12 Sep Shrink to GROW Ep. #3
Shrink to Grow – seems like a strange concept, doesn’t it? Here’s why you need to get small before you can get BIG!
It’s a theory as old as time – quality over quantity. When it comes to applying that to business a great place to start is assessing your client base, really try to decipher who adds value to you and your business and who doesn’t. Of course, this is a two way street, there may be clients you cannot meet the needs of, so it’s beneficial for both parties to let go.
The reduced client base will mean you can give your top clients your full focus and impeccable service. Not only will this help you retain your top clients, but will also enable you to clone your top clients as you know exactly who to prospect when it comes to growing your client base again.
Learn about the ‘Pareto Principle’ AKA the 80/20 rule – this is a surefire way to build a better business, create sustainable growth whilst increasing profits and fun!
If clients ask you to lower your price, they don’t understand the true value of your service; this is the time to start thinking about a shrinking strategy. We call it dis-engagement, but really, this is if you cannot provide value for that client and they cannot understand the value you add - It’s time to move on.
- B.D. Dalton