Slay the dragons that are preventing your firm from growing (Photo by Paul Kemp)
Over the past several months, or even couple of years, many of us have been in survival mode. We’ve been doing what we can to avoid hazards, hold on to current clients, and seek out new prospects with the hope of simply making it through the economic downturn intact.
Being among those who survive is a worthy accomplishment, but now it’s time to plan your real attack against those obstacles that prevent you from growing, as Lisa Nirell says in her article, 2 Surefire Steps to Slay the Dragons Preventing You from Growing. There are actually only two things that prevent firms from growing: lack of a practical growth plan and limited beliefs in you and your staff. The good news is both are within your control to overcome.
When it comes to a growth plan, consider whether the services you provide offer real value. Are you in danger of looking and sounding like many others in your industry? Do you truly understand your prospects’ needs and concerns?
You also want to look at your marketing strategy. Is it on target for your audience? Are your prospects using different channels these days? If you sell technology services, you need a systematic approach that allows you to demonstrate their value, says Laurie Young, author of Marketing Technology as a Service: Proven Techniques that Create Value in his podcast interview, The Right Way to Market Technology Services. Again, plan your approach; don’t follow an erratic and tactical method that prospects will never respond to.
That planned approach starts with understanding where prospects get their business information and how they seek out service providers. When it comes to social media channels, Business.com’s Business Social Media Benchmarking Study shows that webinars and podcasts are the number one social media research that North American business professionals use. That’s good news for service professionals, as those resources provide an opportunity to showcase your expertise, share client stories and experiences, and give buyers a taste of what it’s like to work with you.
Working with Buyers and Clients
As you put your growth plan in motion, you will still come across buyers who object to certain aspects, the most common being price. Many of your prospects are still struggling to do more with less. But before you cut your prices, follow some of the ideas Kelley Robertson suggests in his article, How to Deal with the Dreaded Price Objection. And remember, the fact that the buyer raised the objection means they have an interest. Talk it out with them and try to get to the heart of the matter. You very well can come to an agreement that works for both of you.
Once you win the client, you must continue to nurture the relationship. Yes, you beat out many others to get the job and your expertise is valued, but that doesn’t give you the right to go in with a huge ego and treat others as if they’re beneath you, writes Michael W. McLaughlin in his article, What Your New Client Really Thinks. Heed the advice in McLaughlin’s article, and you will not only have a good working experience, but chances are high the client will want to work with you again.
Dragon-Slaying Success
Crisis Prevention Institute is one firm that knew it had to take the offense and stop playing defense if it wanted to continue growing, writes M. Sharon Baker in her case study, Crisis Averted: Proactive Sales Effort Stops Training Organization’s Revenue Loss. The bad economy, misdirected energies, and poor management put the organization in danger of losing revenue. It had to do something fast if it wanted to prevent that.
The previous management “took their eyes off the core business, and growth didn’t occur,” says CEO Tony Jace. “What I did was simplify the whole thing. We paired down initiatives, reoriented some of the workload between the senior management team, and put the focus back on our customers and our core products.”
Thanks to those actions, the organization stopped the losses and posted revenue growth that was 4% higher than expectations.
So, what are you doing to slay the dragons that are preventing you from growing? What success have you seen? What hasn’t worked as well as you hoped?
