Even when business is going great and you have a full backlog, in the background lurks the stress to find your next lead. Even truer when times are tough!
Without new leads, a business cannot increase its revenues. Right? Wrong!
Companies that depend on one-time sales or projects must constantly seek new leads. This is a huge investment of time and money with a relatively low rate of return.
Does this mean you must find new customers? Not at all. Your business is sitting on a gold mine of new sales opportunities – your current customers’ pain points.
Target your best-performing customers. Contact them. Create a list of their pain points. What products and core competencies and skills do you have that will solve these pain points?
Let your customers know!
Your target customer is already sold on you. If you can solve their other pain points, their decision to buy from you is a slam dunk!
Repeat customers is a huge selling point to potential buyers. When a buyer evaluates a company, s/he looks at how risky the revenue stream is. The less risky companies are those with recurring customers. It gives is a more predictable view of the future from this consistent cash flow.
For more information on risky revenue check out this article 5 Ways to Handle Revenue at Risk
Contact me to explore how you can optimize your company’s value.
Another power tip for small business owners and their advisors from JBV.