Finding New Business - A Strategic Focus for Small Business

Finding New Sources of Business

Presented by Mike Reddy CA

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What We’ll Cover

o Analysing your business

o Growing your top line without compromising your bottom line

o Setting growth targets

o Finding new business

o Measuring your progress

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The Importance Of Growth

o Businesses need to grow

o A focus on growth protects your market share

o Businesses that can’t find new sources of business will fail

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The Cost of Getting It Wrong

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The Cost of Getting It Wrong

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Valid and Sustainable Competitive Positions

Price Leadership

Differentiation

Unsustainable

Unsustainable (High)

Quality

Price

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Case Study – Vehicles

Quality

Price

Value Add Value Add(Low) (High)

(Low)

(High)Price

PriceHyundai

Lexus

Mercedes

Mazda

Toyota

Where are you?

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The Revenue Model of Business

The number of customers you start with-

The number who defect+

The number you acquirex

The frequency of transactionsx

The average value of each transaction

Total Revenue

=

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Growth Strategies

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Growth Strategies

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Growth Strategies

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Growth Strategies

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Diversify Your Offering

o Sell your existing products to new customers

o Sell new products to your existing customers

o Sell new products to new customers

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Are You Set For Growth?

o Increase customer spend

o Increase share of market

o Diversify your offering

o Enter a new market

o Sell to government

o Form an alliance or partnership

o Establish a joint venture

o Merge with or acquire another business

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WiFi – Stay Longer, Pay Longer

o If customers stay longer you earn more

o Business people need internet access

o 86% use smartphones on the go

o People stay longer – business up 40%

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Increase Your Share Of Market

1. Competitors’ strengths?

2. Competitors’ weaknesses?

3. Why do customers buy from your competitors?

4. How can you communicate a better value proposition?

5. What is your UCD?

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Enter A New Market

1. Who are your potential customers?

2. What do they want to buy?

3. Who are your competitors?

4. How will you market your products?

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Alliances Suit Small Business

o Create opportunities for small businesses

o Save time and money

o Cooperative arrangements benefit SMBs

o Share expertise, assets, expenses and risks

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Dare To Be Different!

o Growth from day one

o Be unique

o Create differences

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Drive The Business With New Products

o Every product has a life cycle

o Monitor your products and your market

o Is demand rising, static or declining?

o Have new products ready

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Summaryo Many ways to achieve

growth

o Develop growth strategies based on strengths

o Set growth targets and measure progress

o Either grow or go out of business

o Be patient for growth BUT impatient for profitability

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For free business tips, tricks, webinars and business building videos:

Appstore.com/shapeyourbusiness

http://bizresu.lt/14rCChu