Business Growth Simplified
Tuning Your Revenue EnginePredictively manage your business using an operational approach instead of reacting to things you see on your financial reports. Just sign up for our next FREE Tuning Your Revenue Engine webinar. Just click the button below to find out more and register.
How To Grow Your Business Faster With Less Pain!Small business owners tell me all the time, “I want to grow my business.” So, I ask them some simple questions, top line growth, bottom-line growth, market share, etc. They look at me like a deer in the headlights or worse, they say “yes, all of that!” To grow your business you need to PICK ONE!!! You see each of these growth goals has a completely different strategy in which it is accomplished. So you have to pick one. Frequently they can’t decide or are unwilling to do so. This is the first sign that they are or will struggle with the growth of their business. To them I’m a guy they just met or was introduced to by someone they know. So they are skeptical to take my word for it. I understand that, but it is still in my nature to want to help them. Skepticism is something I had t overcome since I started my first business back in 1991. Then after attending a seminar, the light bulb went on. Business growth is not a new concept. People have been studying and writing about it for decades. So I thought why not start there. There are dozens, if not hundreds of growth models out there. This concept was originally introduced to me in way back in 1987when I was getting my MBA. So this isn’t a new. But why isn’t this a more mainstream part of small business knowledge? As I began doing my research and what I found is very interesting. In the weeks to come I will begin share what I found and what I hope is a distilled version that is simpler to apply to your small business growth. First, as I found models out on the web, they came in all shapes and size. I found three stages. I found five stages. I found seven stages. What was the right number of stages for a small businesses growth? As I read the characteristic of each stage I found that they all sort of hit the same areas, it’s just that one author decided to draw their line one place and another decided to draw their line somewhere else. I am sure in some cases it was done for marketing reasons, to differentiate their model from the others. I just wanted to see if those that claim to be the experts agreed on how a small business matures. The surprising fact is that they all pretty much do. Even more surprising than they agree is they don’t all come from the same functional discipline and still agree. Some are finance experts, others are CPA’s, and still others are sales and marketing specialists. They still seem to agree the same characteristic apply as it relates to small business growth. So, what did I settle on? Well, I picked them all! My goal is not to just create another model. It is to make the existing models easier for small business owners to understand and apply to get the results they want for their business. If you want to grow your business I suggest that you watch the video below:
Some of the most difficult work I do with small businesses is getting owners to embrace personal change. We ALL have strengths and weaknesses. It is usually the weaknesses that keep us from performing at our peak potential. When these owner weaknesses are not addressed and the owner is at the helm, the everyone suffers as a result. Our article Leading to New Horizons of Success has a great message along this topic. Personal change is the first phrase of the DE, Inc. tag line. It is also the first step in achieving real success! If you have the talent required to achieve success as you define it for yourself you would have already achieved it. If you're not there yet, the first place to look for success is within yourself. What personal changes must you make in order to achieve that which you seek?
Personal Change is Hard - So Get HelpThis is a challenge we all face. I am struggle with personal change myself. The best way to get through it is with help. Seek the assistance of someone you trust and respect. Then ask them for help! Most people are happy to help a friend in need. Another good place to look is with the assistance of a coach. There are hundreds of coaches out there. Find someone that has the skills you need to help you in the areas that you struggle, whether it's personal or business. Make sure you feel comfortable with them. DE, Inc. offers business coaching services. We would be honored if you had the confidence in us to assist you you’re your transition. The faster you get through this personal change the faster you will realize success. Share your stories of personal change with us here by providing your comments with the positive results that have come from change for you - both personally and professionally. Copyright ©2009 Dino Eliadis
In my post “Are You Holding Your Business Back” I wrote how personal change is needed before you can achieve success. If that’s all it takes then why don’t we just change? Fear is at the core of why we all resist change. Most of us, me included, will say “I don’t fear success, I want it.” Yes, but we fear something required between where we currently are and where we want to be even more. What’s even worse is we are not even conscious of the fear. So if we’re not even conscious of it, how do we deal with it? Become an enthusiast of change! Embrace it and learn to live with it, and slowly, but surely, we become more comfortable with it, and things begin to change. Change is the one real constant in life. The problem is, very early in life most of us learn to fear and avoid change. Thus, we create subconscious coping mechanisms and ways to avoid it. As we become adults and need the skills required to change, we struggle because of unconscious barriers we’ve created in our own mind. How do we get past the barriers? Make a decision that we won’t let fear get in our way. The things we created to deal with these fears in childhood no longer apply. They stand between us and what we want for our lives. So, break past them. This takes bravery and courage, two things you need to be successful. Start with yourself. Be brave and have the courage to go beyond the fear. Success awaits on the other side. If you still struggle you may need someone to help get beyond this fear. Seek the assistance of a coach or therapist. There is no better investment you can make in your business than in yourself. You need to change first before your business can ever change. That’s why our tagline at DE, Inc. is personal change, business leadership, life success, because success happens in that order. What about you readers that have faced the fear and achieved success? You have much to offer. Share your story with our readers by commenting so that they can see they aren’t alone. Anyone that has achieved success has had to face their fears and get beyond them. If you need help contact us. We would be honored to assist you in your journey toward success. If our abilities do not fit with your situation we will help you find the right help for your circumstances. Copyright ©2010 Dino Eliadis
your revenue engine. Let me introduced you to a quick and very simple method to strategically understand the cause and effect of your actions on your business. The "revenue engine" is made up of your marketing, sales, and operations functions. It is what you do to make money in your business. You know how important it is to measure what is happening in each function. But, even more critical is knowing how changes in one function impact the others. For example, if you want to increase sales, how much can you increase sales before you reach your operational capacity? Not knowing this choke point can destroy your business faster than under performing sales! Join us for a FREE webinar to find out the critical values you should be monitoring to make more effective decisions and improve your company's cash flow. Just click the button below to find out more.
When revenue begins to head south what is usually the first response? Cut expenses! Why, will this fix the problem? No, falling revenue is a result of fewer sales or reduced revenue collected per sale.
To make matters worse, often the cuts come in the form of a reduced marketing budget. 60% of the American Marketing Association (AMA) members report that this is the biggest mistake that can be made in an economic downturn. With leads on the decline you need more leads not fewer. It would be interesting to see how many of you have seen or experienced this yourself.
This mistake won’t show up right away. It may take weeks or even months, depending on the length of your sales cycle, for it to rear its ugly head.
Combat this mistake by consistently monitoring your lead volume and your leads to proposal/quote ratio. If these numbers begin decreasing it’s time to ask why. What has changed? Is it internal, which will allow you to do something about it. Or, is it external, the economy, a supplier, your industry etc. which you cannot control. The solution may be different depending on the circumstances. The Revenue Engine Performance Analyzer can help you determine and monitor these metrics.
The key things to recognize here is cutting costs when revenue is in decline does not fix the cause. It only addresses a symptom - declining profits. Cutting cost has no positive impact on the top line (your revenue). In fact, if you cut the wrong thing, like marketing, it may have a negative impact on the top line, as shown here.
Have you had to cut your marketing budget in the current economy? What has been the result for you? Could monitoring the items mentioned here help you make better business decision? Share your opinions and experiences with us. We look forward to the dialog.Copyright ©2009 Dino Eliadis