A Diverse Customer Base Equals Survival and Growth – And a Better Buyout Offer
The economy has been improving, albeit too slowly for many for the past eight years. If you’ve been growing your business too, give yourself a pat on the back. Don’t however, just keep doing what you’ve been doing.
Wha..? What happened to “don’t mess with success”? What about “if it ain’t broke, don’t fix it”? Here’s what happened: they are based on the false assumption that nothing will change if you don’t change. You know that just isn’t true. Making changes, adding products and services, getting rid of processes (or products or services) that don’t work, in other words, evolving and diversifying will be the keys to survival the next time the economy heads south. Which it will, sooner or later, because it always does.
Make Your Business More Attractive – Diversify Your Customer Base
If you have only one or two big clients, what happens when – not if – one of them makes a change? Your good buddy, the owner of one of your big accounts, retires or sells the business. Now what? Another big account goes with a new supplier. What are you going to do?
Selling your business when you have only a few big accounts is going to severely limit the number and quality of offers, according to business broker Mike Metzger, of Murphy Business & Financial Corp. It makes buying your company pretty risky, especially if those client relationships are built on personal relationships.
Diversify and Grow
Diversity can, should, happen on two fronts: gaining new clients and expanding sales to current clients. Gaining clients means making sure your sales team are armed with up-to-date resources that really reflect what what your company is about. It means your website is up to date and mobile friendly. (Did you know that 60-90 percent of Google searches happen on mobile?) It means taking the appropriate actions, in operations, service and marketing, that will attract the customers you want.
The second way to diversify is to make sure your clients know about everything you sell, and that you’re selling everything in your industry they want to buy. You’ve heard of land and expand. Just because you landed ages ago doesn’t mean you can’t expand now.
Marketing for Growth
Marketing is the key to attracting a diverse clientele, educating them about who you are, what you sell and, most importantly, why they should buy from you. Growing the number of orders from new and existing customers is the key to putting more money in your pocket – now and when you sell the company.
Contact us if you’d like to make your bottom look better by diversifying at 804.382.0594 or firstname.lastname@example.org.