Ambitious goals put business owners on the path to financial success. There are several considerations when thinking about setting goals and, more importantly, achieving them.
Execution is important, but you must have the right strategy. Let’s discuss some of the considerations for developing a strategy for business success.
Top-line revenue
While creating a strategy, thinking about where you want to be is essential. A $5 million business looks different from a $500,000 per year business. There are many ways to increase top-line revenue, including raising prices, creating new products and services, and increasing the number of customers.
Pricing strategy
There are several things to think about when creating a pricing strategy. One consideration is the pricing of competitors. How much do they charge for a project? If your competitors charge clients more per project for a similar value, it’s important to consider raising prices.
Branding
A brand is more than a logo. A brand consists of every touchpoint a customer or potential customer has with your business. In addition, the branding is different for businesses that are looking to grow or see themselves making a significant revenue jump.
Employees
As you grow, you must determine how to motivate and keep employees engaged. This often includes looking at the types of benefits to offer, including health and retirement plans.
Vendors
As you grow, one asset for your business can be utilizing your relationships with vendors to help accelerate the growth of your business. Having a good vendor to help make your products or help you deliver your service can make the growth process less complicated. It is also true that unreliable vendors can make it more difficult to grow if you ultimately need them to deliver value to your customers.
Credit
There are two things to consider. First, your reputation is important, so if you commit to a vendor, a credit card company, or a bank, you should keep it unless it’s impossible. Second, use credit sparingly when growing your business. This strategy can be used to ensure you have the right pricing strategy. Making an appropriate profit on each sale is critical to ensure you have the capital to maintain and grow operations.
The above are just a few important considerations when considering your business growth strategy for 2025.
Like many things, the first step is getting started.
Teresa M. Lundy is the principal and founder of TML Communications, the award-winning strategic public relations, crisis communications, and community engagement firm serving corporations, nonprofit organizations, and government agencies. Follow Teresa on Twitter @TeresaMLundy.
