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One of the first questions we ask a prospect or new client is, “How did you get the business you have so far?” Some can answer exactly. Others aren’t as certain. When we begin our first discussions with a new client, our preferred modus operandi is to set up a program that allows us to talk to their customers who will give us a comprehensive view of our client’s business. If we can’t talk to customers right away and find out why they selected our client and what the experience has been, we must rely on the information our client provides us. Business executives who are responsible for business planning should know the source of all their business. Knowing the incoming traffic patterns for new business is critical to knowing how to increase those traffic lanes. A senior partner at one very large and prominent law firm was bemoaning the fact that revenues were slipping, business development was slipping, and partner polish was… well, not very polished anymore. When we asked where they got most of their business he said he didn’t know. As a starting point, knowing all sources of business would be of great value to him as he makes business planning decisions for a new year. If you know how and why you got most of your business, you’ll have solid clues about how to get more. Another Davis, Kingsley & Company client had been spending considerable amounts of money and energy courting bankers. We assumed those relationships were of benefit to them so we commented to their president, “Bankers must be a reliable source of new business for your firm.” His reply was, “The greatest percentage of our business comes from referrals from lawyers.” His reply showed me they were not directing their time toward a market that offered the value they need. They were more comfortable building relationships with bankers than with lawyers but it was costing them money and time. Those are misdirected energies. It seemed obvious to us – from our perspective as outside advisors - but it was a blind spot for them. Many companies know exactly where they get their business and who brings it in. And they know that this information may change over time. They have programs and processes to help them focus on those sources to continually audit their business development trails. If you have responsibilities for the growth of the company, do you know specifically where, how and through whom your company derives every bit of its business? Starting A Child Daycare. - Complete business package to help you easily and quickly start your own profitable home-based day care business! SaleHoo: Wholesale Distributor Directory. - The Leading Source for Wholesale Suppliers and Manufacturers. Affiliates earn 75% Article Index: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 |
More Articles:1. The Use of Goals - Friend or Foe? As a society we are achievement driven, recognized for our tangible contributions to the world. The examples of this are everywhere: At school we are praised for doing well at tests and reading to certain levels. At work we are rewarded for achieving specific objectives. On the sporting field our athletes are heralded for their victories. Public organisations are required to share their goals with the world. The penalties for failing to achieve them are collapsing share prices and reduced invest… 2. 9 Strategies for Writing Accounts Payable Procedures By Chris Anderson The Cash to Cash Cycle Part Four of SeriesNext: Complete Cash to Cash CycleThe white flag is just a nose away…toward the Million dollar prize in cash savings for your business…So far, in Inventory and Accounts Receivable, we've found $250,000 each in cash savings. Then we found another 250K in Sales and Marketing. And so, now, Accounts Payable is the final process within the Cash to cash Cycle - and also the final $250,000.The cash cycle is undoubtedly the single most important process to op… 3. Employee Success! - 7 Ways Feedback Works By Martin Haworth By sharing how well you are doing and how well your expectations are met, your people get to understand better. So, frequent, realistic, objective feedback is not seen as criticism, more a way of each in your team helping each other get better, building on the success you already have.So, why does Feedback work? It's HonestBeing open and honest with each other builds your team - everyone sharing themselves takes some time, but when it happens, there is synergy which elevates performance.… 4. Stomp Out "Leeches" In Your Company By Michael Mercer Recently, I felt appalled to see a political candidate running on the motto of “Demand More!” That motto oozes extreme nerve, and implies some people think it is o.k., as the saying goes, to “rob Peter to pay Paul.”Well, this “Demand More!” philosophy led me to thinking about “leeches.” I define “leeches” as people who devote their time and energy trying to get something for nothing – including you and your company.YOU LET “LEECHES” INTO YOUR COMPANYMost companies have hired “leeches.” Thes… |
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