The Basics of Finding New Sources of Business: Part 1
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Frequent readers of our blog may recall that in How to Grow Your Business: 4 Surefire Methods, we suggested that the primary causes of business failure are often related to cash flow (more cash flowing out than flowing in), poor money management, slow or non- existent growth, and a decline in sales and revenue.
Business growth, as it turns out, is the heartbeat of success. The more business you conduct, the more revenue you generate. The more customers or clients you have, the less likely your business will fail if you happen to lose a few. The broader your market, the less susceptible your business is to market changes. And the happier your customers are, the more your business is worth when you decide to sell.
As a business owner, you want to be constantly finding or creating new sources of business. But how?
In Part 1 of this series, we dive deep into the basics of growth and explore how to grow your business by increasing customer spend, diversifying, and increasing market share. In Part 2, which we’ll publish next week, we introduce a few more ways to grow your business — including through disruptive innovation and by pursuing alliances and partnership opportunities. Finally, we look at how to analyze your business’s strengths so you can leverage and build on them to grow.
So, let’s get started.
Business Growth Basics
Business growth is about expanding your business in some way — increasing revenue or profitability, your customer base, your market share, your physical size or geographic coverage, your executive and/or support staff, or some other aspect of your business.
To understand business growth basics, you just need to know Continue reading… Continue reading… Continue reading…
