Business Growth Plan
The Complete Small Business Guide to Success
In today's competitive environment we need, as small to medium business operators, every advantage that we can possibly gain over our competitors. To do this we must find new ways and methods to:
1. Find more prospects;
2. Sell to these prospects, and covert them into customers;
3 Retain these customers, and then keep them away from your competitors with innovative retention strategies.
Find More Prospects - Stage 1
Many businesses do not bother to look for new opportunities. Relying on a continual supply of existing business is commercial suicide, unless you happen to be lucky enough to have a niche product that nobody else has!
Back to reality!
We need to continually develop sales opportunities for our business, even if we only add a few new customers a month these customers know other potential customers, and (through word of mouth) other opportunities can grow exponentially! So active prospecting is an essential foundation for your business growth.
Imagine this process, having a bucket full of tennis balls and having a 5 foot long, 6 inch diameter plastic pipe. The tennis balls represent your prospecting activities, and the plastic pipe represents the timeframe it takes for you to covert these opportunities. The timeframe to convert means how long from when you first meet the prospect, to when you make the sale (get paid). This will help you understand the importance of prospecting for your business.
Just by adding a small amount of new customers per month will have a significant impact on your profits. Further to this, by increasing your ability to convert more prospects, you will increase your profits exponentially! To understand this process better view The Business Growth Matrix.
Selling to Prospects - Stage 2
Now we have done the hard yards in finding, qualifying and ranking our prospects, the next stage, (which for some business owners is the most daunting) is to convert them into customers.
We must adopt a systematic approach to this process otherwise all of our prospecting hard work to date, will have been for nothing! Until we realise this and practice effective selling methods we may not be as successful as we could be in our business.
And for us in small business this may be a new concept, because nobody really taught us how to sell, our processes just evolved over time and we somehow stumbled through the sales process from prospect to prospect. Furthermore (as mentioned earlier) if our current customer base is made of existing business then we may well be severely lacking in the selling skills required to convert the prospects that we find anyway!
Customer Retention - Stage 3
Having completed the process of:
Stage 1: - Find more prospects;
Stage 2: - Selling to Prospects
We now enter the final stage of the process and that is:
Stage 3: Customer retention;
Having done all the good work of finding them, and converting them, we now need to make sure that we keep them in order to grow our business. At this point (after acquiring the new customer) we are at the most vulnerable to attack from our competitors. Some businesses tend to neglect the customer once the initial business has been completed (particularly in the service industry). This is a dangerous practice because all customers like to feel they are important to your business! If you do not make them feel important, then your competitors sure will.
Be aware of the need for follow up with your customers, always have a good reason to contact them. Be also aware that you should not overdo this, and become a pain to your customers. There is a fine line between contact management and contact overkill!
The Complete Small Business Guide to Success eBook
We have given an outline in the above information on what we call 'The Complete Small Business Guide to Growth', this is 3 part eBook and a comprehensive guide for small business on how to understand each of the 3 business growth stages mentioned on this page:
1. How to find more potential customers (prospects);
2. How to sell to these prospects;
3. How to keep these customers (customer retention strategies);
Each stage is fully covered and documented in practical easy to understand proven methods. The processes in each stage have been tried and tested in my own business and I use these methods on a regular basis!
Reserve Your Copy of 'The Complete Small Business Guide to Success'
'The Complete Guide to Small Business Success' is currently being written and is planned for issue in July 2010. To receive notification that this eBook is available please complete this form I will then email you when the eBook is completed and ready for sale!
This eBook is great value at only $37.95 (USD) and when you purchase this eBook you will receive the following digital products absolutely FREE:
1. The Business Growth Matrix value $10.25 (USD)
2. The Hourly Rate Calculator value $10.25 (USD)
3. Sales Run Rates value $10.25 (USD)