How To Grow Your Business

50% of businesses fail within the first five years. And the number one reason why hasn’t changed. Undercapitalization. But let’s say capital isn’t that accessible. How can your business grow year after year, and avoid failing within the first five?

Prospecting

Prospecting is the first half of the equation. A lot of business owners neglect this piece because the majority of their business comes through referrals. This is a mistake. Your business needs to have a system for sourcing outbound leads. You have to pick up the phone and call prospective clients. You have to reach out to your email lists. You have to follow up, until they die. In business, the riskiest thing you can do is to rely on only one form of lead generation. If you want to know how to grow your business, focus on leads. Without enough leads, you risk not being able to keep the lights on. You have to always be prospecting.

Marketing

Marketing is the second half of the equation. It is your best source for inbound lead generation. When potential clients know what your brand stands for and how it solves their problems, it creates loyalty. The key to doing this effectively is consistency. Marketing does not have to be expensive. And it literally does not matter how you do it. Social Media has proven to be an extremely effective method that also happen so to be free. Your marketing just has to be consistent in order for it to work. So set up a calendar and begin distributing the various forms of your marketing content. You need six months of testing before you can decide if you are wasting time or not.

The Bottom Line

With an economy that changes every day, you cannot survive on referrals alone anymore. Businesses must diversify their risk by having fresh leads at all times. Imagine if your best referral source suddenly stopped providing you with leads. Imagine if your best client decided to use a competitor. Imagine if you were relying on one big client and one referral source to pay the bills. The moment something bad happens, you’re done.

Through effective marketing and prospecting, your business can stay warm in the winter. During the good and bad times, your business is built to last. This is precisely how to grow your business. Focus your time on marketing and prospecting. Everything else can be dealt with as you grow.