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by Joanne S. Black
Fuel for your business
While 2001 was a difficult year, we were all optimistic that the economic downturn would be short-lived. Unfortunately, the economy hasn't bounced back, and the media buzz would lead us to think our business opportunities are shrinking. The good news, however, is that the bad news isn’t so bad. You
can grow your business while it’s slowing.
By speaking with clients and reading leading periodicals, I’ve
concluded that we still have a number of strong business-growth
possibilities. For many of us, however, to take advantage of these
opportunities we will need to reexamine and revise our business
goals and offerings.
Start by asking, “How can I help my clients achieve business results?” We can help our customers through the economic shift by focusing on issues that are most important to them. There are as many business rules as there are businesses, but a few tenets are always key, in any
economy.
- Ask what’s keeping your clients awake at night.
- Clarify how you can help them achieve results.
- Stop the frantic mass mailings and telemarketing calls.
- Stop thinking there is nothing you can do.
Now is the time to reposition your business by clearly demonstrating that you can deliver results for your clients. Now is the time to build your business!
Check out
Fuel cells for tips on how you can get started.
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Fuel cells
Tips for growing your business while it’s slowing:
1. Retool
- Rethink your strategy based on what is realistically achievable and economically feasible.
- Focus on results. Demonstrate how you can contribute to the results your clients need to achieve. Ask how your clients measure and reward for results.
- Ensure that you and your coworkers have the skills to handle the new tasks that are required.
2. Stay connected
- Network like crazy. Show up! Attend as many professional events as you can.
- Position yourself as the expert by writing articles and giving presentations on your topic. Clients buy expertise.
- Learn and grow. Attend conferences, talk to peers, and become well-versed in current trends. Stale and boring doesn’t work; current and exciting does!
3. Create value for clients
- Learn about the marketplace and the competition for your and your
client.
- Learn about your clients’ businesses. What issues are important, how do they make money, who are their customers, and what issues are they facing?
- Discuss your product or service in terms of benefits to your clients, rather than focus on features.
- Have business discussions with clients. Be absolutely clear about how your product or service can help your clients succeed by increasing revenue, lowering costs, or increasing profitability. Your product must be a "need to have" versus a "nice to have" purchase.
- Be innovative. Consider new applications of your product or service; create alliances.
4. Manage your time
- Follow up promptly on valuable leads.
- Do what you say you are going to do. Manage expectations around time and deliverables.
- Use technology appropriately. Designate times to check email and voicemail.
- Prioritize your tasks. Which ones will bring you closer to cash?
- Outsource. Determine what your core competence is, then farm out other work to outside providers.
- Learn when to call it quits. Know when a prospect will never become a client.
5. Build referral business
- Adopt an intentional strategy to build your business through referrals. Make a plan, set goals, and develop ways to measure and track results.
- Build relationships. Customers buy because of established relationships.
- Build your skills in referral selling. Don’t assume other people will do the work for you. Focus on quality business.
- Engage the entire company in the sales effort.
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Fuel for your soul
“Success in business requires training and discipline and hard work. But
if you're not frightened by these things, the opportunities are just as great
today as they ever were.”
— David Rockefeller
“Begin somewhere; you cannot build a reputation on what you intend to do.”
— Liz Smith, syndicated columnist
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