Businesses in search of growth take several steps like launching a new marketing blitz, and reviewing whether they can manage an increased portfolio. But growth is not easy and in some cases it can put your company’s profitability at risk. Growth is like a balancing act of managing time and resources on one side and profit on the other; however, the scale should tip in your favor. But what are business leaders to do when expansion ends up costing money and profits? This is a common occurrence when businesses don’t take the time to examine their growth plans and ask what their cost is to deliver good value.
When businesses work with smaller clients, for example, they are faced with two scenarios:
- Offer fewer services (providing a portion of your true value)
- Deliver the same services for less money, only to lose profits by delivering more than the client has paid for.
Is there a way to provide those lesser-paying clients an equally valuable experience without sacrificing profit margin? yes, there is, by finding ways to automate and innovate business offerings an organization’s value proposition will stay in tact while your business will remain profitable. Though this may be easier said than done, there are some fairly easy ways to accomplish this.
Embrace Automation: What are you doing today, that could be automated tomorrow? Take a few moments to evaluate current processes and systems, starting with the simplest tasks first and determine what tools can be used or created to reduce workload. There are tools to automate and simplify almost everything from managing social media campaigns, tracking invoices and tackling task management. Simply streamlining and automating business processes will allow business leaders to focus their talents where they are most needed, developing a successful business.
Free up Time by Going Online: Stop being a broken record and get common messages online. Are there key items of the business that all clients should know? Today’s technological world is the perfect platform for delivering key information. Save some time and money by creating online tools, tutorials or videos for the most commonly asked questions. This will free up company to work on the pieces that are unique for the client. If several clients are confronted with a common dilemma, create a webinar. Webinars are a great format as they reach several individuals simultaneously, build a client network and increase overall efficiency. The advantages don’t stop here. By going online, the market expands exponentially, transforming a company from local to global.
Let Go of the Fishing Rod: Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime. Take a few moments to look at what your current business offerings include. Are there any areas that clients could take on? Blog writing, daily monitoring and content development are a few examples. By investing a few more minutes to teach clients how to be self-sufficient, you will save both time and money. It’s a win/win: The client completes the simpler tasks allowing you to provide that value added service that they paid for.
Tailor your Offerings: Focus your deliverables to provide the optimal value per client. In the world of business, there is no one size fits all solution. Each client will have his or her own specific needs and area of expertise. How can you streamline your business offerings accordingly? To provide optimal value for your client base, develop a flexible program. Take the time to unveil your client’s more urgent needs and provide the services that will garner the most benefit.
Before saying no to smaller clients or projects take a look at your current business offering and see if there is a way to streamline, innovate or automate what you do today. Successful entrepreneurs know that you should never compromise on value and by innovating and automating their business mean they won’t have to do so again.