Companies that do not continually focus on growth rarely succeed. Why is that? Because even if a company is profitable, even if they have repeat business, even if they are at full business capacity, they always have to account for attrition. Clients move away, they grow out of products and services, and sometimes you lose them to your competition. The time to focus on growth is not when you’ve lost a significant client. Here are 3 techniques you can incorporate into your overall business strategy to make growth mode business-as-usual at your firm.
The obvious way to grow is to identify new clients and prospects and sell them your product or service. However, communicating with your current clients is also a way to increase sales. How often are you communicating with your clients? If you are not communicating with them at all, you are leaving the door open for your competitors to develop a relationship. Even if your service or product is not one that leads to repeat business, your past clients are a great source for referrals. It can be as easy as sending out a monthly newsletter to clients and prospects highlighting a client success story, sharing a useful business tip, or providing your opinion on a trending topic. Constant communication is a sure way to maintain relationships and develop new ones.
Coopetition is working with businesses that may be viewed as competitors in your same field. It is not always an obvious way to grow your business. You may find it to be intimidating and even a little scary.
However, many companies find that through coopetition they can find growth opportunities. One of our clients, Elizabeth Manso of Brigade Bookkeeping, has found that by reaching out to solo bookkeepers she has been able to acquire clients that have outgrown a one man shop. If you keep an open mind you may discover that your competitor can be a referral source, if not immediately, in the future.
Thinking Outside of the Box
Growth opportunities aren’t always obvious. One of the most effective and least burdensome ways to grow is to find alternative revenue sources that aren’t necessarily core to your business. Challenge your employees to come up with new ideas to grow revenue. Reward the best ideas with gift cards or additional time off. Look to your colleagues for ideas. I am a member of a networking group that includes quite a few attorneys. They meet on a regular basis to share best practices and discuss challenges.
So challenge yourself to make growth an integral part of your business strategy by using these 3 techniques – Prospecting, Coopetition, and Thinking Outside of the Box. Ideal Solutions can also contribute to your growth strategy. One of the ways we assist our clients is by writing, formatting and distributing weekly/monthly newsletters. We send out over 40 newsletters per month for our clients.
If you know me, you may be aware that I’m a sucker for a good quote. So I’ll close out by sharing one of my favorites from Benjamin Franklin…
“Without continual growth and progress,
such words as improvement, achievement,
and success have no meaning.”