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 Hello, :
This past week I was speaking with a BroadsOnBusiness.com client, a remodeler in New England. They were unhappy with the outcome of last year's revenue. "Adrienne," they said, "we have some high-priced help around here; and, much as we hate to do it, we're going to have to let someone go."
Well, this company has another, smaller division that showed a slight profit last year. Yet they always say in one sentence: "Yes, we're really busy with this division; but they're smaller jobs."
The challenge is getting them to discuss this profitable, busy division without their getting hung up on the fact that it generates lower revenues. They even admitted that the employees who work in this division complained about being treated like stepchildren!
I took them to task. "These clients, if they knew about the other part of your company, might well hire you for more substantial projects. And, even if they don't, they have friends, neighbors, relatives and colleagues they can refer to you, as a result of your fine and conscientious work."
It turned out the client didn't even stay in touch with these clients, because they represented small jobs.
An hour later, they were fired up about how they could leverage this division to increase business in, and referrals to the main part of the company.
What's the chance parts of this scenario apply to you? How often do you shrug off lesser orders and work, without realizing the leveraging capability of these clients and whatever it is they spend? Certainly this doesn't just apply to remodeling.
A retailer might have a customer who spends in small increments. If this customer were alerted when new merchandise comes in, he or she might suddenly start purchasing more, and more frequently. If you look upon this customer as "one who doesn't spend much," however, you're probably leaving money on the table.
Or, what about the service firm that gets very light projects from a set of clients? On a scale of one to ten, with ten being the highest, where might they rank themselves in answer to this question, "Do your clients know everything you do?"
Then there are the health care providers. How well do you set next appointments at the end of the current session, or do you wait for them to contact you for the follow-up meeting? And what other treatments do you provide, about which your clients/patients are unaware?
I could go on and on. Sure, the economy has been a real challenge. We all know that, but just letting people go isn't always the answer. It's conventional thinking. What are you ignoring in your firm that your employees would be thrilled to handle? Where are the potential revenue streams that are being taken for granted, or simply ignored?
It's a new year; perhaps you might need an outside consultant to tap other areas. It's not that the consultants are smarter than you are; it's that they're on the outside looking in - only occasionally - and they're more objective than you are. Very often business owners and executives - even employees - are so close to what they're doing, that they can't see the forest for the trees. This isn't stupidity; this is getting caught up in the day-to-day stuff without time to look around.
Make this the year you examine your company with a critical eye. Consider an hour or two - maybe longer - with an experienced consultant. Seek help preparing a Marketing Plan.
You'll be floored by the opportunities that cost little to nothing to leverage for your business' growth, despite the economy.
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