Proven strategies to grow your business and revenues
Every entrepreneur, business owner or manager has at one point, asked themselves this daunting question - "how can my business make more money?" For most people involved in business it is the sort of question that arises out of a lack of growth, a decline of sales or more seriously, a potential of going out of business. In fact, a business that isn't growing is more likely to fail.
The good news is there are professionals like us who have dedicated entire careers, working out why some businesses succeed and others fail. The knowledge we have gained along the way is priceless and has enabled us to develop tools to diagnose and audit a business's performance and compare it against industry benchmarks as well as competition performance. This has empowered us to help countless businesses from the brink of bankrupcy to full viability and profitability.
3 Reasons why most businesses fail to grow
1. Sustained growth doesn't just happen, it must be planned and managed
Businesses need to have a clear vision for growth or path to profitability. Setting regular targets is one way of ensuring a business's operations are aligned with performance targets in order to achieve the required growth. The absence of a clear vision is one of the most common reasons for lack of growth in most businesses.
2. A limited understanding of customers behaviour and habits
You need to know your customers intimately. Why do they need your product or service? What are their demographics (age group, income, social status... etc). What are their buying patterns and behaviours, what motivates them to buy - is it price, is it quality...etc. Knowing the answers to these questions about the customer enables you to target them more effectively.
3. A poor understanding of the business model
Every business falls into some business model category and each model has its own unique requirements for it to succeed. Knowing which model your business falls into is crucial. For example, what are the risks associated with that particular business model? What external factors impact sales? Is it cyclical? These are just a few key factors to consider.
There are a lot more other reasons why your business may not be growing, our consulting tools can diagnose these and put your company onto a path to growth and profitability.
A "Data Analytics Driven Approach" to achieving sustainable sales growth and profitability
Every living entity is constantly generating data about itself. Your business is no different. The average business generates thousands of data points per day that even the most advanced traditional auditing methods are just incapable of computing. So we believe there is the need for a new set of tools to be used to take advantage of this data.
At VirtualWeb Consulting we have developed effective tools and methods that capture, process and make sense of data generated by your business, to gain insights into why the business may be performing at current levels and how to increase future growth and revenues based on the data.