| Ask any business owner if they have a growth | | | | target markets, or some combination of each. |
| objective for next year and you're sure to | | | | This must be done very carefully of course, |
| receive a resounding “yes!” Revenue and | | | | considering the classic and valid argument that |
| profitability, of course, are the primary growth | | | | you can't be all things to all people. However, |
| factors on the minds of most business owners as | | | | customer needs and wants are constantly |
| well they should be if you want your business to | | | | changing and so are attitudes toward change, with |
| survive and prosper into the future. However, | | | | an increasing willingness among customers to try |
| when planning for growth, for example, deciding | | | | something new. You too can capitalize on change |
| exactly what to do to achieve your growth goals, | | | | and this willingness to try new things if you are |
| I would suggest expanding those factors beyond | | | | willing to experiment with a few new things. A |
| revenue and profitability to include Reputation, | | | | couple ways to grow your expertise and |
| Expertise and Perspective, and here’s why. | | | | experience include: |
| REPUTATION - When you strip away the assets | | | | --- Offer a product or service to a new target |
| of your company, either inventory or intellectual | | | | market for free or at a significant discount. |
| capital, all you really have left is your reputation. | | | | --- Offer a scaled down product or service to |
| Customers and clients buy your products and | | | | your target customers pro bono. |
| services because of your reputation, i.e. your | | | | --- Create a new distribution channel. For example, |
| ability to either create a solution for your | | | | convert a training seminar to a book or perhaps |
| customers or lead them to one. So if perception | | | | convert a book to a training seminar. |
| is reality, or if at least it has something to do with | | | | Keep in mind that expertise is about quality and |
| it, business growth must include growing your | | | | creating more value. A little creativity and a |
| reputation. A few excellent ways to do this | | | | willingness to try something new can go a long |
| include: | | | | way! |
| --- Conducting surveys that will interest your | | | | PERSPECTIVE |
| customers and ideally present new and valuable | | | | Growth and perspective is much more about you |
| information to them. | | | | than it is about your business – it's all about |
| --- Writing letters to the editors of trade | | | | learning. Developing strong and valid points of view |
| publications and periodicals that your target | | | | are invaluable to a business leader and are easily |
| customers read (and don't forget on-line | | | | sparked by getting away from the routine. Some |
| publications). | | | | ways to broaden your perspective include: |
| --- Preparing and publishing “White Papers” | | | | --- Attending seminars and workshops. |
| that research and analyze important topics for | | | | --- Enrolling in college courses (anything you like). |
| your target customers - keeping your writing | | | | --- Reading at least one non-fiction book per |
| objective fact-filled and devoid of any marketing | | | | month. |
| hype. | | | | --- Joining mastermind groups. |
| --- Joining a business association that clearly adds | | | | --- Joining collaborative strategy groups. |
| value for its constituents and taking on a | | | | Again, there are numerous opportunities to grow |
| leadership role, e.g. association officer, director or | | | | perspective. Just be sure to choose carefully and |
| committee chair. | | | | be willing to contribute in order to receive. |
| Reputation is about demonstrating leadership, | | | | Growth is a requirement for business, and we all |
| creativity and results in your market niche and | | | | want to grow our revenue and profitability. |
| these tactics will help you do so. They also help | | | | However, projecting growth just by extrapolating |
| position you and your company as | | | | last year's numbers, or by choosing a revenue |
| “experts.” | | | | goal of where you really want to be, won't |
| EXPERTISE | | | | necessarily get you there. |
| Business growth should also include expanding | | | | Growing your reputation, expertise and |
| your products and services or expanding your | | | | perspective will. |