Early business growth requires detailed plan of attack

Q: I’m in my first year of running my business services company. The problem is that sales are slower than expected. I need to make sure I’m doing everything I can to grow my business to survive. I’m advertising in the paper, and I’m going to be hiring some new sales persons soon. But what else should I be focusing on to grow my business?

A: Growing a company can be fun, but also hard work. Keep in mind that you don’t want to grow too fast. Your overhead can outstrip your cash flow and drive you in the hole while making a profit on paper. So, with that said, you need to follow a very detailed plan of attack to lead your company to great success. The following are some good ideas of things to do to help ensure success:
? You need to have a detailed, written description of your ideal target market that includes, at a minimum: typical buyer demographics, geographical area, annual revenues, industries and psychological characteristics. Know how to talk to them. What words, colors, trends, will compel them to buy.
? Develop a current list of specific challenges and problems your services or products solve for your ideal target market.
? Your team needs to be able to easily and clearly explain to interested prospects in less than 30 seconds what you offer and how it benefits them. Have them practice their presentation.
? Develop a plan to overcome the biggest obstacles you face when marketing and selling your services or products.
? Be sure you can clearly present several factors that differentiate your company, your services and/or your products to prospects who are knowledgeable about your competitors.
? Know exactly how you compare to your competition in terms of: the quality of your products or services, prices and amount of selection.
? Have a written business strategy or marketing plan that includes: a SWOT (strengths, weaknesses, opportunities and threats) analysis, competitive information, your unique competitive advantages, specific marketing strategies with timelines, financial projections and contingency plans.
? Have sufficient capital currently available to carry your business through the next 18 to 22 months (for start-ups), or at least the next six to nine months (for established small businesses) – in case of an economic recession, lack of results from sales and marketing plans, or a short-term physical disability. The lack of cash flow can kill a good business.
? Know the average percentage of your revenues you are currently spending (or anticipate spending) in each of these categories: all marketing materials, sales efforts, office equipment and supplies, ongoing marketing campaigns.
? You should use at least three different marketing strategies effectively to find new clients (not including any referral sources).
? Have all the necessary sales and marketing materials you need to give to prospects including: marketing brochure that focuses on the benefits of your services or products, sales sheets, detailed product information, company overview, Web site and company logo. Make sure the look and feel of all your marketing pieces is consistent.
? Be able to describe the different stages prospects use in moving from not knowing about your business to becoming a first time client. Develop a graph or a power point to be able to train your staff on these stages.
? Identify the most common objections you hear from prospects and memorize strong, non-defensive responses to each one. This list should be updated every time a new issue comes up.
? Clearly answer this question if asked by a prospect today, “What are the specific benefits and results I would receive from using your services or products?”
? Memorize a compelling response to this question, “What do you do?” I tell people I improve a company’s bottom line or I am a business architect. Either statement normally prompts a beginning of conversation.
? Fully use the power of Internet marketing to reach out to new prospects, track your marketing efforts, keep in touch with your clients and up-sell your current contacts.
? Your goal should be to have the net profits from your business increase at least 20 to 40 percent in each of the next two years.

Windsor resident Russell Disberger is a founding member of Aspen Business Group, a Northern Colorado-based specialty consulting and venture capital firm. He can be reached by e-mail at rusell@aspenbusinessgroup.com,

on Facebook on LinkedIn