11.Know when to let go of a problem client. Problem clients can sometimes take up more time energy and money than they’re worth. And yes, this can keep your business from growing because the more time given to the problem client, the less time you have to devote to new accounts. While I’m not a big advocate of throwing away business; sometimes a problem client needs to become someone else’s problem.
12.A stagnate business won’t survive log. Update your business with new services and products every now and then. I decided a while back that my company needed to go in a different direction. So I developed Promotions which is a subsidiary of my company TCS Inc. and focuses on public relations for small and midsized firms. This was a huge boost to my revenue and opened up new markets for me. Think about where your company is now. Are there any new directions it can go?
13.Billing mistakes. This sounds like a no brainer but not billing on time can seriously hurt your cash flow. Most of us bill in 30, 60,or 90 day increments. But one lesson I learned years ago was to insist on a retainer or deposit before every contract. This provides cash flow and establishes your commitment to the contract. When it comes to payments it’s simple. Once the retainer is used up the client will need t make a follow up payment to continue services. If the payment isn’t made by the due date then the contract will likely be terminated. This keeps me from working on a contract only to find out that the client can’t or won’t pay you.
14.Don’t ask. Don’t tell. Okay I’m talking about referrals here. If you don’t ask for them, no one will tell you if they have any to give you. It’s important to let others know that you’re looking for more business because otherwise how is anyone going to know?
15.Advertise/Publicize/build a brand. I like to advertise on different website like Craigslist.org and other free sites. Even if the site gets little traffic it’s still worth it. Every time someone does a search for your company or services, your name will come up in the search engine. Case in point. My newest account had no info on his company, no company literature, no website…. Nothing. After writing a press release and company literature for him and posting on several sites, he can now be found on line. If no one knows you’re out there how can you hope to grow your business?
Growing your business takes time and planning as well as execution. If you’re not willing to put in the time to nurture it; then you’re in for a rough ride.