3 Business Strategies to grow your biz 60% or more in 2020
So many people claim to have a secret business strategy that can double your business. But how many can actually back up their claims? At MyCEO we doubled our business in 1 year, then grew it by 60% the following year. How? By practicing what we preach!
Here are the 3 business strategies we used to grow our business, and that we now recommend to our clients:
1. Setting Business Strategy Intentions and Goals
What’s your word for the upcoming year? Do you have a word of the year?
Choosing a word or short phrase for your year is like setting an intention. It’s a word that acts as a lens through which you act, react and grow as you execute your yearly business strategy.
We usually start thinking of our words in October and November (but there is no wrong time to pick your word). We often spend a little extra time rolling them around so we’re confident we’ve chosen intentions that are meaningful and that fit with our vision for the next 12 months.
Here’s how to know you’ve picked a good word:
- When you hear it, it motivates you.
- When you see it, it inspires you.
- It’s a word that will still be relevant to you in 12 months.
- It’s a word that you want to live fully for the next 12 months
In the past, we have chosen words for ourselves like “Focus” (Glorie) and “Elevate” (Betty). Our clients have chosen words that included “Growth,” “Magic,” and “Change.” Each word is specific to the goals and intentions of that person.
You can choose your business strategy word at anytime. Perhaps you sit down and focus on manifesting the perfect word. Maybe it just comes to you when you least expect it. There is no wrong time or way to pick your word.
Think of your word like choosing a tattoo. You need to put some thought into it because you don’t want to end up with a tattoo you end up despising in a few months. Likewise, you don’t want to choose a word that you hate in 3 or 6 months from now.
Setting Business Strategy Goals
In addition to intentions through a focus word, you also need to set measurable goals for the year, or per quarter, or even per month. For example:
- Set retail goals: If you sell in physical or online shops, your goal could be to sell in 25 more stores this year. Or it could be to increase the number of units you sell in each store.
- Set product goals: If you sell products or your art, your goal may be to sell 2x as many products as 2019.
- Client goals: Set a specific number of on-going or new clients you want to sign this year. Maybe you have 10 now and want 15 or 20 in 2020.
- Revenue goals: Set specific dollar amounts for what you want to achieve this year. They should be a slight stretch, but still attainable. Just make sure it’s measurable.
After setting your business strategy goal, make sure to write it down. It may sound a bit cliche, but it really works! Studies show that you are 42% more likely to achieve your goals when you write them down. It helps clarify and specify your goals so you complete the tasks necessary to accomplish them.
You can’t get to where you want to go if you don’t know where you’re going!
2. Create your Network of Support
Entrepreneurs are often quite independent people, but that doesn’t mean we have to do business alone! Build a network of support that allows you to work ON your business and not IN your business. Focus on business development, strategy, networking, and marketing. Use your network of support to help ON your business, activities that get your product or service in the hands of the right people.
Who is going to support you in your business? Coaches? Mentors? Business partners? Meet-up groups? A mastermind group (aka a committed group of “business best friends” who agree to meet regularly and help each other grow)?
Think about organizations you belong to or strategic business partnerships you can form. Who is going to keep you accountable to your focus word and your goals?
We hold weekly meetings which we start by sharing wins and successes from the past week. It the whirlwind world of entrepreneurship, it’s important to stop and celebrate your wins in whatever way helps you stay motivated and keep moving forward.
3. Measure, Adapt, Measure, Adapt
It’s an on-going cycle in business and in life. You act on your plans, measure the results, and make changes to improve. Then you measure and adapt your plans again.
Measurement gives us hard and fast, black and white results in relation to our goal setting. Continual review of the contributing factors on your road to reaching your goal is critical to make sure you are moving in the right direction and the right speed.
- Social Media: If you have lead generation goals and social media is a big source of leads for your business, then constantly review your ROI (return-on-investment) on your social media channels to make sure you are reaching the right people in the right places to keep your lead pipeline full.
- Webinars: If you get clients or sign-ups from holding webinars, measure the quality of these leads to make sure you’re hosting the kinds of webinars that are leading to sales.
- Events: If you host live or virtual events, are they turning prospects into leads and customers?
Always evaluate your processes with a critical eye. “How can I improve this process and engage more prospects? How can I shift this initiative to get me closer to my goals?”
In our business in 2018, we jam-packed our schedule with networking and business education events. When we analyzed our results, the effort we were putting into these events was not warranted for the number of leads or clients we got.
We adapted and created a new online platform providing education, community, mastermind groups, a resource library and one-on-one coaching to small business owners and creative entrepreneurs. We took the same resources we offer in-person and started offering them online. This was a much better use of our time and helped grow our business significantly.
What’s in your future?
With all this in mind, where do you see yourself in 12 months from now? Keep looking at what’s in front of you and look for opportunities to make 10-degree shifts to make your actions more closely align with your goals.
Set your goals and intentions, create your network to support your business, and be consistently changing and adapting. By doing all these things we doubled our business and as a follow up, grew it by 60% the following year.
We know, because we’ve done it ourselves, that applying these strategies to your business in 2020 will give you the power to create your own success on your terms.
Are you curious about any of the actions above, or looking for a sounding board to work through your 2022 strategy? We’d love to help! Please connect with us.