Finding New Business - A Strategic Perspective

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Small businesses must constantly strive for growth. But growth for growth sake can often lead to disaster. This presentation describes a better way to achieve top line growth without eroding margins.

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Finding New Business - A Strategic Perspective

  1. 1. Finding New Sources of BusinessPresented by Mike Reddy CA
  2. 2. © All rights reservedWhat We’ll Covero Analysing your businesso Growing your top line withoutcompromising your bottom lineo Setting growth targetso Finding new businesso Measuring your progress
  3. 3. © All rights reservedThe Importance Of Growtho Businesses need to growo A focus on growthprotects your marketshareo Businesses that can’t findnew sources of businesswill fail
  4. 4. © All rights reservedThe Cost of Getting It Wrong
  5. 5. © All rights reservedThe Benefit of Getting It Right
  6. 6. © All rights reservedValid and Sustainable Competitive PositionsPriceLeadershipDifferentiationUnsustainableUnsustainable(High)QualityPrice
  7. 7. © All rights reservedCase Study – VehiclesQualityPriceValue Add Value Add(Low) (High)(Low)(High)PricePriceHyundaiLexusMercedesMazdaToyotaWhere are you?
  8. 8. © All rights reservedThe Revenue Model of BusinessThe number of customers you start with-The number who defect+The number you acquirexThe frequency of transactionsxThe average value of each transactionTotalRevenue=
  9. 9. © All rights reservedGrowth Strategies
  10. 10. © All rights reservedGrowth Strategies
  11. 11. © All rights reservedGrowth Strategies
  12. 12. © All rights reservedGrowth Strategies
  13. 13. © All rights reservedDiversify Your Offeringo Sell your existing products to new customerso Sell new products to your existing customerso Sell new products to new customers
  14. 14. © All rights reservedAre You Set For Growth?o Increase customer spendo Increase share of marketo Diversify your offeringo Enter a new marketo Sell to governmento Form an alliance or partnershipo Establish a joint ventureo Merge with or acquire another business
  15. 15. © All rights reservedWiFi – Stay Longer, Pay Longero If customers stay longer youearn moreo Business people need internetaccesso 86% use smartphones on thegoo People stay longer – businessup 40%
  16. 16. © All rights reservedIncrease Your Share Of Market1. Competitors’ strengths?2. Competitors’ weaknesses?3. Why do customers buy from yourcompetitors?4. How can you communicate a bettervalue proposition?5. What is your UCD?
  17. 17. © All rights reservedEnter A New Market1. Who are your potential customers?2. What do they want to buy?3. Who are your competitors?4. How will you market your products?
  18. 18. © All rights reservedAlliances Suit Small Businesso Create opportunities for small businesseso Save time and moneyo Cooperative arrangements benefit SMBso Share expertise, assets, expenses and risks
  19. 19. © All rights reservedDare To Be Different!o Growth from day oneo Be uniqueo Create differences
  20. 20. © All rights reservedDrive The Business With NewProductso Every product has a life cycleo Monitor your products and your marketo Is demand rising, static or declining?o Have new products ready
  21. 21. © All rights reservedSummaryo Many ways to achievegrowtho Develop growth strategiesbased on strengthso Set growth targets andmeasure progresso Either grow or go out ofbusinesso Be patient for growth BUTimpatient for profitability
  22. 22. Download our free app for business tips, upcomingwebinars, special offers and business buildingvideos. Search for “Shape Your Business” in iTunesor GooglePlay or scan the appropriate QR code:/shapeyourbusiness@shapeyourbiz

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