Just like the tide, every business goes through periods awash with activity, and other times when there isn’t any ‘water’ to be seen. The possible exception being the beads of sweat on the business owner’s forehead as they consider strategies to get through yet another lean period.
Every small business owner I speak with laments the ongoing challenge of smoothing out the peaks and troughs in business. If I could solve that problem for you today in approximately 250 words, then I too would be awash with activity in my business, and you would find me sitting on a tropical island with an expensive cocktail in hand, and reflecting on my brilliance………….OK, back to reality!
But, when you sit back and think about it, business development, managing the peaks and troughs and business planning go hand in hand. Proper business planning makes you look at the products or services you offer, and think about critical things that may impact on your trading conditions and ultimately your revenue. For example, consider whether your range of products or services is too narrow to accommodate market and seasonal conditions. If you only sell ski gear, then the summer months are going to be a lot quieter! If you are a professional photographer, do you only offer wedding services when you could easily broaden your scope to include portraits, business photography and school formals etc.
Some people view ‘diversification’ as a dirty word in business. If you are a home loan broker and start offering toasters for sale with your loan products, then I would probably agree with them. But, diversification within your core area of expertise can often bring new opportunities and new customers to your business. Many studies have shown over the years that the more services you can provide your customers within your area of business, then the more likely they will remain your customer and keep coming back.
Plan carefully and strategically and you will drive your business to the next level.
“Now….where’s that cocktail, waiter?”
Present Professionally serves customers across the Toowoomba Region and South East Queensland. You can follow Anthony at https://au.linkedin.com/in/anthonyferro1 or view details at www.presentprofessionally.com.au and LIKE us on Facebook @ https://www.facebook.com/PresentProfessionallyAustralia/
Written and Published by www.presentprofessionally.com.au