5 Growth Success Factors Your Business Must Have To Make More Money
Cull Your Client Base In Order To Grow
25th March 2008
One year, in the very early days of starting my business, we had a lot of success with our marketing activities. I’d focused on speaking engagements and writing articles for business and other publications as a primary marketing activity. Every event or article produced inquiries that led to meetings for business owners wanting help with growth.
Many of those people were far too small and couldn’t really afford my services, so what I did was try to help them anyway – because I could, and because they needed and wanted help. I offered ‘cut down’ offerings at a fraction of the usual fee because I didn’t want to send them away. That year I acquired many new clients as a result of my decision to help, regardless.
Of the remaining 40% of those new clients, the smallest client grew in value the next year. They were in growth mode, had reached a level of growth where they needed to make some decisions regarding future direction and the team, and they wanted support. Their first year working with me was a test – could we work together, could I provide the support they required, and more importantly for them at the time, could I help them achieve the outcomes they wanted.
That client has grown over 3000% in the intervening years and I’ve had the satisfaction and enjoyment of being part of that growth and helping to drive it.
Other clients typically grow 200-500% over the years, on their first year value.
Importantly, ‘selected culling’ of clients that aren’t the right fit for my business enables both my company and my clients’ companies to grow because:
- I ultimately have more time, attention and availability for the clients I want to work with
- I am able to focus solely on those clients, and help develop solutions that will take away their challenges and barriers and help them grow
- Being able to say ‘no’ gives me the freedom to choose to work with people I like and whose values resonate with my own
Some time today, or this week, go through your client list and be ruthless! If you gave up, say, 10% of clients that weren’t contributing to the growth of your business, what could you do for your top 10%?