The first Monday of each month, I dust off a favorite post from the Bennis Inc Blog archives and give you another chance to enjoy the wit and wisdom that’s been shared. Enjoy this month’s treasure – and if it inspires you – be sure to share it with family and friends!
I recently wrote about the benefits of business turnover in the New Year. True to annual trends, I also experienced some turnover in my client list. Despite my best efforts to “practice what I preach” and look at this as a positive, I felt unsettled, and frankly exposed, by the fact that a few (really great) clients had chosen to part ways.
My business had made significant growth in 2016, almost so much so that it wasn’t sustainable to think I would continue to grow at such a rapid rate. After all, as a consultant I essentially sell my time and even I only have so much time in a day. So there I was, a shrunken client list and an increased bandwidth to take on more work.
What did I do? I invested some of this newfound time into beating the bushes and testing the waters for new business opportunities, but I was strategic with how I did it. Cold-calling is not effective for my business, nor does it result in quality clients (at least in my experience). I wanted to build my book of business with client work I enjoyed and could complete efficiently. Here are the five strategies with which I began.
Talk with current clients about expanding your services
For me, this was a natural and obvious first step. I was upfront with my current clients, many of whom have been loyally working with me for several years. I told them I had availability for more work and offered to create a proposal for what additional services I could provide them that would amplify my current efforts. Not one turned down the offer to at least consider my proposal and right off the bat several increased my monthly retainer. I was so pleasantly surprised to learn that many of my clients had wanted to increase my services for a while but were mindful of my workload from other clients. It pays to ask!
Follow-up with leads that have fallen off
Next, I went through my notes of leads and proposals that didn’t result in business. For the most part, I never received a response after several follow-ups and was so busy at the time, I didn’t have to chase after them for work. I opened up the conversation again with a “Happy New Year, I hope you are doing well…” I received some responses within the hour – from contacts who had failed to give me a response over several months! A New Year brings a new business mindset and also gives businesses the opportunity to evaluate where they stand financially. Following-up during this time is an easy way to breathe fresh air back into a proposal and drum up new business.
Go through your stack of business cards
I also sifted through business cards I had collected from meetings and networking events throughout the past year. There were some that I felt could generate leads, so I reached out to these individuals to set up a time to talk over coffee. During this casual discussion, I was able to learn more about their business and also tell them that I am looking to take on new clients. This small investment of time most often resulted in the contact’s enthusiastic offer to keep their eyes and ears open for someone who could benefit from my services. Of course in exchange, I offered to do the same for them.
Touch base with your “power partners”
I have worked to develop several “power partnerships” with businesses who offer my services to their clients. I sent each a note letting them know I am available to take on more work and to “load me up” as they see fit. Much like reaching out to my current client list, I was able to gain some quick projects that they had on their plates, but didn’t want to risk overloading me with. Now that they knew I was open to more work, they were happy to offload.
Reach out to competitors
Finally, and most surprisingly, I reached out to contacts that I knew offered the same services I did. Yes, competitors. This may sound like an odd thing to do, but I have found a lot of value in developing a good working relationship with competing consultants and businesses. Why? Because when you get to know who their ideal client is, you will realize you really aren’t hunting for the same lead. In fact, their wheel house may be completely different than yours. In reaching out to my competitors, I wanted to put out my feelers for any leads they may have recently turned away either because they weren’t a good fit for their business or they were too busy to take on more work. Often, competitors will refer work out to me if they think I would better accommodate the client. Win-win!
When you look to build business, what strategies do you use? Share your thoughts by commenting below!