If you want to boost aftermarket growth in your business this year then now is a perfect time to make that commitment with a few aftermarket growth reosolutions.
As it’s the start of a new year, we’ve decided to provide you with 3 New Year aftermarket growth resolutions that you can use to help boost your growth.
You may have some of these resolutions in place already, or you may not.
What we can say for sure is that you run the risk of not achieving your aftermarket growth ambitions if one or more of these is missing…
1. Develop a clear aftermarket growth plan
If you don’t have a clear, simple plan for growing your aftermarket business, then this is the place to start.
Just like someone saying they want to lose weight or quit smoking, we all know that it’s not going to happen unless we get serious.
Getting serious means taking positive, practical actions, which in turn means thinking and planning what we will do differently.
Similarly, aftermarket growth does not happen by accident or by a force of will and just wanting it to happen.
The act of losing weight, quitting smoking or growing a business is a process and aftermarket growth is no different.
It therefore follows that you must have a clear, practical, realistic plan, with targets, activities, milestones, resources, etc.
That’s why this is our top recommendation of a New Year resolution for you and your business if you want more aftermarket growth.
2. Focus on your best growth opportunities
After the lack of a practical plan, the next big cause of failure is tackling too many things at once or focusing on the wrong things.
Like a child taking examinations at school, you must first understand how many questions need answering to get full marks.
Then you must pick the questions that you think you can answer the best and forget the rest.
In other words, play to your strengths and don’t try to do everything when there’s no need.
Likewise, achieving your aftermarket growth targets requires a strong understanding of where your strengths and best opportunities lie.
When you know them, focus on them and prioritise those vital few projects.
That way (according to the Pareto principle) you can achieve 80% of the results in 20% of the time and cost.
3. Develop your aftermarket capabilities
Far too many business leaders make the catastrophic mistake of trying to address sluggish growth by focusing on sales alone.
Of course, if sales is your only problem holding back growth then, by all means, focus on addressing it.
But what if it’s not your only problem?
What if your business is lacking in other capability areas too?
Assuming that sales is your only problem is like focusing exclusively on dieting if you want to lose weight.
Yes, diet is necessary and important for weight control but it is insufficient on its own.
We all know that losing weight successfully probably involves more physical activity such as exercise or walking, for example.
So it is with aftermarket growth.
In our experience, developing your sales capability is rarely sufficient on its own.
Other important aftermarket capabilities are likely to need developing too.
Don’t just rely on sales and marketing
Let’s assume your sales and marketing people are successful and bring in more leads and opportunities for you.
Are you confident you have the capability to convert those opportunities into profitable business?
If not, what else is missing?
Can you handle special requirements of the new markets, sectors or geographies that you have tasked sales to get you into?
Do you have the business processes, systems, tools, infrastructure, people skills, knowledge, etc. to handle the extra workload?
You might think that expanding your operations is easy, but it takes time and resources to do it successfully.
Not only that, but customers need to believe that you have the capability to service their needs fully from day 1.
In other words, if you can’t demonstrate that capability to them, you won’t win their business.
Is this what is really holding back your aftermarket growth?
What are your New Year aftermarket growth resolutions?
If you want to boost your aftermarket growth this year, enhance your chances by having all three of these “resolutions” working in your favour.
Alternatively, if you have one or more of these missing, then it sounds like you are destined to join the 92% of people who fail to achieve their New Year resolutions (according to research by Scranton University).
So ask yourself:
Do you have aftermarket growth resolutions (a plan) or just a wish list?
Does your plan focus on your strengths and best opportunities…really?
Is your plan developing your aftermarket capability or relying too much on sales?
How Servispart Consulting Can Help
Our core service is called Aftermarket 360™ and is specifically designed to deliver the above in minimum time.
More information on how to discover your aftermarket genius and grow your aftermarket business is available here.