Being an entrepreneur could sound glamorous and interesting, but, at the end of the day, only an entrepreneur will know how challenging having such a job and lifestyle is. One of the greatest challenges an entrepreneur can have is how to creatively improve their business when they feel stuck, because such moments can arrive and you need good strategies to become better on the market.
Once success is reached, this can feel amazing, but the real challenge is how to maintain success and become even better. Here are a few tips on strategies you could use as an entrepreneur to increase your business.
1. Improve Your Tactics
Many businesses fail because they do not have a business strategy. Most entrepreneurs have a flair for selling, they are creative and they reach success on the market pretty soon after entering it because of their intuition. However, afterwards, they need to operationalize their steps or they will otherwise get lost. And this is all about the sales strategy, which means promotion strategies, online market strategy. Almost 50% businesses do not have a clear online marketing strategy.
The thing is that these strategies actually do not revolve just around marketing – they are mostly about clearly defining the customers and their needs, so you can provide the best product for them and increase your market value. One of the best ways to know who your target customers are is social media. Once you understand your customer pool, what they need and how you could provide best for them, then you need to draw out a plan, stick by it and execute it. This is the most important part! Closely follow your plan, track your improvements and you already are improving.
2. Have A Properly Trained Sales Team
However, you cannot do this without the right people on your team. 61% executives claim that their sales teams have not received proper training before working on sales strategies. If you want to have a good strategy and implement it, then you will want to have a team that is well trained about this. The key for good implementation is constantly monitoring and analyzing the goals.
This allows the team to find out where they have succeeded and where they can improve. Research that has been conducted by Vantage Point Performance, which comprised data from 62 B2B companies, revealed that those companies which had good sales management reported a growth rate of 5.3, meaning a 15% increase from those which did not have good sales management and which reported an average growth rate of 4.6. Then, an important step in sales training is teaching the sales managers how to make better decisions.
3. Set Easily Trackable Goals
This is not available for sales strategies only. Setting clear, well trackable goals is a principle to go by during your entire business activity. First of all, you could begin by drawing up a list of what you need to achieve in terms of sales. Do not get too specific and only keep what you feel is essential in terms of what customers want, how you could provide for them and the results you would like to have. After seeing the bigger picture with this list, take each goal and break each of them with your team in sub-goals that need to be specifically addressed with specific actions and sub-results, which then have to be monitored and continuously analysed.
You could use the help of an app in this, because it would make everything much easily trackable. Some of the best are Goal-Buddy and GoalEnforcer. They might be a bit difficult to implement within your team at first, but once you get used to it, you will see the difference. So plan, plan, plan and see your business growing with your own eyes.
In the end, it could seem like hard work, but it will totally be work which will pay off and good organization will also give you a good feeling.