Finding New Sources of Business
Presented by Mike Reddy CA
© All rights reserved
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
© All rights reserved
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
© All rights reserved
The Cost of Getting It Wrong
© All rights reserved
The Cost of Getting It Wrong
© All rights reserved
Valid and Sustainable Competitive Positions
Price Leadership
Differentiation
Unsustainable
Unsustainable (High)
Quality
Price
© All rights reserved
Case Study – Vehicles
Quality
Price
Value Add Value Add(Low) (High)
(Low)
(High)Price
PriceHyundai
Lexus
Mercedes
Mazda
Toyota
Where are you?
© All rights reserved
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
=
© All rights reserved
Growth Strategies
© All rights reserved
Growth Strategies
© All rights reserved
Growth Strategies
© All rights reserved
Growth Strategies
© All rights reserved
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
© All rights reserved
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
© All rights reserved
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%
© All rights reserved
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?
© All rights reserved
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?
© All rights reserved
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
© All rights reserved
Dare To Be Different!
o Growth from day one
o Be unique
o Create differences
© All rights reserved
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
© All rights reserved
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
© All rights reserved
For free business tips, tricks, webinars and business building videos:
Appstore.com/shapeyourbusiness
http://bizresu.lt/14rCChu
Top Related