IT Entrepreneurs sometimes assume that million-dollar ideas can automatically sell themselves. Another belief is that focusing more on the production and development of quality products and deliverables is enough to find success.
However, this line of reasoning is flawed from a fundamental business point of view. Neither an idea nor production value alone can sustain your business – not to mention fuel growth. A successful entrepreneur combines the big idea and development with the right business focus. An entrepreneur should definitely dedicate significant time and resources to this discipline. To stay ahead in the market, your strategies must involve monitoring your competitors and generating new sales leads by attracting customers through targeted marketing based on core differentials.
Following is insight from the DXC SLMS Hosting team to help service providers identify a path for business growth.
Define campaigns to revolve around your customers
Utilize social media channels to increase interactions with your customers and market directly with them. Customers bring in revenue, so do not let your ambitions ruin the main purpose of serving your customers. Integrate commercial value in your product to maximize profits. The right customer campaign is critical for business success. This is why DXC SLMS Hosting offers campaign guidance for service providers who need a jump start in the market.
A key part of your campaign should offer the right mix of promotion with education to help your customers move to a cloud-based hosted environment for their licensing needs. As a specific example, service providers will want to build promotional and educational campaigns to help end customers see not only the technology benefits in moving to the cloud, but also the business and ROI benefits of doing so.
Set your priorities
As a service provider entrepreneur you will rarely be left with time for yourself as you juggle several tasks simultaneously. Do not drain yourself by trying to accomplish all the tasks, instead prioritize the most important ones, and begin working on them. Do not exhaust yourself, as it is a long trip to success. Rather than spending several hours researching where to go for vendor technical expertise when building a solution, rely on the trusted experts at DXC SLMS Hosting and let them guide your way to maximize the most efficient path.
Business growth requires that you keep track of your business finances
Routinely monitor all your investments and expenditures, and map them with the revenues generated so far. Having an impressive budget plan is important if you want to attract investors for future growth possibilities. This is particularly important when dealing with subscription licenses for your clients. It’s important to work with the right partner who can offer the right guidance on not only product pricing and programs, but also to help you determine which licenses you need, ordering, activation and asset management to maximize profitability.
Set targets for your team
Even if all your marketing strategies are in place, your business is eventually dependent on the quality of work completed by your team. Direct your team by setting achievable targets and organizing regular goal-setting discussions.
Consider vertical markets – business is nothing without sales
Your business cannot survive if you are not selling it right. Maintain strong relationships with potential investors and customers as they are one of the major external factors who indirectly decide the future of your business on a commercial stance. This sometimes means expanding into new vertical markets, which is where the DXC SLMS Hosting team can provide consultative guidance for hosted licensing solutions for customers in new markets. A good place to start is by downloading the DXC SLMS Hosting Service Providers Onboarding Kit.
Constantly Measure your progress
Routinely monitor your business analytics and sales reports. Even if working with numbers is not your forte, it is very important for making rational decisions for the future. Identify leading and lagging indicators. Leading indicators are easy to influence but difficult to measure. Lagging indicators can be easily measured, but they are generally difficult to influence. Use lagging indicators to establish areas for improvement, and learn from past mistakes, and use leading indicators to predict trends in the economy.
Make yourself and your team accountable
Maintaining healthy relationships with your employees develops trust and builds confidence in your team. Reward your team on completing milestones, but ensure that everyone is aware of the cost of their mistakes. Accountability instills responsibility in employees, and experienced leaders in business encourage bosses to hold themselves accountable as well.
Encourage team members by inspiring
A proven formula to increase the productivity levels of your team is to keep them motivated throughout. Happier employees tend to be more creative and are willing to give more efforts to your business. Encourage creativity and collaboration within your team, give them space for self-improvement, provide them with a pleasant work environment.
Time to get started growing your IT service provider business
Ready to build the right game plan for your business? The DXC SLMS Hosting team is available to help service providers grow by consulting on a wide range of Citrix- and Microsoft-based license and hosting environments. What questions do you have for us? Schedule a session today by clicking on this link. And don’t forget to join our social communities for additional conversation on Twitter, Google+ and LinkedIn.