Problems,That,Strangle,The,Rev business, insurance 7 Problems That Strangle The Revenue Stream of Small Busine
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Veryoften the things that Small Business Owners do not do have more effect on their revenue than what they actually do. Small Businesses do not know who their real Customers/Clients are.Small Businesses do not follow up.Small Businesses do not take advantage of Subcontracting opportunities.Small Businesses do not network with their true Prospects and Customers/Clients.Small Businesses do not focus on the needs of their Prospects and Customers/Clients.Small Businesses do not get their messages to the proper people.Small Businesses cheat themselves out of revenue. These arethe things that are said by bankers, government purchasers, corporate buyers,small business development counselors, and prime contractors. The dilemafor Small Business Owners is how to spend the small amount of time and moneythey have for Marketing in the most effective manner. Another complication is that for most SmallBusiness Owners, Marketing is not comfortable or enjoyable and is way toocomplex. However, the blockade in therevenue stream is something that only the Small Business Owner can release. Here are afew simple steps that you as a Small Business Owner can take to break the chokehold on your revenue stream. Identify your realCustomers/Clients Look atyour existing Customers/Clients and determine why they buy from you. Look at the people you think should be yourcustomers and try to find out why they do not purchase from you. Lookat the Customers/Clients of yourcompetitors and figure out why they buy from your competitors. Comparethe results of the three groups. You will see differences andcommonalitiesthat can lead you to the real reasons these Customers/Clients buy needs/desires, purchase patterns, requirements, obstacles. Thosereasons help you determine:Who your real Customers/Clients are.What they expect of their suppliers/vendors.Ways to show them how your products/services meet their needs and requirements. Be where your realProspects, Customers & Clients are Find outwhere they are: What organizations dothey participate in? What events do they attend? Do they operate on a job siteor in an office? What blogs, websites,magazines or other publications do they read? The answersto these questions will tell you where you need to spend your networking timeand efforts. Since you do not haveunlimited time or money you need to spend it on things that will reap the bestrevenue results, including:Places to meet and relate.Places to learn about relevant trends and issues.Places to make your business known. Follow theprocesses and directions of your Prospects, Customers/Clients Rememberthe phrase The customer is always right? Well, they are. It is extremelyimportant that you do things the way your Prospect, Customer or Client wants itdone. If they want you to register on awebsite then register. If they wantyou to provide them a one-page summary of your business, then do not give thema folder with brochures, company history and pretty pictures. If they want information electronically dontgive them paper. If they tell you thatthey need for you to follow-up (remind them) then dont expect them to rememberyour business from one trade show meeting. How closely you follow their procedures and preferences is part of thetest to determine if you would be a good and responsive vendor/supplier. Swallow your pride If you arewilling to be a Subcontractor instead of thinking you must always be the LeadDog, you will dramatically increase your opportunities for revenue. You will also increase yourprofitability. Here is why. Large corporations and government agenciesoften use large comprehensive contracts. Now, you can debate whether this should be done or not. But while you are debating another SmallBusiness may be getting hired as a Subcontractor on a project you could havedone. Subcontracting not only increasesthe number of opportunities for your business; it also makes life easier,because you do not have to be responsible for the whole project nor do you haveto do all the paperwork required in the bidding and reporting. If you do a good job for a Prime Conractorthen they will use you again; its almost like adding someone to your Marketingstaff. Marketingtakes effort and costs money. Do notwaste yours or use it on things that slow down your revenue stream.
Problems,That,Strangle,The,Rev