Every business owner wants to see an improvement in their bottom line, but what’s the best strategy to achieve growth? Tanya Titman, mentor and business turnaround specialist sees many business owners invest in major marketing strategies without firstly reviewing their pricing strategy or understanding their business’ capacity.
Often business owners think they need more customers to make more money. This is not always true. The biggest impact on your profit is made by getting your pricing strategy right.
If you set prices based on a ‘gut feel’ or industry trend, then you are most likely giving away your profit. Before embarking on a marketing campaign engage a trusted advisor to review your pricing strategy and revisit your prices on a regular basis.
The next question to consider is how much revenue can you generate with your current resources? If you’re implementing major growth strategies do you have the resources to meet the demand? How much stock should you invest in or who should you recruit and when are critical decisions.
Often the business owner start by increasing their sales team. This often leaves the owner doing much of the admin work. Write a list of all the tasks you do on a daily basis and categorise them. Consider what can be delegated or outsourced. This can often be the key to unlocking revenue and building your business capacity.
Tanya Titman, Founder and Managing Director of the Acceler8 Program, runs 12 month business improvement program called ‘Acceler8 Academy‘, from her offices in Upper Mount Gravatt, Brisbane, specifically for women in business. The program also launched in Sydney and Melbourne in 2017.
Tanya is an experienced business mentor who offers practical, real world advice. She empowers women by improving their financial literacy – when you understand your businesses financial information you can start making informed, strategic decisions.