Many vendors often wonder how to handle their pricing. Private vendors and artisans, especially those who operate exclusively through online distributors, have an especially hard time knowing how much to charge for their goods and services. All the while, the market for a given product or service grows more and more competitive and complicated by the day. Luckily, understanding one of these things will help you understand the other much better.

E-commerce has experienced a truly meteoric rise to prominence over the past two decades alone. For consumers, this means that they are no longer bound to the vendors in their local area. Anyone can have anything shipped to them through the mail at any time. This only serves to increase the need for every vendor looking to turn a profit to need an understanding of their unique competitive advantage and competitive advantage pricing.

What Is Competitive Advantage?

In a word, your competitive advantage is the thing that makes your business special. It is the thing you can give to your customers that no one else has. It is the advantage you have over your competition.

Competitive advantage could be anything from notoriously good customer service to a unique product to more customization options on a given order to faster shipping than most or all competitors. Customers are constantly searching for reasons why they should choose your business over the multitude of similar products, so it is always best to understand what makes you and your business stand out.

What Is Competitive Advantage Pricing?

Times are tough, people are unlikely to pay more for anything if they do not see a distinct benefit in it. It is so important to understand the competitive advantage you and your business have over others so that you can understand how to market and price your wares and compete.

E-commerce suffers from a particular need for effective competitive pricing strategies. Before the internet, most people were limited to the stores in their local area. If only one person sold a product, they got to set the price for that product in that area. Thanks to the world wide web, that is no longer the case.

Competitive pricing is part of every business, but e-commerce has increased the amount of competition behind it both among e-commerce vendors and brick and mortar stores trying to keep up with them.

How Your Pricing Strategy Can Be Used As A Competitive Advantage

Knowing both of these terms, it is likely becoming clear how an effective pricing strategy can benefit your business’s competitive advantage. A competitive pricing strategy alone could be your business’s competitive advantage as well. Some even find that competitive pricing directly helped them grow and diversify their business in a short time.

Underselling a product that you and a competitor both sell is a simple example of a pricing strategy being used as a competitive advantage. Your sales will be better on that product, and it may call customers’ attention to other products that your competitor does not have and that you can safely sell at a higher premium. Perhaps not the most imaginative example of this principle, but it does get the point across.

On the other hand, understanding the dynamics of both your pricing strategy and the strategy of your competitors can help you make more informed decisions about pricing in general. Recognizing the advantages and disadvantages of competition-based pricing can be a life-saver. Knowing how to price products so that you maximize your profit margin while also keeping the cost low enough that customers do not find it restrictively expensive is a very valuable skill.

Benefits Of Using A Competitive Pricing Strategy

Any vendor should remember that a pricing strategy should never be static. Pricing any services or goods should always be a dynamic process of assessing what your competitors are doing and the demand for certain products. It is not as easy as simply underselling the competition. That said, there are several benefits to learning exactly how competitive pricing advantages work.

The first thing that competitive pricing strategies can help you with is making you think not only about your direct competitors but also indirect competitors too. Direct competitors are easy to spot: One shoe store competes with another shoe store, one hamburger restaurant competes with another. We all know this. What is harder to see is the indirect biases.

But a hamburger shack still competes with its local Mcdonald’s, A shoe store still has to contend with Walmart. Both of these colossal companies have the money and resources to undersell you and out-produce you. The way you beat them is not by doing the same, it is by showing customers why your shoes or your hamburgers are worth spending the extra money on.

This is the central principle of competitive pricing. It is not purely about the dollar amount of your price, but how both you and your customers can justify that price. People will pay hundreds of dollars for a pair of running shoes if they think it is worth their money. The people selling these high-end shoes to them have succeeded in convincing the world of their value.

Let’s face it, these high-end shoes do not cost hundreds to make, but they are made and marketed in such a way that customers would rather buy them than a $20 pair from a cheaper store. This is competitive pricing. The manufacturers and distributors of these products recognize their competitive advantage pricing for profitability and activity-based pricing for competitive advantage.

Understanding Your Competitors to Determine Your Price

The first step in recognizing your competitive advantage is recognizing the advantage of your competitors, both direct and indirect. Sun Tuz famously said “if you know the enemy and know yourself, you need not fear the result of one hundred battles. If you know yourself, but not the enemy, for every victory gained you will also suffer a defeat.”

One way to take these wise words is that understanding your competitors helps you in a very direct way. By definition, you cannot have the same competitive advantage as your competitor. Understand what your competitors do well, and do something better than they can to exploit a weakness in their business model. This is the advantage of competition-based pricing.

Of course, you will need to have some money available to go into business on this competitive level in the first place. For that, there are small business loans that will help you get on your feet.

Share with me on social how your business optimizes pricing  Twitter, Facebook, LinkedIn, or Instagram use #pricing

After years of hard work and schooling, you finally land your dream job. However, you may feel unprepared for your career once you get there. Even worse, you may feel stagnant as you stop challenging yourself and grow unhappy.

Creating learning opportunities in the workplace will force your employees to try harder and reinvigorate their interest in work. Employing new learning experiences through staff training, courses, and challenging assignments can boost satisfaction, leadership, and productivity.

The Benefits of Creating a Learning Culture in The Workplace

Creating a learning culture in the workplace has countless benefits for your employees:

• Keeps their skills relevant for their field
• Enhances their value as an employee
• Expands their certifications to complementary fields
• Increases confidence in capabilities
• Raises overall job satisfaction
• Boosts productivity, performance, and employee morale
• Encourages them to stay at the same workplace
• Provides opportunities for financial growth

If you want to have a stronger employee base with skilled and committed individuals, consider implementing learning experiences in the workplace.

Types of Learning Experiences in the Workplace

There are many types of learning experiences in the workplace. They vary from formal, casual, online, in-person, classrooms, coaches, employee-led, and more.

Education Programs

A professional development program needs to provide continual development and give the employees control. You can open a training program to teach leadership skills like communication, values, coaching, feedback, and conflict management.

The best education programs offer collaboration with other employees. The work should add to their normal workload, but happen with different people to introduce them to other personality types.

If you can, try to have your program overseen by a professional organization. They can work with your company to schedule and implement the coursework into your workday or after hours.

The courses can cover any job-related topic that you wish to reinforce in your employees. Whether you want them to learn programming languages, financial skills, design, people management, or anything else, you can find an education program that fits.

Having multiple education programs can boost interest and help employees develop a growth mindset where they strive for more opportunities in the workplace.

Keep in mind that formal education programs can get costly, depending on the institution. You may wish to opt for more informal methods that you implement during your workday to save resources.

Informal Training in the Workplace

Another one of the types of employee learning is informal training in the workplace. Approximately 25% of Americans think schools should solve workforce-development issues. These can include seminars, guest speakers, online courses, and podcasts.

You can hold a classroom-style seminar at your workplace where you train several employees on one task. This method encourages communication and questions, and you can tailor the education to your company’s needs.

Hiring a guest speaker can expand employee horizons to related or complementary fields. They can learn new viewpoints and implement them into their work. You could have a post-speech questionnaire to test their interest in it.

Many institutions offer online courses for a quality education that you can readily fit into your schedule. Online courses come at a lower cost than most in-person ones, and the employer can track employee progress.

You can recommend podcasts or TedTalks for your employees to listen to that relates to your job. Many speakers provide innovations and tips for advancing in their field that could apply to your company.

Coaching

Managers can provide some coaching to employees by offering direction, positive feedback, and constructive criticism. Only managers can directly assess employee performance to see where the individual needs the most work.

You can create a mentor program where a higher-position employee can coach smaller teams for support and answering questions.

Employee-Led Sessions

Having sessions where employees discuss their ideas of the company can help everyone understand where there is potential to improve. In these sessions, a person discusses an experience or topic that interests them as their colleagues listen and ask questions.

The topics could range from new skills, funny stories, pop culture, or an innovative article. As long as people talk and learn, you are adding education in the workplace.

Why You Need Employee Learning & Development Programs

You need employee learning and development programs to facilitate growth. If you want to keep your employees for more years and keep your company relevant in the changing workforce, staff training can help. Even small businesses can benefit from educating their employees.

Sending employees to conferences can create new connections. You could find new businesses to collaborate with, and learn what the competition looks like. For instance, you can find learning opportunities examples from what similar companies have begun doing.

If they have started expanding digitally in ways you have not, then you can implement a programming course.

Once you start trying training methods for employees, you could expand your company’s scope and gain a wider client base. Overall, employee training will improve your staff’s and business’ quality, and you can do it affordably.

Conclusion

People strive to learn throughout their lives. Education programs keep our minds sharp and help us retain an interest in our work. Instead of having your employees participate in the same droll activities each day, consider adding learning opportunities in the workplace to improve their engagement and job satisfaction.

You can also create a stronger workforce that keeps your company relevant during industry changes.

Share with me on social how you and your business continue education in the workplace on  Twitter, Facebook, LinkedIn, or Instagram us #continuingeducation

Your relationship with the community is critical for your long-term business success. It all starts with understanding the importance of giving back to the community and outlining a robust game plan.

Why it is Important for Your Business to Give Back to the Community

So, why is it important for business to give back to the community? Giving back to your community is an effective way to invest back into the people who have supported your company.

Nonprofit and volunteer groups are vital in growing and supporting the community. But they cannot do it all by themselves, which is why giving back matters.

When your business gives back to the community, it also can help build your brand awareness. Providing value-first assistance back into the local entities will position your business in the favorable eye of the community.

A large majority of your local publications are full of content with businesses doing volunteer work, presenting checks, and supporting other events. While you are investing money into the community, it also serves as a cost-effective marketing tool to better position your brand.

3 Ways You Can Support Your Community

Giving back to the community is a big step for you and your business. Below are three strategies your business can start implementing today.

These company giving back to the community ideas are sure to boost brand awareness right away.

Commit a Day to Volunteer

You and your team can schedule a day in the future to execute a company-wide volunteer program in your local community. Volunteer days enable your employees to interact and strengthen company culture. If you have cross-functional teams who do not normally work together, a volunteer day allows for this.

While this could be a challenging project for a large company, there are things you can do to boost attendance. Send out a survey ahead of time to narrow down 2-3 dates that most people respond to.

You can also designate a “volunteer lead” to research community opportunities, conduct outreach to specific organizations, and plan the event.

Company Match Programs

Company match programs allow you to highlight your commitment to the community. The management team should evaluate a monetary match on any employee donations for specific non-profits.

Not only is a company an integral component of a social responsibility system, but it can also boost team member enthusiasm and engagement.

The company match has the potential to deliver a long-term impact through philanthropy and volunteerism. As you discuss with the company leadership team, assess the accountability, structure, and buy-in of the employees.

Next, assign ambassadors to execute the game plan, monitor performance, and engage with the employees on the program.

Letter or Mail Campaigns

If your employees cannot find time to volunteer offsite, they can provide value through letter and mail campaigns. You could prepare homemade, personalized cards or packages for hospitalized children or to those deployed in the military.

The project lead should schedule a “card-making” office event with supplies, snacks, and other resources to fulfill the initiative.

How to Encourage Employees to Be Passionate About Giving Back to the Community

Your company cannot carry out its social responsibility program without the willingness or buy-in from the employees. You must figure out a way to motivate your employees to participate or get involved in volunteering or giving back to the community.

The business must do its part to passionately support its employees in their quest to give back to the community.

Below are three specific things you can do to motivate your team members in being socially responsible.

Provide Flexibility to Allow Them to Do the Community Work

If you want your employees to give back to the community, you must enable them the time to do so. Allow them to go out in the city and do their work on company time.

While the employees may be willing to invest personal time into volunteering, you are likely to have less participation.

Corporations giving back to the community should always respect their team member’s right to work-life balance. It would be best to allow a few hours each month or quarter to let the employees engage in non-profit or volunteer work.

Deliver the Resources Necessary to Contribute

Recycling projects and food drives are excellent ways to get your employees to contribute to the social cause.

However, you can turn it around and provide your team members with a financial budget to direct toward the program or non-profit of their choosing.

Instead of asking for cans or food to give to a food bank, you can allocate smaller budgets to each group or department. These funds could be used to cook meals for a family in need, form a bake sale, or other value-added projects.

Create Autonomy

Although a formal giveback plan is effective, you can also leave it to your teams to develop creative outreach and volunteer initiatives. Doing so will empower your employees to manage their own time, be proactive, and strengthen relationships with other colleagues.

You could then hold a company event where each team shares what they did to impact the community.

How to Get Started Position Your Business to Give Back to the Community

It is never too late to make a strong commitment toward giving back to your community. Social responsibility will benefit your company, your customers, and the surrounding communities.

This process all begins with developing a plan. Much like your normal business operations, you must execute strategic planning to ensure success. Each month or quarter, set aside time to sit down with your team or yourself to brainstorm ways your company can improve the world.

Outline 3-5 goals, metrics on how to measure success, and set a deadline. Then, you can form teams, ambassadors, or social champions to carry out the mission.

From here, the sky’s the limit in transforming the community around you, boosting brand awareness, and increasing team member engagement.

We here at ROK give back in many ways. For ever deal we fund, we donate 50 meals to Feeding America.

Here are some other giving back to the community examples, which will help get your name out to the loyal citizens:

• Donate a percentage of your revenue toward a charity on a specific day, time, or frequency
• Direct money toward a food bank
• Offer your products or services at a discount (or free) at a related local event
• Offer temporary use of a company vehicle at a local event or function
• Sponsor a local youth sports group or team
• If your community does a lot of parades, submit a float or help decorate

Share with me on social how you and your business give back  Twitter, Facebook, LinkedIn, or Instagram use #giveback

I heard this a few years back and at first, my first reaction was “What’s the difference”?  Working IN your business (to me at least) means you own a job, working ON your business means you own a business and you are doing things to grow our business outside of your designated responsibilities.

Don’t get me wrong, there are times you need to work IN your business but your goal should always be to focus your efforts ON working on your business. It has taken me time to get in this mindset, and personally, it’s been years since I’ve worked in my business. 

When you are first starting out, you probably have no other choice to work ON and IN your business. But as time passes and you’re able to delegate more of your tasks you should have more time to work ON your business. That could mean a lot of things, attending more networking events to meet new potential clients or establish new relationships. Spending more time analyzing your expenses and profits, and making decisions based on those numbers. Or simply taking time to think about where you see the business in 2-5 years and putting together incremental goals to get there. 

Another example would be if a contractor starts his/her business. Some examples of working ON the business as a start up would be getting the entity setup, logos and websites created, business cards printed, etc. Working IN the business would be the time they spend on swinging the hammer, selling jobs, billing, etc… Most business owners see the opportunity to work IN the business as a way to increase profits. Many will think that working ON the business can wait, as they need to take on that job, or help someone achieve the deadline, which in reality can be a major mistake for the business as a whole.  I’ve met many business owners over the years that 20-25 years later they are still only working IN their business and never ON. They also are usually the ones wondering why they have plateaued in their businesses. 

You need to spend more and more time working ON the business or you’ll be stuck owning a job and NOT owning your company. 

Don’t get me wrong, this doesn’t happen overnight. As mentioned before this took me a while to get this mindset down. Personally it took me about 2 years to shift from IN to ON.  When I started I was working early mornings doing tasks like billing, payroll, accounting. I’d spend 8:00 am – 5:00 pm working IN the business, dealing with clients, working with my partners and vendors. Then from 5:00 pm to 9:00 pm I’d be back to working ON the business. Running reports, and coming up with marketing campaigns.

As time went by I became burnt out. I wasn’t allowing time for my family or time for myself (which if you read some of my other blogs you will see time for “Me” such as working out/exercise is crucial for many reasons)  This also prevented me from really working on tasks and projects like forming partnerships, training staff, really diving into the profits of the business, and getting involved with industry associations & trade shows. It’s been more than 7 years now that I have only worked ON the business and not IN. 

Also, feel free to share your experiences on working ON vs IN your business

Share with me on Twitter, Facebook, LinkedIn, or Instagram your experiences of working ON vs IN your business use #OnvsIn.

Business planning is absolutely essential in having a successful company. When doing so most set annual and “Long term” goals (i.e. in 5/10 years I want to grow the business to X) This is great and necessary. You also need to set smaller and shorter goals in order to celebrate the mini victories. If your only goals are “long term” 5/10 year goals you can easily lose focus or sight of that goal. 

I like to set goals no longer than 5 years (yes, I may have plans or visions for 10+ years out but an actual goal I feel should be no longer than 5 years) I will also set incremental goals of annual, quarterly, monthly and even weekly. 

It’s important to celebrate the small wins. If you set your sights on a 5 year goal and fall short (which happens too often) do you ever celebrate? Even if you do hit that goal to only celebrate once in 5 years is a shame. As I’ve mentioned in other blogs and tips, most of us live, eat and breathe our businesses, why wouldn’t you celebrate the wins, even the small ones. 

It’s also important to include your employees in these goals. Celebrating is only that much better when you can include the team in it. 

Examples of some incremental goals I’ve set in the past have included:

• Adding 2 more employees by end of the Quarter 
• Increasing sales by 6% this month 
• Taking the first step to working on the business and less in the business 
• Having 5 client calls this month 
• Getting all employees trained on a new product 

Try and set an incremental goal for the month, Include the team in it and make sure you celebrate when you hit that goal. Doing this will only help to keep everyone motivated and collectively working towards one main goal. 

Share with me on Twitter, Facebook, LinkedIn, or Instagram. some of your short and long term goals using #goalsetting.

Being a business owner, we can all relate to the fact that our workload exceeds almost any other person within our organization. We often wear many hats, and juggle multiple tasks and priorities at once. The most important thing I have found over the years to keep myself sane (and organized) is detailing out my days/weeks ahead of time (as much as possible).

Spend 5 Minutes Reviewing Your Schedule

One of the first things I do every morning is spend at least 5-minutes looking over what I need to accomplish that day. Unfortunately, or maybe fortunately I usually have more that needs to be done in a day that I can actually get to (this is even after I’ve delegated out as much as possible).  

Once I review my schedule, I prioritize what needs to be done that day. I use a task management system (there are a million of them out there). The system I use is web-based, has an app on my computer as well as my phone. No matter where I am I can add, delete, mark completed, and even delegate tasks. 

I like to see what’s past-due and try to knock those out first. 

Schedule Time for Tasks

Reviewing your day’s tasks and scheduling in time to knock out your to do’s is crucial. I often block off a bulk of hours on my calendar so I can allot time to accomplish my tasks. Days where I am unable to complete a large majority of those tasks, I consider that a fail. That is why when it comes to my workload, having those hours set aside (uninterrupted) for the most part, helps me achieve those tasks. I consider every day an opportunity to achieve something within the business.

The fact is no matter how you operate (notebook, app, computer program, or list) as long as you’re tracking your workday and making progress it’s better than doing nothing. Too many business owners just “wing it” I promise that is not the best plan you can have. As I’ve mentioned in other “Tips” your business deserves you putting your best foot forward, and working on things that you are unable to delegate. Take 5 minutes at the start of the day to review your schedule, I promise you won’t regret it!

How do you prepare for your day ahead? Share with me on Twitter, Facebook, LinkedIn, or Instagram.  Use #scheduleyourday

Personal Health doesn’t just keep you feeling and looking good it’s also beneficial to your Business. 

We spend so much time building our businesses, sacrificing our own personal well being. We tend to put redundancies in place and many forget to put attention to the business’s most important asset, YOU. The one person that cares the most, usually knows the most and is the most crucial to the success of the business. 

I’ve been guilty of this in the past myself. I made every excuse as to why I couldn’t workout, I’m too tired, I have too much to do. When I would find the time? I could do XYZ rather than a workout… When you stop and think about it you can use those excuses for some of the most basic activities (eating, sleeping, breathing) BUT we need these not only to survive BUT to also continue working on the business. When you eat cleaner, get a good night’s sleep, and spend as little as 30 minutes a day working out (4-5 days/week) you will see an increase in your work and the business, not to mention some of the benefits mentioned earlier (Looking and feeling better). 

Studies show regular exercise will also increase happiness, happier business owners create happier workplaces which also create happier employees and customers too. Recently, I stopped going to two local small businesses simply because of the negative attitude of the owner. Ironically one was a health food store (although I don’t think the owner worked out) and a butcher who definitely didn’t exercise. 

Don’t get me wrong, I’m not saying you need to start entering body building competitions…at the very least take a 20-30 minute walk after dinner or on a lunch break, take the family for a bike ride on the weekends, just start moving! Personally, it’s hard for me to take much time out of my day, so I started waking up earlier to fit in my exercise routine. Now, 98% of the time I’m up and out of bed before my alarm even goes off. It’s also nice knowing I have a few extra minutes just for me uninterrupted. 

Regular exercise is a chain reaction, the more you do the better you feel and the more parts of your life will be better too, including your business.

Do yourself (more importantly your business a favor) and exercise 30 minutes a day for a month and I guarantee you will notice a difference in your energy, mood, and overall happiness. 

Want to take it one step further?  Encourage or motivate your staff to do the same. At ROK we hold a weekly Bootcamp on Saturday at 9 am. Everyone is welcome, between 25 – 30% of the company attends. Not only does this help with the benefits mentioned above it also creates team morale. It’s a great time to just blow off steam, feel better, and strengthen the bond we have grown over the years! 

Share with me on social how how a regular exercise routine has improved your business! Twitter, Facebook, LinkedIn, or Instagram.  Use #personalhealth

The old saying “it’s lonely at the top” rings true as a business owner. Especially when you are in the first few years of the business (even if you don’t feel that you’re “at the top” just yet). But what do you do as a business owner “at the top” when you’re facing a new challenge or are in need of advice? Sometimes it feels as though there is nowhere to turn…

As an employee you can easily ask a peer how to overcome this issue. When in a relationship you can lean on a partner and speak about your troubles. So doesn’t it make sense that business owners do the same? It’s actually more important to have a support system as a business owner. Chances are you’re alone in your venture, asking an employee for advice usually isn’t the best idea and chances are they wont have the answers, heck the challenge may even even be about them. 

Even if you have a partner in the business, there is a good chance neither of you have experienced the current hurdle, or maybe you just want an outsider’s opinion. 

How do you communicate with others in your position?

There are many business owner groups. I’ve been a part of a few of them over the years. Networking groups, but most contain a wide variety of members that may not be business owners. 

Business owner groups usually are a network of business owners in a certain demographic made up of hundreds of professionals that usually consist of smaller chapters with between 5-8 business owners in them. Typically, in these smaller chapters you won’t see a competing business. This allows a business owner the ability to really open up and allow the others in the chapter to see inside their businesses. As issues arise (as they commonly do in business) you can openly and honestly let others into your business and help give and receive advice or suggestions on those issues or concerns. 

Don’t forget you’re not alone, chances are many others have seen and experienced exactly the challenge you are faced with. Reach out to a local business owner group or feel free to direct message (social channels linked below) me with a challenge you may be having, If it’s something I’ve experienced or have a suggestion id be happy to give my advice. 

When a new businesses begin to grow, product or service quality can suffer amidst that new growth. To successfully adapt, a business owner needs to consider how to scale their company effectively and efficiently to remain profitable-an indispensable response for any growth strategy for new business.

Business growth strategies help business owners create a clear vision that ensures sufficient capital and incites a business to assess their available resources.

To find your way to a clear vision, we discuss what a business growth strategy is, outline the framework for growth versus quality, and how you can get started on planning a better future for your business year-over-year.

What Is a Business Growth Strategy?

The first step you can take as a new or existing business at the beginning of the fourth quarter every year is to identify critical business growth strategies.

To identify those strategies, let’s talk about what is a business growth strategy? The plan itself is an aggregate of creative tactics designed to maximize a company’s value within a specified timeline.

Growth vs. Quality [Framework]

The two approaches highlight something specific in a business growth strategy, and well-established business owners generally use quality planning.

A successful framework for drawing up an annual business strategy identifies what you want to achieve and what resources you need from Small Business Loans to accomplish those small or family business growth strategies. Both growth and quality frameworks are always short-term yearly goals.

Before you begin drawing up your growth strategy, consider one of the three frameworks.

1. An intensive growth strategy can include market penetration, mergers, market development, alternative channels, or new product development.
2. Integrative growth is an aspect of a company’s growth and acquisitions.
3. Diversified growth expands a company’s products or services in an unrelated industry.

Of the two growth frameworks, quality strategies specifically focus on quality assurance. The goal is more closely related to a systematic plan that links back to strategic business plans.

Each of the following business growth strategy examples focuses on frameworks mentioned above from different angles to explain when to focus on a growth strategy framework or quality.

When to Focus on Growth

As an online collaboration and communication app, Slack launched in 2013 with humble beginnings of only 8,000 registered users on their launch day.

By late 2015, they had grown to over one million users. Today, Slack has over 10 million daily active users.

Slack grew organically, which many business owners and marketers know as “word-of-mouth,” the most effective marketing tool of all time. Slack contributed that early success to their exceptional customer service.

When to Focus on Quality

Companies like Amazon develop quality strategy plans that work best when offering a service they are already experts in. When Amazon.com began offering Amazon Web Services (AWS), focusing on key strategies for business growth, it made good business sense.

AWS significantly impacted the cloud computing industry by outsourcing their web technology as a third-party service provider.

Setting Yourself Up for Success

Your business structure can dictate how to develop a successful business owner strategy. It’s best to keep your leadership team involved throughout the entire development process.

Smaller businesses can draw on several sources like their accountant or hiring a marketing agency.

How to Plan Your Growth Strategy

When you first begin working on how to plan business growth, take time to identify and outline the information needed to develop a proper business growth strategy.

Developing a business growth strategy can be stressful. Just make sure to have a stress management process in place for yourself and your leadership team.

Plan For Success

By design, a business growth strategy helps your company succeed well into the future.

Spend time with your leadership team or marketing agency to ensure a well-defined business growth strategy that will launch successfully in the first quarter of each new year.

Share with me on social how you prepare for your yearly growth! Twitter, Facebook, LinkedIn, or Instagram.  Use #growthstrategy

According to the late author Earl Nightingale, “success is the progressive realization of a worthy goal or ideal.”

Your business planning process is critical in outlining the necessary financial, operational, and team goals for your company’s success. There are a few important components to consider as you plan for your business’ future.

Tips to Start Planning Your Business

The best businesses start with a solid foundation and business plan. Writing this plan can seem like a challenging task if you have never completed the process. But by following a few simple steps, it doesn’t have to be so daunting.

• Cater the business plan toward your target market – ask yourself who would benefit the most from your product or service, and then tailor the business plan toward them
• Evaluate your competitors – assess who your local competition is, their strengths and weaknesses, and how they could impact your business
• Research your surrounding market – understand how your business fits in with the local market, economic development, and how your strengths and weaknesses fit within this market
• Think critically about your financial outlook – your cash flow, expenses, and sales forecasts should be documented closely and accurately. Paint a clear picture of where you expect your business to be in the next 6 months, 1 year, 3 years, and   5 years.

Re-Evaluating Your Strategy

Your environment is constantly changing, so it is essential to analyze how these dynamic changes can affect your business. You should revisit your goals periodically to determine if they still adhere to the SMART framework (specific, measurable, attainable, realistic, and time-bound).

When you re-evaluate your strategy, are your goals still in line with your vision for the business? Ensure these objectives are steering you and your team in the right direction.

If your goals are measurable, how is your current progress stacking up against your projections? When your results are falling short, it may be time to re-evaluate your approach with customer service, capital investments, or other operational activities.

It would also be best for you to monitor that your strategy and goals are still attainable and realistic. Does the current deadline for these goals make sense? You can always re-evaluate and adjust the timeline to better fit your capabilities.

How Planning Can Bring Success to Your Business

So, why is it worth it to plan for your business? It can provide success in a few ways:

• Secure funding – many new businesses require operating and startup capital to hit the ground running, and a proof of concept will increase your chances of obtaining this funding from the bank.
• Financial and operational success – when you outline your business plan, it will ensure you remain focused on the financial and operational goals of the business, like market planning, budgeting, and sales growth.

How Far into the Future You Should Plan For

When you sit down and plan out your business’ future, find an ideal balance between short- and long-term goals. You should have short-term, tactical objectives for the next month, three months, and six months.

It is equally important to evaluate the status of your business each year and set annual goals for success. This process allows you to have clear milestones to work toward each year. Depending on the size of your business, you can outline your 3 and 5 year plans at these annual meetings.

Setting Your Goals

As you outline your business goals, keep these essential tips in mind:

• Assign a measurable quantity to your goals
• Design your goals as specific as possible
• Make your goals visible and public to everyone within the business
• Place a deadline on the goal
• Reward yourself and your team for accomplishing all goals (large and small)

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