Biz Chat 012 Keys to Business Growth with Victor Brown
It's critical to understand your niche in the marketplace or your unique selling proposition (USP) (aka market validation and proof of concept). The Alabama Launchpad competition is a good way to have a greater understanding of your niche. It's also important to find mentors and build a team.
Additionally, Workforce Development is critical. Allow your team to provide you with honest feedback-taking a hard look at the company. The right team provides a competitive advantage and helps with execution. It's advisable to have a budget for your sales, legal, accounting and technology functions. This will drive business growth. To best identify a niche research all existing clients/customers and become an expert at their demographics. Often companies are so busy making cold calls that they miss the boat in increasing sales from their existing base. #BizChatAL
Branding helps in a saturated market and can set you apart from the crowd. Communicate with clarity regarding what you can do for your customers. Learn to help customers achieve their goals and overcome their pain points. Assign someone from your team to focus on aspects of publicity and marketing that focus on branding. Darlene Wilson of the RAM Firm uses her status as a community leader with a willingness to serve in leadership roles in Birmingham as a compelling brand. #BizChatAL
Pro Tip: Jim and Yazmin Cavale are a power couple that uses relentless brand focus and brand management to achieve stellar growth with online strategies that help them each build a loyal following in their companies Glow! and INFLCR.
It's important to have a sound business model. When a company relies solely upon generating revenue without proper execution, the financial model is flawed, and success can be short lived. The focus must be on results and outcomes and not activities. Bidding on contracts is an activity. Closing sales and obtaining contracts is an outcome. The later is often driven more by relationships and less by sales activity. #BizChatAL
World class companies of all sizes know that they must reinvent themselves to avoid growing stale and irrelevant. You must grow and develop the business before this occurs. It's important to be proactive rather than reactive as markets change. Trust your instincts. Look ahead and try to be on top of the trends in the marketplace and project how your company needs to adjust. Successful business leaders have a keen awareness of the Business Life cycle: Introduction (Launch); Growth; Maturity (Plateau); and, Sales Decline/Life Cycle Extension (Resurrection). #BizChatAL
The crucial questions is not if I need to reinvent my company or will I need to reinvent the company. The question is when. It must be anticipated. This requires strategic thinking. No company whether large or small is immune to this situation. #BizChatAL
In Birmingham, we measure the growth of companies though tracking of jobs and capital investment. In addition, there are other factors that provide a benefit to the owners and employees, and represent a measure of success. Companies like Birmingham based like Lake Homes Realty, Tonya Jones SalonSpa and Urban Cookhouse and Farm Bowl + Juice Co. have achieved growth in revenues as a result of expanding their customer base across multiple areas--which is an indicator of steady growth. #BizChatAL
The most effective method of tracking jobs and capital investment is through Business Retention and Expansion visits. Economic Developers and Chamber professionals may capture this information through surveys but the most impactful method to uncover jobs and capital investment is face to face company visits. #BizChatAL
Listen to your mentors! Seize the right opportunities as they arise without fear. Be patient with others and with yourself. Listen carefully to mentors and take their advice - even in certain situations where you may lack the confidence or experience, or don't agree with their advice. Don't argue with your mentors! Did I mention, Listen to them! Don't quit too soon when things are difficult, or you don't like the way things are. This may take longer than a year...or two...or three...or five. Fail fast, but also, don't be foolish. Be true to yourself & listen to your instincts and to wise counsel. #BizChatAL
We need more Alabama companies to choose growth. scaling a business is not accidental. Work on your company as hard as you work in your company. Build a team. Build your brand. Focus on sales. Embrace technology. Utilize workforce development resources. #BizChatAL
Thank you, Victor!