7 Ways To Turbo Charge Your Business - Ways to Charge People in Business

Discussion in 'Articles & Tutorials' started by thebizmentor, Mar 3, 2011.

  1. thebizmentor

    thebizmentor
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    Step 1: Have a Clear Vision
    You must have a clear vision for what you want to do. If you don’t you will keep changing direction. Every change in direction loses time and focus and therefore is a barrier to growth. Most high growth businesses have a very clear direction and they make sure everyone they work with understands that as well. There is no time wasted on work that does not achieve the long term vision and therefore, tasks are carried out with maximum efficiency at all times.

    Step 2: Have a Clear Proposition
    Your customers need to clearly understand your proposition for you to grow quickly. Any cloudiness of the proposition creates friction in the buying process and that will hold you back. A poorly set out or unclear business proposition is like having several cylinders of a car engine not working. It will get you there but it will take far longer, cost more and have a much greater chance of breakdown. Time spent getting your proposition right in the early stages really helps when it is time to put the accelerator down.

    Step 3: You can Never Market your Business too Hard
    The common mistake that a lot of good businesses make is that they don’t market themselves hard enough. It is quite simple; the more people you tell about your business, the more people that are likely to do business with you. Don’t see this as something that is done in your spare time. Make sure that you are driving new prospects to the business day and night. Try to build processes that ensure that prospect generation happens without your daily input. High growth businesses sell hard and sell well, as they have a continual stream of qualified leads to work on. Without a regular supply of good leads, there is no fuel to power your business business on.

    Step 4: Focus on Conversion Improvement
    When you have a good flow of leads, time spent on developing ways to increase prospects into buyers is very well spent. Think about it; if you currently convert 10 out of every 100 leads at the moment, some time spent on improving your conversion of leads by selling better could perhaps increase your conversion to say 15 out of every hundred leads. That may seem like a small number, but in growth terms that investment in conversion improvement equates to a 50% increase in growth of new business. There are few better investments! Make sure you dedicate time to improving how you convert your leads.

    Step 5. Work with Great People and Delegate
    Trying to do everything yourself is impossible after a very short period of time. Focus on your strengths and get good people or partners to cover your weaknesses. Don’t cut corners with the quality of people that you hire as you will only end up micro-managing them, which will take away your valuable time and cut your growth. Give great people good direction and they will take you places. Manage good people badly or hire bad people and you will very quickly start swimming upstream. Learn how to get the best out of people by delegating effectively and managing them well. Most high growth businesses are run by people with good delegation and management skills. If you don’t yet have those skills, then learn them fast. If not, partner with someone that does!

    Step 6: Simplify your Business
    Complexity holds you back! The more staff, products, services, suppliers, difficult customers, partnerships etc the more of your time is likely to be eroded in managing things. Great high growth businesses keep things focused and simple. The simpler you keep your business for longer; the faster it can grow. We live in an era where everything can be outsourced and performed by people or companies that are experts in their individuals fields. Why reinvent the wheel? Keep things simple and spend all of your time focused on the one things that makes your business unique. Let others take the strain for you. You would be amazed at how big a business can get these days without people! When you reach the next business hurdle don’t think what can I add, think how can I simplify? Get rid of the baggage! The Cheetah moves a lot faster than the Elephant.....

    Step 7: Learn and Adapt Fast
    One of the greatest ways to achieve high growth is to learn fast. Burying your head in the sand will not improve your business. Not learning or not dealing with issues leads to constant firefighting. When a business is spending all of its time fighting fires it has no time to focus on delivering its vision. When problems occur make sure you understand the root causes, learn from them and make the necessary changes fast. If you deal with every problem aggressively and with a long term solution you reduce the number of fires down the road that will hold your growth back. Great high growth businesses learn fast and think long. Dealing only with symptoms and patching them up means long term problems can fester and grow.

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    Forum Article Update, Not Made by the OP - Ways to Charge People in Business

    When it comes to ways to charge people in business transactions, many different methods come into play.

    You have to think of efficiency, safety, ease and most of all, overall cost.
    For example, when charging somebody in a business via a cheque, there is the chance that they might bounce it, resulting in a distinct loss in profit,. Many businesses have taken this into account, and have subsequently stopped people from paying via cheque.

    Electronic cheques are a common form of payment, but still hold the same risk of bouncing. The only difference is that you are able to wait for the cheque to clear, before dispatching your products.

    The most common ways to charge people in business transactions is via a credit or debit card. Your transaction is almost instant, and the payment is hard to stop without just cause. Charging people via a credit or debit card is a common way of paying for a recurring payment, such as a subscription to a product.

    Due to technological advances and the extreme functionality of the internet, it has become even more efficient to charge for digital or physical goods online. Payment processors such as Paypal or Alertpay are becoming more and more common as ways to charge people in business, and are a lot more secure than physical transactions.

    There are more personal ways to charge people in business transactions, such as gift cards and certificates. These still count as a payment, due to the prior purchase before use. It allows customers to utilise your business without paying for an item personally, but potentially brings in a returning customer.

    Gift certificates are great ways to charge people in a business due to the potential for originality - the designer has a blank canvas to work with, and statistically people respond better to a well-designed card, meaning your business will bring in more customers.
     
  2. Matt

    Matt
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    Very nice tips! This was very nicely written and helpful. :)
     
  3. thebizmentor

    thebizmentor
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    Thanks for your feedback Matt. Much appreciated :)
     
  4. Alex Jhon

    Alex Jhon
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    Great post you did here its really helpful and very informative for me so thanks for your nice suggestion for us..:)
     

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