Are you ready to grow your business - stages 3 and 4?

Over the last few weeks we’ve been talking about are you ready to grow your business?  I think that most business owners will consider that they are.  However, I’m not sure all truly are ready.  Click here to read our previous blogs which outline Stage 1 and Stage 2..

This is the case particularly when we consider selling to the public sector. 

There are 8 steps we take business owners through when they are preparing to grow their business.  Over the last few weeks we’ve covered stages 1 and 2, this week we are looking at stages 3 and 4. 

This week we want you to firstly look at where you cover geographically. 

This will differ depending what type of product you deliver.  By product we mean both goods or services.  If you provide a service directly to children or young people within schools, then your geographic reach will be limited to the distance you are willing to travel.  Whereas if you sell PPE its likely you will be able to supply this throughout the UK (and possibly further afield). 

Take 5 minutes to consider and note the geographic reach you want your product to have. 

Now take some time to consider your current pricing strategy.  For example consider:

·         Are you clear around your pricing – offering all customers similar pricing?

·         Do you offer any discounts?

·         How competitive is your pricing?

·         What do your competitors charge?

The information you have gathered by carrying out these exercises will help you to understand which public bodies you may want to work with. 

It can be beneficial to carry out this exercise on a regular basis.  As you grow it may be that you want to widen your geographic reach.  Naturally as you grow your business your pricing structure is likely to change.  You also may find out more information about the pricing of your competitors. 

Taking 15 minutes to carry out this exercise on a regular basis will take you one step closer to being ready to grow your business.   Why not join us in our FREE Facebook group and let us know how you get on? 

You can download our Growth Strategy Guide here. This guide takes you through 8 key areas to consider in growing your business. 

Join us next week when we take you through the next step in preparing to grow your business.