The Secret to Exponential Growth in Your Home Business Morris IL

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.

Illinois SBDC Hull House/Parkway Community Center
(773) 955-8027
500 East 67th Street
Chicago, IL
 
Illinois SBDC at Illinois Eastern Community College
(618) 395-3011
702 High Street
Olney, IL
 
Illinois SBDC at Kaskaskia College
(618) 548-9001
206 West Main
Salem, IL
 
Illinois SBDC at Elgin Community College
(847) 214-7488
1700 Spartan Drive
Elgin, IL
 
Illinois SBDC at Waubonsee Community College
(630) 906-4143
5 East Galena Boulevard
Aurora, IL
 
Illinois SBDC Danville Area Community College
(217) 442-7232
4100 West Shamrock Lane
Crystal Lake, IL
 
Illinois SBDC at Illinois State University
(309) 438-3610
214 College of Business
Normal, IL
 
Illinois SBDC at Illinois Valley Community College
(815) 224-0212
815 North Orlando Smith Avenue
Oglesby, IL
 
Illinois SBDC at Lawndale Business Development Corp
(773) 265-1301
3333 West Arthington St,, Suite 232
Chicago, IL
 
Illinois SBDC and ITC at SIU-Edwardsville
(618) 650-2929
Campus Box 1107
Edwardsville, IL
 

The Secret to Exponential Growth in Your Home Business

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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...

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