What is preventing the growth of small businesses?

As a small business owner or manager, you will have to deal with many things to do to grow your business! You are likely to neglect some of them by focusing on others that may be more comfortable to do.

Did you know that more often what you may not be doing will have a much greater impact on your business than what you are doing? What is it? – Read more!

  • Understanding the customer market
    Appropriate planning
    Cash flow management
    Conducting the process of marketing and sales development
    Targeted marketing campaigns and programmes
    Understanding the customer market

Every company must make every effort to really understand its customers and what prompts them to buy products or services. Without an “intimate” understanding of your target customers, you will undermine ALL efforts to grow your business.

Dispose of any shotgun methods that you may need to use in marketing and advertising, and use your sadness to achieve better marketing results. Start by creating your own perfect customer profile.

Make sure that your ideal customer profile includes a description of your target customers’ attributes and purchase criteria that your ideal customer will use when choosing a product or service. This is a very important point, not the criteria you consider important – this is what potential customers consider important.

Find out what their purchase cycle is about, what risks, if any, are perceived in the purchase cycle, and where potential customers go for research and get involved in their purchase cycle.

Appropriate planning

“Companies that don’t plan to fail” It’s a simple truth – you need to know where to get there!

Marketing planning is crucial for small business owners and managers to maximize their company’s ability to succeed in the marketplace. A marketing plan doesn’t have to be a large, comprehensive document that gathers the twilight after its development. Be practical and prepare a condensed version of two to three pages, which you can often refer to in a very visible place in the workplace. In this way, the marketing document becomes a useful plan and guide in the development of your company.

Marketing planning has several key benefits for your business:

Provides real concentration that drives ownership and motivation for success.
Provides a solid basis for assessing priorities
It defines your market and adapts to the communication needed by your potential customers.
This is the definition of your company’s success.
Cash flow management

Many small business owners neglect this critical aspect of cash flow management. Small businesses that do not have positive cash flow will face major challenges in terms of insufficient funds to repay creditors, severely reducing their potential for economic growth. Lack of cash flow management in small businesses is evident in “feast and hunger” situations.

Cash flow planning must become a central element of management priorities. As a business owner, you need to be able to identify the status of your cash flows on a daily, weekly, monthly and annual basis in order to be able to make sound decisions for your business. Maintaining order in finance and healthy cash flow is essential for the growth of your business.

Cash flow is the driving force behind your business. Effective business owners always hold on to their cash flow and are able to describe and predict their cash flow situation during the week, month and year.

Supporting the marketing and sales development process

Better marketing results are qualified potential customers or sales leaders for your business. Sales development takes these qualified customers and works to turn them into paying customers.

Unfortunately, many small businesses do not have a structured process or procedure to manage these sales leads to customers. There is nothing more painful for the customer concerned to be ignored because of the lack of fast and professional implementation. All “hot” prospects require immediate attention before they become “cold” or a purchase from a competitor. It is absolutely necessary to formulate a process of monitoring and transforming your customers into customers. For example, you can set a specific day of the week for all sales development activities. For those potential customers who are not yet ready to buy, you need to make them part of your ongoing care commitment marketing until they are ready to buy.

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