I suspect this is just one of many challenges that face businesses owners as they grow and develop their business. As someone who regularly works with businesses facing this and many other challenges, I believe the solution to the second see-saw challenge will be useful for you too.
Firstly, let’s clarify what the first see-saw challenge looks like; Imagine this, (you may even be here yourself). You’ve started your business, it’s doing well and you now find yourself investing your time in marketing, which draws you into getting new business then delivering the business, getting the next piece of business, then delivering, then getting, then delivering, then getting, then delivering, see-sawing between getting and delivering.
“The first see-saw is time, the second see-saw is profits You’ve grown your business to the point where you need to expand, for many, this looks like employing your first team member. Before this happens, you may have already outsourced your accounts, social media and admin and now you need more capacity to grow.
The second see-saw; I need to take on someone, but I can’t afford to until I get more business, but I can’t get more business until I employ someone. Just do it I hear you say, and you’d be right. What takes a hit with this strategy? Profits. You have, from day one, to pay another salary and it will take time for your turnover to build to match and cover that investment – what if there were another way?
A better way; Imagine this, (if you are here already, you’re amazing, you’ve learned a better way). You gain a new client, that client refers you to a second, the second client refers you to a third, the third to a fourth, then the first refers you again, the fourth to a fifth, the second again, the fifth to a sixth – I'm sure you get the idea….
The key here; does this happen consistently, giving you a predictable flow of referrals? Based on a very simple model, we've now smoothed the motion of the first and second see-saw.
The most obvious answer is just ask, and whilst this will help, it’s proven not to create a predictable flow of repeat referrals. Before you ask, in my experience, neither do financial (or other) incentives work in the long term. For me, my clients and those around me the answer is simple; build relationships with a network of Referral Partners that refer you often, to your ideal target market – you can use some of the time you save chasing new clients and invest it in your relationships.
For more information, to arrange call or see where you can learn how to implement these techniques in your business, just pop along and meet me here: www.mark-jarvis.co.uk
Mark helps successful business owners, executives, partners and managers work smarter not harder, showing them how to develop additional revenue streams into their business that they currently don’t maximise.
He does this by giving them back life’s most precious commodity, time. Time to grow their profits, not just turnover.
He has an active Business Discovery Call calendar, so if you fancy a chat or just a fresh perspective on your business, book yourself via his website.