Tips to successfully grow your small business in a challenging economy - Trade Ready
Growing your business with existing customers is the cornerstone of sustained success. It was observed among the top 5 companies in IT services, the ones which did a better job of growing existing customers, outperformed their peer group in overall business growth and profitability consistently over a 10 year period. This is the reason why your cable, phone or security provider will reduce prices for you rather than have you leave for a competitor. In closing… Growing with existing clients is the secret sauce of the most successful companies.
It is also the most profitable avenue for growth. To ensure success with your clients, focus on delivering to your promise and making them your references. Grow in your existing engagement first and then into contiguous areas. A track record of performance and constructive engagement opens up new avenues for growth in other parts of the business, new areas of spend, and as your client transforms their business.
Click here to read the report. Insights BLOG. Deliver the first experience well: This is the time to build relationships. Your client is getting the first experience with you at a time when exit barriers are low.
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The quality of this initial experience can create significant stickiness for the future. Failure can not only shut future doors for you, but also open the door for competitors. Invest overtime, effort to engage and make a success of this first experience. Grow first in your existing program: If the experience has been good, existing relationships are significantly easier to leverage compared to building new ones.
Focus your near term growth plans on the existing area, in which you are already engaged. Dominate your footprint: Be the key player and the trusted partner in your current area of engagement.
Fractional players are easy to dislodge. Focus, perform and grow in the technology, process, or business area in which you are already engaged. Be the partner who your client turns to and one who is integral to their success. The more critical you are to their program, the more your clients are vested in making you successful, as their success is intricately linked to yours. Whether you anticipate steady growth or rapid expansion, maximize your firm's potential with these seven steps. Next Article -- shares Add to Queue. Image credit: Raygun Getty Images. Marty Fukuda. January 12, 5 min read.
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Grow your business successfully
Guidant Financial works to make financing easy for current and aspiring small business owners by providing custom funding solutions, financing education, and more. Learn More. Just knowing this gives you time to create strategies to overcome those challenges. Competition breeds the best results. To be successful, you can't be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.
For related reading, see: How do I determine my company's competitive advantage? The key to being successful is taking calculated risks to help your business grow.
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A good question to ask is "What's the downside? This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards. Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don't know everything and be open to new ideas and new approaches to your business.
Just because you open a business doesn't mean you're going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.
The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. There are many successful businesses that forget that providing great customer service is important.
If you provide better service for your customers, they'll be more inclined to come to you the next time they need something instead of going to your competition. Consistency is a key component to making money in business. This will create long-term positive habits that will help you make money in the long run.