Many businesses fear about their futures. They look at their bottom line and see disappearing profits. They want to do something positive and they know their survival is at stake. They often seek out the one advisor they trust – their accountant and nine times out of ten he will start banging on about cutting costs. Well for sure they are not going to advise them on how to find and convert more customers, or reactivate past customers, or introduce a referral system. In fact the accountants are probably correct in an emergency short term situation. However, the fact is that no business has ever cut to greatness. So what should you do?
Slashing costs is not always preventable and no business should let its costs rise to the point of considerable inefficiency and waste. However, there is a limit to how much costs can be slashed before there is a big impact on quality of service, and the business starts to spiral down as more and more customers disappear.
On the other hand there is no limit to how much you can expand, although growth is a lot more difficult to attain. There are only two things that are going to force improvement in your business, and they are Marketing and Innovation. By themselves, neither is sufficient but both are necessary.
The Peter Drucker quote says it all “…Because its purpose is to create a customer, the business has two – and only two – functions; marketing and innovation. Marketing and innovation produce results, all the rest are costs.”
So growth is the only lasting and sustainable strategy, and the key to achieving this is successfully implementing effective and affordable marketing and innovation.
In plain language by marketing we mean finding and getting prospects to buy from us in a way that brings about profit.
Quite often business owners don’t know how take the first step with marketing. Although a good start would be obtain these free small business profit improvement videos. They would then be on their way to dodging the fate of 90% of all businesses that are said to fail within their first 10 years of trading. In fact statistics tell us that 80 percent of businesses go bust up in their first year. And of those that remain, 80 percent of them will not survive a further five years. That is a frightening statistic!
Yet, even with what looks like an almost impossible task, people still take their hopes into the marketplace with little or no planning, and with little or no regard for the harshness and cruelty of what the marketplace can bring, without proper planning and knowledge.
In fact, the success and failure of any business is almost entirely down to how well a business is marketed – and not down to how amazing the product or service is – or the people in the business!
This may be hard for you to agree with but ‘he who markets most effectively – wins – and wins big.’ That’s why sub standard products and services have stood the test of time. It’s because they were (and are) marketed well – better than top-quality products and services. And that’s why hundreds of brilliant inventions fail to come to fruition. A good product is nothing without effective marketing.
If you can’t do this by yourself you should find help. If you look around you will find help with samll business growth that will contract to you on a risk and reward basis – a low risk way of finding the help you need.
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