The Secret to Exponential Growth in Your Home Business Barre VT
Randolph Center, VT
Randolph Center, VT
St. Johnsbury, VT
The Secret to Exponential Growth in Your Home Business
Use this Timeless Principle of Life to Develop Your Client Base
By Duncan MacPherson
As a small enterprise entrepreneur, a key skill to possess is the ability to continually attract and maintain great clients as efficiently as possible.One of the most important and immutable business development principals that you can apply as a business owner is the 80/20 rule — also known as the Pareto Principal — which states that about 80 percent of your business stems from about 20 percent of your clients.
Something separating the best from the rest in entrepreneurship is that the best do not major in minor activities, but instead focus on the activities that utilize their time and money effectively. A great way to breakthrough in your business in order to take profitability to the next level is to invest 80 percent of your time in the 20 percent of your clients who are generating 80 percent of your business. Not only is this the first stepping stone towards competitor-proofing your best clients and revealing additional untapped business from them, but it will also enable you to consistently attract superior client referrals.
Defining Your Ideal Client
There is an old marketing maxim which states that it is more important to reach people who count than it is to count the number of people you are reaching. Most entrepreneurs aren’t very deliberate in terms of how they generate referrals. Very few have an actual plan in place, and most are simply happy to get a referral, of any kind, regardless of the actual quality. Consistently generating quality referrals is achieved by design, not by chance, and therefore it is critical to identify the specific qualities your ideal client should encompass. A simple way to execute this is via the triple “A” format.
Triple “A” Format
The first “A” speaks to Action. Describe the degree of action the ideal client takes to generate the level of revenue you are striving for. The key here is to position yourself as a specialist who works with high caliber clients, rather than as a generalist who will work with just about anyone. By distinguishing yourself as an expert professional in specified areas, you are able to project scarcity to the marketplace and give clarity to potential clients — since your focus will be on attracting and working with clients whose specific needs fit for your precise skills set and values. A specialist is far more attractive to higher caliber clients than a generalist, and is compensated accordingly.
The second “A” speaks to Attitude. Describe the attitudinal qualities your ideal client possesses. For example, the ideal client doesn’t focus on what you cost, but rather on what you are worth — that is an enlightened attitude. Far too many entrepreneurs work with clients who take the right Action yet have the wrong Attitude, which can end up costing more than it’s worth in the long haul. You must have rules of engagement in place to ensure that you continually...