BGusiness Development Goals

Many small businesses are perfectly happy with consistent revenue which supports the owner(s)' lifestyle. However, if you are an owner and sincerely interested in increasing Revenue and Sales, we can help. 

According to Albert Einstein, "The definition of insanity is doing the same thing over and over again, but expecting different results!" 

The same can be said for a company's stagnant revenue. "Change" is a constant in life and we must adapt to the constant changes in the business world in order to grow revenue.

... but let's add another important ingredient. 

And as a dear friend and mentor of mine always told me: "Work needs to be fun!" Why work at something if it doesn't make you happy?

Increasing revenue and enjoying it needs to be your goal. So let's plan.

I've met many people who scoff at the importance of a business plan. "It's an unnecessary expense." Yet, without one, how do you stay on track and how do you measure success?

There are some great books one can purchase, read and study in order to create a beautiful, elaborate and detailed business plan. I know - I've read a lot of them - and I've written many a detailed business plan.

Yet, for a small business, your plan does not need to be pages long addressing all aspects of your business. It can be as simple as a one or two page outline that addresses the agreed upon "to do's" and the timetable you within which to accomplish your goals.

When hanging pictures on a wall, you use a ruler and/or a level. Your business plan is merely your measurement tool to keep you on course.

The jobsite website INDEED defines market development strategy as " a business growth strategy that focuses on introducing existing products to new markets."

In today's competitive market, whether your company is providing a product or a service, "Gut Hunches" are good but market research is better.

Firstly, you need to identify new markets - opportunities - for your product or service. Simply put, determine what are the new sales opportunities in another market. 

Secondly, you then need to analyze those new markets - identify your competition - and perform your SWAT analysis.  

When considering new markets for your product or service, recognize that those markets have existing suppliers. Yet, are those existing suppliers satisfying the customer's cost and quality considerations? What's our plan?

Another way to increase revenue and sales is to provide EXISTING customers with additional products or services. These products or services should be aligned with your company's present offerings and thus be of interest to your customers.

In this regard, a landscaper who cuts lawns might offer lawn treatment services or, if the business is in the northern states, snow clearing services.

Consider the recent Covid period, many brick and mortar stores, such as Ace Hardware, began offering home delivery or curbside pickup lest they lose their customer to Amazon! (I am now a regular Ace customer!)

In addition to the addition of a product or service, there might be a quality improvement that could be executed to provide the customer with a better end result. Maybe it is time to invest in new equipment that will produce a better end product?

Yet, before the business owner makes any decision to alter present marketing strategies, he/she needs to make certain he understand what his customer needs and wants. I am certain Ford Motor company did better research before it launched its Edsel automobile!

Strengths - Weaknesses - Opportunities - Threats

Whether you are taking your product or service into a new market, or offering new products and/or services to your existing customer base, SWAT analysis provides you with  the information you need to make educated business decisions. Your strengths and weaknesses are internal; opportunities and threats are external.

Strengths

Your company's tangible assets such as working capital, machinery, unique computerization, skilled workforce, etc.

Weaknesses

What your company lacks in resources: people, capital, technology, etc., as well as what the competition might do better.

Opportunities

Markets and/or geographical areas with few or weak competitors, where your expertise would be needed/welcomed.

Threats

Risks that might derail your company's plans such as a saturated market, governmental regulations, competition strength, etc.

If your interest is to become self-employed and begin your own business, we can be of assistance.

Our 1st step will be to create an projected income statement for year #1. The income statement, also referred to as a profit and loss (P&L) statement, will detail expected revenue and expenses and provide you will a realistic look into the future.

Secondly, with the help of an accountant, we will decide if your new business needs to be an LLC, S or C corporation. Whether an LLC, S or C Corp, the formalization of your business is to ensure that you are not personally accountable for your business' debts and liabilities. 

Thirdly, depending upon your type of business, you might also consider South Carolina Small Business Insurance. The insurance further protects you and your business.

Over the years, we have worked very closely with LegalZoom, which is a very economical and easy to use online service.

If you are still interested in starting your own business, let's talk.