Want To Make More Money With Your Business? Perform a Business Review
Step One: The Power of Client Retention
You want to make more money in your business. Congratulations! You have a lot of company, including every other entrepreneur on the planet. We’re all searching for ways to expand our businesses and bring in even more dollars each month.
Too often, however, I see clients and other entrepreneurs over-reaching to try and increase their income quickly. They launch new products, wear themselves out networking, try to raise all their prices at once, or even decide to start a secondary business.
None of these tactics is necessarily wrong, but without proper focus they could dilute your brand and your energy! For those looking to increase their income, I strongly recommend performing a business review first. A business review allows you to refresh your vision of your business, see how all the pieces are moving, note which areas are working and figure out if there are things you can cut that are wasting more time than they are worth.
So, what does a business review comprise? That’s exactly what this and the next blog posts are about. Each one will focus on a different aspect of the business review process, starting here with client retention.
The best clients are the ones we already have. After all, they’ve already made the decision to use our services or buy our products. The initial sale is always the hardest, so once you’ve gotten someone’s attention and their trust, it’s in your best interest to keep it.
Before you can even think about reaching out for more business, you need to keep the business you already have. In many cases, business owners take their current clients for granted, ignoring them in favor of concentrating leads who may or may not turn into clients.
This is a huge mistake! Your current clients are the foundation of your business. How can you build on anything if your foundation is weak and falling apart?
As the first step in your business review, go over your current client list and ask yourself: Am I doing all I can to make this client happy?
Are you communicating with them on a regular basis? Have you answered all their questions and concerns? Have you gone the extra step on their projects? Is there anything else you can do or give that will really WOW them?
While you’re reviewing your list, look for opportunities. Are there any clients whom you can offer expanded services or who might need additional products? Also, are there any clients whom you haven’t heard from in a while? Why not shoot them an email, give them a call or suggest a lunch to catch up? After all, these individuals have purchased from you in the past. That makes them a much stronger lead than someone who may have visited your site once and signed up for your newsletter.
The point of this blog is that you don’t always need to cast a big net to try to bring in new leads. Sometimes new sales are right in front of your face. Make sure to keep your current clients happy and not only will they keep using you (strong foundation), but they’ll be the most likely to bring you in on new projects and refer you to their contacts.
Feeling a little lost, overwhelmed, or ready to take your business to the next level? Consider setting up a FREE Discovery Coaching Session to see how coaching can help you start getting better results now.