MANAGING YOUR BUSINESS VELOCITY AND TRAJECTORY
There are a number of factors to take into consideration when prepping yourself and your company to land the largest clients you’ll ever work with.
In this week’s post, we’re going to start with a brief look at the three paths every business can maneuver, and show you which one is the better path to success. Then we’ll talk about the mindset it takes to attract the big fish.
There are three velocities a business owner may find themselves engaged in at any given point in their business lifecycle:
A Snail’s Pace
Shooting Star
Catch the Big Fish
A Snail’s Pace
Most business owners here end up working themselves into the ground without much reward or success. This is what happens when you fool yourself into thinking you will most surely find quick success. You may also find yourself following this path when you are afraid of change or taking calculated risks.
The Shooting Star (that may end up burning out)
This describes a business that shoots to the top so fast that you are overwhelmed and you may lack the proper resources in place to adapt to your new influx of business. This can also happen from being overwhelmed by too many small clients, revenue-wise, and not taking the time to find large clients, which will sustain your business after the small client sales start trailing off.
Strategizing to Catch the Big Fish
This is the path that allows you to build at a steady pace that you can manage by not allowing your customer acquisition and customer mix to outpace you. You can do this by putting these tips to work:
Attract, keep and lock in a relative number of larger clients.
Integrate “big business” culture into your company and your employees.
Acquire the demonstrable expertise you need to grow.
Have the courage to evaluate and make changes as you grow.
Now we are going to transition a bit and talk about the “big fish” mindset. It may sound easy enough at first to just find and catch that big fish, but if you are stuck in the small business mindset, you may find it harder than you think.
Think of all the benefits of acquiring larger revenue clients:
Lower cost ratio per client
Highly Profitable
Better potential for longevity for your business
Financial security for your business
In order to acquire the more lucrative clients, you need to believe and demonstrate how your company can make a valuable difference for them. It’s easy to fall back to the mindset that a large company doesn’t need anything from a small business like yours, but this is entirely wrong!
Once you consider relatively how the larger companies operate, it’s important to do your research and know which ones are the best fit with your company. Contact us to get started!