Finding New Sources of Business Presented by Mike Reddy CA
Finding New Business - A Strategic Focus for Small Business
Jun 12, 2015
If you don't grow your business will almost certainly fail. However chasing new business can be as dangerous as chasing no growth at all. I explain how to identify the best channel for growth to increase top line revenue without eroding bottom line profits.
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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
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