Growing your business’s bottom line is essential to its financial health and wellbeing. But successfully doing so doesn’t always mean pounding the payment to find new clients so that you can do more business with more people.
While networking is an effective way to grow your business (and a necessary component of every business development plan), it also takes much time and effort. Finding new clients means much more than shaking a lot of hands. It is a slow relationship building strategy that includes starting relationships, maintaining and growing those relationships and then converting them to paid work. It is essential, but time consuming and involves everything from developing killer opening lines to strike up conversations at networking events to periodically checking in with connections.
But instead, what if you simply took a deeper look at your current business relationships and the opportunities that exist within them? What if you drilled down into every service you provide and then break out custom sellable services?
Custom sellable services
Think about every single step of a typical project your company provides. Don’t leave anything out — get really granular about your services and consider every step of every project. For most service-based small businesses, there’s a fair bit of project management involved in every job. This can include calling suppliers, determining costs, building budgets, etc.
Creating that itemized list gives you a greater understanding of all the things your business does to make clients happy. The question is: would they be willing to pay extra for some of those additional services? Because all of the project management-type services are additional services that your business is simply “throwing in.”
For example, meeting with the client at the onset of a project may be included in your fee, but does that same flat fee need to include “additional meetings, as necessary?” Your customers may be happy to meet with you frequently at no extra cost, but is your business’s bottom line suffering as a result of all of those free meetings?
Add value to value services
If you do something of value, you want to realize that value. Ask yourself why you are giving away a step (or multiple steps) in your service packages for free rather than turning that step (or steps) into revenue streams. If it’s an added value service, then add value to it.
What’s your answer to the age-old question “what do you do?” But more importantly, how do you answer it so that the asker immediately understands that they need your services? We’ll answer that in our next blog post.