Going into business is not a walk in the park. There is a lot of hard work that has to be put into sustaining and growing your business. Statistics show that 5 times out of 10 businesses fail in the first 5 years. As a person wanting to start a business or a person who has not passed the 5 year mark, those statistics are scary. Fortunately, there are ways for you to combat being a part of the failing group of business owners and that is to scale your business.
Scaling your business leaves room for the opportunity for your company to continue to stay on top of things that are going on in the market. In order to scale your business you will first need to know what needs have not been met that your company can provide to existing and potential customers. You will also have to take a deep analyzation of what products and services are working and which ones are underperforming. This can be split into 3 sections.
Updating Existing Products And Services
As a business owner, there have probably been some times where you had this genius idea to create a product or service and it later flopped instead of popped. Or sometimes it wasn’t a complete failure but you can see where there is room to make it even better than it already is. This is the time where you add what will works and take away whats not. The one thing that you have to remember is that the product or service is something that you are giving to potential and existing customers. That means what they think about the product or service matters a lot more than what you think about it. Therefore, you need to get their input. You can survey them free through Survey Monkey or even do a paid survey if you believe that is more beneficial. Once you have some good information on how they feel about your product or service, you can then do the proper adjustments to give them a much better experience and render better results for who you serve.
Always Be Willing To Create
Every single year (and really, at times; every quarter) you can see change in the market that will cause you to have to make some kind of adjustments in your business. Some of these changes gives you leverage to create some really great opportunities for your business. You may know how to do target marketing really well, or can generate some really good copy, or you may even know how to build some really good automated campaigns but you never thought about selling it as a product or service. This is why you always need to be listening to your customers desirers and needs. Survey them often so that you can stay on top of what they are looking for and create the perfect product or service that will meet their needs. Once you have created the product, make sure that you test it on the market to see how they respond to it and do any necessary adjustments at that time.
Adjust Pricing Accordingly
When you first put something on the market, you should never put it on the market at full price unless it has already been tested. Because it is what you would call in its BETA stage, you should always price it at least 50% or more off your ideal price. There are some that give the product or service free so that they can get enough data to have enough viable information and also raving fans so that they can create the product or service that will best benefit their audience. Once you have tested it on the market and seen that it is working, then you can raise the price to the ideal price of your choosing. At this point, you can stress the urgency and scarcity factor (because the low price will be going away) this can really boost up your revenue and also give an opportunity for your customers to get a good product at a lower price. You should also have an adjustable pricing plan during the year. People’s buying habits change during the year and if you are able to sometimes adjust during those times, you can definitely increase your bottom line.
Scaling your business takes you understanding the market and your role in it, having a strategic plan in place, and making sure that you are utilizing the opportunities to grow your business. In turn, this should increase your bottom line and it should make your business more profitable every year
Disclaimer: I am not guaranteeing any particular profit, growth, or marginal increase.