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Insight, news and updates from Alliott NZ Chartered Accountants, Auckland New Zealand. The views expressed here are the views of the author and should be discussed in further detail should an article be relevant to your individual circumstances.

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4 ways to grow your business

Written by Vanessa Williams on November 5th, 2018.      0 comments

Four ways to grow your business

Inspirational business speaker Ford Saeks provides four common-sense ways to grow a business.

  1. hand-533Get more (high value) customers
  2. Increase the average transaction per customer. According to Saeks, business owners need to do all they can to get customers to view them as the prime resource provider so that customers come to them first because of the relationship they have developed with them. Ways to expand what is offered beyond core competencies also need to be reviewed, according to Saeks, so that customers spend more with your business
  3. Increase repeat and referral sales – get your customers to come back more often
  4. Leverage your resources – using Alliott Group as a good example, Saeks highlighted that group participation enables members to aggregate resources and save them time finding the right resources.

Is our 'Belief System' fit for purpose or is it BS?

The question as to whether it is time to get some new beliefs was also raised by Saeks. The big challenge, he suggests, comes from the fact that we have all been conditioned to think in a certain way:

“When someone says to me they have 20 years of experience, I often question if they have one year of experience that they have repeated 20 times!”

Businesses should consider if they are coasting and going through the motions, according to Saeks.

The importance of an open mindset or growth mindset was also highlighted as important to future success.

How to get customers to switch their business to you

If customers are not hiring or buying from you, it might be because they fear change. Saeks listed factors that might be at the root of these fears, such as the hassle factor, fear of failure or risk of conflict with other staff members: “You need to pre-empt these concerns by presenting your solution in a way that covers these fears upfront in the sales process in order to get the customer's buy-in.”

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Why people don't take action

According to Saeks, there are certain ‘thinking small’ habits that prevent people from taking action. Examples were quoted as procrastination, negative thinking, solving insignificant problems, over-analysing things or seeking perfection. “You need to think bigger,” suggested Saeks.

He suggests that every business or individual should set up a dream board to help drive the vision. It should show your motivators. Everyone is encouraged to write down one thing they want to do, have or become.

Saeks added:

“Don’t let others tell you what is possible for your business. Consider your self-imposed limitations due to your conditioning, and then take action.”

What is your 20%?

In Saeks’ experience, something a business is typically produces 80% of the results. He suggests that profit hides a lot of mistakes: ”You might be doing something right now that is really profitable, but you could be even more profitable.”

Business owners are also advised to ask, “What is the #1 skill I could develop to double my performance?” And then, they are encouraged to take steps to improve their skillset.

Start a success library

In terms of developing a success mindset, Saeks encourages every business to start adding resources to a ‘success library’, suggesting content focused on leadership, sales, marketing, etc.

How to get more referrals

Finally, in terms of getting more referrals, Saeks encourages business owners to say to their customers, “Don’t keep us a secret!” and to tell them “I’m never too busy to see if I can help any of your friends or colleagues with their needs.”

Video testimonials are also a useful business development tool, advised Saeks, who also gave his view that business owners need to strike while the iron is hot:

“Always ask your customers at the happiest moment. As soon as they say ‘Thank you, you did a great job’, ask if you can capture it as a testimonial.”
 

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