New Topic - Business Diagnostics (Today We Discuss Prospecting ...

So, welcome to my new topic, Business Diagnostics. While intended for entrepreneurs, it very much applies to freelancers, consultants, solopreneurs, contractors, and for that matter, even job-seekers.

The basic idea is that every business, even a business of one (perhaps especially a business of one), has challenges. In fact, it probably has multiple challenges. Nonetheless, at any given moment, you have a limited amount of time, energy and money to address these challenges. Therefore, it helps to prioritize and focus. Fix one or two things at a time, move on.

Perhaps it will help to break these challenges down so that they become fixable, because you?re focused on the right piece. So, first things first. Consider the main challenge facing your business. I will suggest it is either financial, or operational. Yes, I know these things can be linked. If you have production problems with your product [operational] it is likely costing you in sales and replacements [financial]). At the root, though, what is the problem?

Today we?ll start with financial. If you?re not earning as much money as you?d like, there are two possible problems: revenue is too low, or expenses are too high.

If revenue is too low, either you need to sell more product, or you need to raise your prices.

If you need to sell more product, ?you either need to get more meetings with good prospects or you need to improve your close rate.

You see how this works? Break it down until we get to the root of the challenge.

So, for today, let?s assume you need to get more prospects (just in case you don?t know, a prospect is someone is might be interested in your product, but hasn?t bought yet).

OK, now we?re down at the actionable level, but before we start looking, we have to know what we?re looking for.

So, first, who are your favorite clients? What makes them your favorites? Yeah, I know, they pay you, right, but surely you like some clients more than others, and it?s about more than money. Maybe they pay on time and don?t create a lot of red tape. Maybe the projects / products they want are the ones you most like to do. Maybe they?re professional and you like that. Or maybe they?re fun to work with. Maybe they do innovative things with your products. Ask yourself these two questions: what specific things do I like so much about these clients? What specific things do they like about us / our products? If you don?t know, ask your team, ask your clients, or do a survey or a focus group. Maybe just take your favorite client to lunch / coffee / drinks and ask some of these questions. Take careful notes. Once you understand these ideal relationships better, you can start creating more of them.

That should keep you busy for a while. Next topic (probably, I may change my mind): where to find your ideal clients!

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Source: http://darkmatterconsulting.com/2013/07/new-topic-business-diagnostics-today-we-discuss-prospecting/

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