The issue is how do you grow your business. There is an old adage–if you aren’t moving forward, you are falling behind. It doesn’t matter what race you are running in, growing your business is a necessity for your business’s survival and your economic well-being.
I spent a long night discussing this issue with two close friends. One is a prominent corporate attorney who is looking to expand his growing practice into estate planning and probate work. Another is a stalwart litigator looking to grow into corporate work. In reality, they both are making widgets and they face the same issues.
So what is the answer? How do you grow either your entire business or a segment of that business beyond the bare sustenance level?
All of these ways of growing your business have been successfully used by other businesses and, with some planning and investment, will work for you. Make them your New Year’s resolutions; practice them now and see how you came out a year from January.
The first thing that comes to mind when thinking of growing your business is getting new customers. But the customers you already have are your best bet for increasing your sales; it’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you.
2. Ask for referrals.
Getting new customers is another approach to growing your business. One of the easiest way to do this is to ask your current customers for referrals. But notice the verb. Doing a great job and just assuming that your customers are passing the word about your business isn’t going to do much to increase your customer base; you have to actively seek referrals. During or after every job or sale, ask your satisfied customer if he knows anyone else who would be interested in your products or services.