Business visibility, what is it about?
Ever wonder how big companies can confidently tell people how much they expect to earn in a couple of months? Or how a lot of them seem to come out of recessions with their heads above water while smaller companies take a huge hit?
If you’ve had this thought train, you’re not alone. I used to sit and ask myself how some companies always seem so prepared, so planned for the most horrible situations, while others struggle and eventually disappear altogether. Some even make profits during bad times!
Want to know what I discovered after asking questions? Want to learn how I manage to keep my small business afloat in Nigeria’s downright depressing economy? Two words. Business Visibility. If those words just confused you then this article is for you.
Meaning of Business Visibility:
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Business visibility simply refers to how well a business can estimate its future performance or earnings. It focuses on how the management of a business can estimate its growth within a stipulated timeframe.
It should not be confused with marketing visibility, which refers to how noticeable your business is to potential clients.
Visibility in business is a broad term that can mean a lot and is calculated in different ways. So, in what ways do we estimate business visibility? It can be either short/long term or high/low.
Short/Long Term Visibility:
Here, visibility for business is calculated in relation to time. As the names suggest, short-term visibility implies that the visibility of the business is calculated over a short period while long-term visibility is calculating the visibility of the business over a relatively long time frame.
High/Low Visibility:
High visibility means that the business is expecting a good performance within the calculated period. It means the business expects to make high sales and will be profitable within that period.
On the other hand, low visibility is the exact opposite. Here, the business is expected to perform poorly and bring in little to no profits within the calculated period.
Like everything in business, your business visibility should be able to stand against that of your competitors. It would raise questions and doubts if your short-term visibility is low whilst that of your competitors is high.
However, sometimes low visibility is unavoidable because of external factors. What are these factors? Can they be avoided? Find out below.
Factors Affecting Business Visibility:
The most prevalent factor affecting the visibility of businesses today is the economic situation.
In a poor, unstable economy, factors like lack of infrastructure, unemployment, poverty, etc make for a difficult business environment. This, in addition to a reduced buying power on the part of the consumers, causes low visibility for businesses.
When the economy is thriving, it is much easier for businesses to make sales and bring in profits. Hence, there is high visibility.
Can these factors be avoided? No. Businesses have to be prepared for difficult situations to be able to ride out economic downturns and be profitable in the long run. Also, while a business may lose money during more difficult times, with a strong core and sound business operations, it could still be a good money-making venture.
Importance of Business Visibility:
Why is visibility for business important? We all know that planning can’t be overemphasized. Business visibility makes it possible for you to understand your financial situation as a growing business. If you can see your future, and know where you’re headed using your current business operations, you can make necessary adjustments.
As they say, if you fail to plan, you’re planning to fail. It lets you see your short and long-term financial conditions. When you know this, you can make better assessments, better projections, make better business models and sales funnels, and inevitably make more money.
How to Measure and Increase Business Visibility:
Above, we’ve discussed what business visibility is, its factors, and its importance. t. Measuring and increasing.
How to measure business visibility?
- Determine what success is to you and your business. Is it more sales? Fewer complaints? More inquiries?
- Use conversion rate optimization tools to measure the success of your efforts online, a popular example is Google Analytics.
- Offline, make sure your business data and books are always up to date. Never underestimate the importance of recording your numbers.
With these, you can track your record and predict what your business will look like, assuming economic effort.
It is also easy to make provision for bad times to keep you from going out of business.
How do you grow your business visibility? How do you increase your ability to estimate projected earnings? The simple answer to this is increasing your bookkeeping and accounting ability. Every sale and expenditure must be properly documented. Your numbers must be exact.
Without a system for measuring your business visibility, it will be difficult to know where exactly you’re headed. Your business visibility tells you whether to increase your marketing and awareness efforts, whether your business model will help you meet your set goals or targets, and most importantly, prepares you for unexpected downturns.
In conclusion, your business needs a proper plan and structure to grow. While advertising, reaching out to potential customers, investing in better products and services, and so on, don’t forget to adequately plan and make provisions for growth. Business visibility will help you achieve this and more. Comment below on how you can reach new heights in your business with business visibility.
Need more business advice or digital solutions? Visit our blog at Oparawhite Global.
