Your Business Diagnostic indicated you are in the Existence Stage of business development. The next step in your growth is to move onto the Survival stage.
Strategies to Move from Existence to Survival Stage
Broadly, stabilise clients and cashflow. In more detail:.
- If you’re not skilled at sales, get some training to give you a process and the confidence to use it.
- Engage in regular, focussed sales activity to identify prospects and build the relationship. Build this activity into your diary so it gets done. Recognise that sales fall through for myriad reasons so you need to spread both the risk and opportunity by continuing to fill your sales pipeline.
- Track the progress of potential clients from suspect to prospect to customer and keep the pipeline filled. A loyalty ladder is one simple way to keep track.
- Retain your existing clients: Under-promise and over-deliver. Give them more than they expect. Continually look for ways to add value to the relationship.
- Stabilise cashflow
- Invoice regularly
- Incentivise clients to pay on time or even ahead of time
- Set terms that work for you … and be negotiable if you’re working with larger clients whose systems tend to be less flexible.
- Don’t take money personally. It’s a score of how well you’re playing the game of business. With that in mind, don’t hesitate to collect on unpaid invoices.
If you feel you have the capability and accountability necessary to move from Existence to Survival Stage on your own, I wish you the very best.
If you would like some support, I offer Bite Size Consulting – meaning small, defined and affordable packages of time with me to work through the challenges and opportunities involved in moving to the next level. For more information
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