a service or product well is of course good business, remaining stagnant in the way you do things means business efficiency could suffer. If you think of a wheel, it fundamentally hasn’t changed but its features have adapted to suit the needs of today’s modern vehicles.
It’s worth asking if there are new markets your business can go into. Or could you offer new products to your current market?
The business development process may simply involve implementing a culture of continuous improvement or it may require you to look for the next big growth step. Whichever stage the business is in, these five steps are important for thinking bigger about the business and focusing on what the business is offering customers and prospects.
Coming up with new approaches and better delivery of the service/product to the customer are the driving forces for innovation and growth. Awareness of what is happening in the industry and the market is also essential. If you don’t keep track of these, beware – other companies certainly do and they can overtake you.
Thinking bigger about your business offerings drives innovation. Wanting to be the best, wanting to offer a brilliant service, wanting to reach more clients than ever thought possible – all these mindsets will help drive the innovation your business needs for business development.
Boldness and aiming high will get the business out of its comfort zone and propel it forward. However, change and improvement require more than just new ideas and aspirations – you must support it with a plan. Set goals against implementation timeframes. Whether these are long- or short-term periods will all depend on the size of the change and what you are trying to achieve.
Set down a pathway for growth that involves everyone in the business – from management to staff. Inform everyone of their involvement in the change to ensure a smooth process.
3. Set goals
This is about setting your focus and involves the following steps:
- Set SMART goals – Specific, Measurable, Actionable, Realistic and Timebound
- Keep goals easy to see as reminders
- Check in daily and weekly to track whether you’re on target
- Celebrate when tasks are completed, and goals are achieved
- Reset to goals that will stretch you and the business further
Constantly search for strategic partners who can help you in the pursuit of your aspirations. You may (or may not) currently do business with them but always keep an eye out for those who can help you get where you want to go.
Building collaborations will also help with secure referral partners and affiliate marketing – therefore growing your connections and the opportunities to get your message out there.
Measurement is pivotal as it keeps the business honest. Select metrics that are relevant to your goals and what you are trying to achieve.
You can measure several metrics including:
- Financial: Measure the impact on the profit and loss or cash flow statements
- Sales and marketing: Track the number of leads in pipeline, website views or sales calls against acquisitions
- People and teams: Set metrics to measure not only what your people are achieving but also if they remain motivated
Thinking bigger is a mindset of growth and development about your business offering. It’s the way to build the business and achieve your aspirations. Focusing actively in on innovation, planning, setting goals, collaborations and measurement will propel business development on a successful pathway.
Do an audit on your business and check where you are at with each of these five steps. This will highlight steps for the business to think bigger and look at growth strategies.
Adrienne McLean is the founder and principal marketing and speaking coach for The Speaker’s Practice – which runs workshops, coaching and events that help professionals to improve their marketing and communications.
IML ANZ Members in Sydney are invited to join Adrienne at the Professional Services Marketing Conference on August 17th, 2019. This information conference takes delegates on the business development journey starting with marketing and digital marketing, going through to sales topics with mindset topics covered throughout the day. IML ANZ Members who book by July 17th enjoy a 15% discount when they use the code IMLEB. To book or find out more, visit www.professional-services-marketing-conference.com.