If you are not growing you are shrinking!

If you are not growing you are shrinking!

If you are not growing you are shrinking!

By Dane King, CPA, CMA, CGMA, FMA, Chartered Marketer

Chartered Professional Accountant and Business Advisor - Stratking Accounting and Tax Professional Corporation

Chartered Marketer -  Chartered Marketer For Hire

 

I have learnt in business that, “if I am not growing I am shrinking”. So I am continuously focused on growing each service and each business and growing relationships.

We must remember that whilst we sleep, others labour.

We must know that whilst we idle others work.

Whilst we stand still others are in motion.

Whilst we remain stagnant in fear, others are moving forward in confidence.

If we ignore our competitors and our position in the market place, we get overtaken by our competitors. We face erosion of market share and shrinkage from the competitive strategies of our competitors. So we are under pressure to grow, to consistently grow.

Here are some strategies I have used to start and grow businesses in the last five years:

 Learn something every day

We are in the information age. Companies that harness the information revolution will be the leaders of tomorrow. Technical knowledge is critical and market awareness if fundamental. Learn something every day relevant to your business. For insights in this area you can read my article in LinkedIn, “Learn something every day”.

 Become internally and externally aware and alert

Be aware and alert as to what is happening in your business and in your mind and motivation levels. Be aware and alert to what is happening in the external environment in relation to your competitors, suppliers, strategic partners, contractors, target market and customers. When is the last time you did some proactive environmental scanning? When is the last time you did a skills audit? When is the last time you did a health check-up?

Often when we get bogged down in our work or job, we lose sight of the strategic issues. We get lost in the bushes and can’t even take time to look up to the sky above the trees. We can become insensitive to our micro and macro environment, which can be debilitating.

 Determine your market share

What is your current market share for your target market? How do you compare 5 years ago, 1 year ago and what is the projection if you did nothing new? What is the revised projection if you implemented your business plan? Do you have a business plan? It is usually hard for most business owners to determine their market share. I therefore suggest hiring a marketer or marketing research firm for this.

 Become marketing oriented

Take a read of my article on Chartered Marketer For Hire entitled Creating the marketing oriented firm to learn how to create the marketing oriented firm that will ensure long term and sustainable business growth and profitability growth

 Grow profitably

It is not about only growing customers and sales but profitable sales. Increase customer and product profitability and increase cash flow. Unprofitable sales leads to cash flow problems. CRM and profitability models go hand in hand. You need help? Give me a call!

 Develop a practical Business and Marketing Plan

A plan is no good unless it is written and implemented. A good plan is an implemented plan. A good business plan has a good marketing plan which shows you are going to win, retain and service clients profitably. For more information, take a read on my interesting article, “developing a winning business plan”, in LinkedIn.

Set yourself ambitious targets

I always say “think big, get big”, “think small, stay small”. You are as big as your ideas. Your pocket is a deep as your self-confidence and ambition. If you set yourself reasonably big goals and miss at least you would be ahead. So aim BIG!

 I can go on and on, but professionals don’t have much time to read so I will end here.

Be obsessed with growing yourself professionally and growing your business so you do not shrink!

All the best!

 

Dane King is the Principal Accountant and Business Advisor with Stratking Accounting and Tax Professional Corporation, the full service accounting based in Richmond Hill, Ontario, proudly serving professionals, professional services and financial services firms. He is also the Chief Marketing Consultant with Chartered Marketer For Hire the full service marketing firm for professionals and professional services firms.

Dane is a Chartered Professional Accountant (CPA), Certified Management Accountant (CMA), Chartered Global Management Accountant (CGMA), Chartered Marketer and Financial Management Advisor (FMA). He is a former Lecturer in Accounting and Professor Taxation.

He can be reached at 1-888-865-3870 ext. 101 or email service@stratkingaccountingandtax.com.

Jarrod Best-Mitchell

$100MUSD+ in Client Revenue Generated | Helping Individuals Stand Out on LinkedIn | Sales Trainer | LinkedIn Trainer | LinkedIn Profile Optimization | ATS Resumes | Social Selling | Corporate Trainer | Keynote Speaker

7y

Great read Dane.

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