As a growing business, we’ve experienced our fair share of growing pains. In the first year or two, we found ourselves jumping at every opportunity that came our way. Our biggest concern wasn’t bringing on the right clients, just bringing on any clients. No matter what service a potential client wanted, we were willing to take them on.
At the time, it seemed like a sustainable strategy since we were growing, but it proved to be just the opposite.
After enough trial and error, we concluded that what we needed was consistency – in what we were offering and to whom we were offering it. To date, this has proven a winning strategy. Here are a few of the most important things to consider when redefining your business model:
1) Identify Your Ideal Client
While this may seem simple enough, it’s actually a lot easier said then done. Something like “small businesses” doesn’t provide any true direction. You also need to consider specific industries, target areas, marketing goals, etc. If you’re able to understand what you’re looking for, you’ll have a much easier time determining if a new prospect is a good fit.
2) Define What You’re Offering
Even though you might be capable of offering 10 different services, maybe only 5 fit with your business model. The more services you offer, the more headaches you’ll create. Identify the services you know you excel in and structure your packaged offerings around those services. Not only will this give your strategy consistency, it will let you organize your roster of clients in terms of what they’re receiving.
3) Develop Partnerships For The Services You’ve Decided Not To Offer
After defining the services you’ll be offering, it’s still important to be a resource for those prospective clients with whom you don’t end up working. If you’re unable to provide a service to a new prospect, you should point him or her in the direction of another company that can. This makes a fantastic impression and is likely to create a new referral source for your business (both the client and the local partner).
Don’t get caught up being a yes man (or woman)! You shouldn’t be afraid to turn down prospects that aren’t a good fit for your business. If you aren’t 100% confident you can deliver top-quality service to a new prospect, be honest and/or direct him or her to another company that can.
In the long run you’ll have much fewer headaches and a sustainable growth model.