Business growth in a pandemic. Is it possible? Coming after this.. Hi, I’m Doug Barra with ActionCOACH business coaching, and today I want to talk to you about business growth during this global pandemic and what is it going to take to grow your business, and is it even possible? Should we even be doing it? Well, the answer to both questions is absolutely it’s possible and absolutely we should be doing it.
What does it require? It requires that we build a solid foundation. If we have a solid foundation, then we can start to build our business. And how do we build it? There are many, many ways we can build it, but that solid foundation has got to be in place first. Now here’s a couple of ways we can build our business.
We can acquire other businesses. We can acquire market share. We can be marketing more than the next guy. These are things that are fairly easy right now in the world of a lot of people aren’t doing it. If you’re out there marketing, if you’re out there looking to acquire other businesses, you’re in the minority and therefore there are great opportunities.
Now you may be thinking to yourself right now, Doug, I hardly have enough cash to make my bills. Well, if that’s the case, then really the place you have to be looking is to be bringing in more cash, bringing in more customers. And how do you do that right now? Again, you have to have the solid foundation that solid foundation is required because you have to know where you’re going.
That’s one of the keys. One of the pillars of that solid foundation is understanding where you’re going, what you’re trying to accomplish, what your goals are. If you’re out there doing marketing and you don’t know what the goals are for that marketing, the chances are that marketing is going to fail because you haven’t given it the thought to understand where you want to go and what you want to do.
Think of it like this. If I want to go to San Paulo and I get in the car and I just start driving, I don’t know where I’m going. Especially for me here in Miami, what direction do I go? I actually have to head in the wrong direction. If I want to drive to San Paulo, would I know that?
Okay, If I don’t know where I want to go, I don’t know where I’m going to get, and end up. And I don’t know if I’m going to like it when I get there. So we need to make sure that we are on the road to the place where we want to get to. So we have to have that destination mastery pillar in place.
The next pillar is our sales and marketing understanding of our delivery of our product or service. Why do I say our sales and marketing understanding of our delivery? Because if we’re out there selling and we can’t deliver what we’re selling, we’re just going to get in trouble. So sales and marketing have to understand the delivery side, what it takes, what do we need to do to be able to deliver what we’re saying, we’re going to deliver.
And then we have to understand all of the numbers, our money mastery. We have to understand how that money, those numbers all work together to be able to fully build our business. If I don’t understand the costs that I have to outlay and how long it’s going to be between the time I make that outlay and the time when I’m going to be bringing that money back in,
right. And how much of that is actually related to my selling that product. I could get myself into a lot, a lot of trouble. All right. This is key numbers to understand so that I understand how much I can sell and how long I need to wait for the next sale. How long does my sales cycle have to be. All of these sorts of things,
to be able to manage that cash flow, especially if cash is low, if cash isn’t low, then we still need to be able to manage that and understand that. And then we have the opportunities to use that cash in other methods. All right. So we’ve touched on three of our four pillars for our mastery and our foundation. The fourth pillar is understanding ourself,
understanding how we use our time, how our team uses their time and making sure that everything that we’re doing is being done in the most effective way possible. So if you get these keys in place, then you will have a solid foundation for growth, and you can start to build your business even during this worldwide pandemic. Now there’s a link below.
If you click on that link, it’s going to give you a download for a checklist for everything that I’ve just talked about. So go to that link, get that checklist so that you can get yourself started on that path to be able to the business of your dreams, even during this pandemic. Okay. Now, if you got value from this video,
please like it so that others can know that you enjoyed it and be sure to put a comment in there. I love to read the comments. I want to know what you have to say. Click on subscribe, make sure that you’re clicking on all notifications with the little bell so that you get notified every time we post a new video. That way you won’t miss out on a thing and share it with others so that they can get value from it as well.
I look forward to seeing you in my next video.