Growing Your Business by Leveraging Your Existing Assets
By(Editors note: This is the unedited version. I figured with so many small business people under pressure, rather than wait until I finish writing the entire article and proof and edit, I’d just start posting. Hey, it’s a blog, right:-)
Your greatest opportunity for business growth, regardless of the economy, are the assets you already have in your business. From personnel, customers – past and present – relationships with colleagues and suppliers, and other “people” assets, to your investment in equipment and technology, the assets you’ve already built represent your greatest opportunity.
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And the really good news is they will require the least in either time or money.
Of these “hidden” assets, your customers are the easiest and most obvious place to begin. Do you know who they are and why they do business with you?
This may seem like an obvious question, however, many businesses do not know who is buying from them or why. Once you’ve ascertained this, you’re in a position to explore how else you might serve them.
One of my favorite questions has always been, “is there anything else I can help you with?” This simple question can increase your business tenfold.
A friend of mine is a graphic designer and print broker. One day she asked her client this question to which the client replied, “Yes there is. Can you help us get some of those imprinted jackets with our logo on them?” She happily replied that she could and took the order. (hint: if you own a small business, the answer, within reason, is always, “Yes.” You can figure out later how to deliver.)
Don’t fall into the trap if thinking just because you’ve been around a while that people know everything you do. Often we “ass-u-me” that our customers know what we do.
Back when I had a marketing and advertising business, I did a lot of business with a local printer. They had been printing a newsletter for one of the high schools for 25 years. One month, they asked the school to pick up their order since the delivery person was out sick.
I happened to be standing there, watching the woman from the school reading the sign behind the counter as she waited for her order. The one listing all the various items the printer had available.
“Oh,” she exclaimed, “I didn’t know you printed letterhead and envelopes too. We’ve been going somewhere else for them but if you can do that it would be easier for us!”
For more than 25 years the printer did business with the school and never bothered to make sure the customer knew everything they could do for them. This can be a very costly mistake.
Are all of your employees, regardless of their job title, trained in the basics of sales and taught to look for opportunities to present your products and services to your customer? Are they compensated for making the extra effort?
Ms. Jones walks into the bank one day and, as she approaches Fred the teller, he notices she’s not her usual joyous self. Fred inquires if everything is okay, only to have Ms. Jones tell him about how her car keeps having problems. Being a trained representative of the bank, Fred sees the opportunity and, casually, mentions to Ms. Jones that the bank has a special on new car loans and offers to walk her over to a bank officer to learn more.
Not only did Fred help his company by recognizing the new business opportunity but, equally important, he solved a problem for the customer.
Are your people like Fred or would they have said, “Gee, Ms. Jones, that’s too bad about your car,” and gone on performing their job.
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