Some quick reminders on your company’s growth strategy
If you’re a thriving business and you’re now able to count on monthly recurring revenue, don’t take your eyes off the future - be sure to examine your company’s growth strategies. Pulling yourself out of the daily to-do list to re-center around some of these core components can help create future clarity for your growth path:
Customer Feedback
Be sure to check on current client feedback. What’s working? What’s not, and why? Really listen to understand any customer pain points.
See if there are new product features that could be added to your product/service development pipeline to meet client needs. (Careful not to be so married to your product/service that you’re not willing to reasonably adjust to serve your market.) Do some research - maybe these added features could bring a new client base as well.
People
Re-engage your team - remember that goes beyond “W-2s and 1099s” - anyone representing your company from consultants to contract firms, to partners and business development associates need to stay engaged and informed. Ask yourself, is everyone up to speed on current messaging around our product/services? Do they know how to best articulate our mission and our value? Remember that they need to be fully informed because they’re often the face of your company; if not, virtual training sessions are a quick and easy refresh that could bring great returns. Also, ask if everyone is feeling heard on what’s working and what’s not. Plus, find out if there are ideas being discussed amongst team members and other collaborators that could be capitalized on to drive growth!
If you’re hiring as part of your growth plans, be sure to include some work sessions on your company’s value to customers and the approved language to explain or sell the company/product/service. Assuming new team members just “take all that in” as part of onboarding is too large of a jump.
Customer Targets
Do you need to re-examine your customer targets? Some unbiased research into your current customer segment needs could add both efficiencies and new opportunities. Why? You might find that one target segment has a clear line to continued growth, but another is still fuzzy. Deciding to reduce time spent on a customer segment that you’re spending too much time on - be that the sales cycle itself, customizations, etc. - is vital. Reallocate that time to a vetted new potential target segment. Always remember that articulating your company/product/service’s value should be appropriately revised for each segment – what matters to one target segment might not be why there’s value in your product for another target customer. Be clear and consistent with your tailored messaging.
Internal Landscape
Create internal efficiencies where you can - take a look at all your processes and see what isn’t at peak performance. Often in small businesses these hurdles can be hidden in internal communication chains and other places, which are less obvious than a supply chain jam. Often these seemingly little items can have a surprisingly large impact on big picture strategic plans for a company.
Partnering
Partnerships take time and aligning collaborators/stakeholders involved can be challenging, but when there are shared goals agreed upon that could be met together, partnering with another organization can be a worthy way to expand business into new spaces! Take a look at your next horizon - do you see adding a partner service that would complement your product? Is there another product that offers complementary value? Is there an organization that lends a voice to your brand for market traction? There are many ways to partner successfully when you’ve taken the time to ensure mutual understanding and future gains.
If you liked this blog, you might also like…
