Four things you should know to grow your business

When my clients complain that they are not getting enough clients, a little probing usually reveals that they have under-estimated how much effort it takes on the front end to generate the results they desire.

Ask yourself these four basic questions to help you quantify the effort it will take to reach your goal.  Sometimes just knowing your numbers is enough to depersonalize the process and get you motivated to act!

1. How many deals do you need to close each month to make your numbers?

You should be able to see from your history what an average new client will spend, and what repeat customers typically buy.  Take into consideration that you will naturally lose business regularly through no fault of your own, and expect some surprises.

2. What are the key steps in your sales process–from when you first meet a prospect to when they become your client?

At each key stage in your sales process, prospects get eliminated or move to the next stage.  Know the steps, and encourage potential clients to move from one stage to the next, deliberately feeding the system that feeds you.  Many people are ready to buy but won’t move forward unless you call them.

3. Of the prospects who begin your sales process, how many complete it to become your client?

This ratio is critical because it gives you power, no matter how “bad” it is.  If you know you have to call 100 people before one will say yes, then you can only feel good after your first 50 “no’s”, because you only have 50 more to go.  But if you don’t know your numbers, you may end up completely deflated after 10 calls and consider yourself a failure.

4. What kind of marketing do you need to do to generate at least as many prospects as you need for item #3?

There’s no getting around making calls and having conversations to get the results you want.  However, if you know how many contacts you need to make, you can find a way to enjoy the process with confidence that the results will come.