Looking for new business opportunities is a process. It is not a simple one. In fact, it is a process with several steps. Smart entrepreneurs understand that looking for business is something they must do. Not only is it a job that must be done, it must be done on a regular basis. It is important for entrepreneurs to understand that looking for new business opportunities is not always easy. However, entrepreneurs do many things that are not easy. In fact, doing the hard things and doing them well helps an entrepreneur to be successful.
There are many steps an entrepreneur must take in order to successfully obtain new business.
These steps include:
Let’s look at this process in detail.
The first step in obtaining new business opportunities for your business is to figure out what type of opportunity is the best fit. I know the expression “beggars can’t be choosers” is a popular one, but I disagree with it wholeheartedly. If you are going to beg, you should beg for what you want. This idea definitely applies to your business. In order to succeed as an entrepreneur, it is important to know, go after, and accept business opportunities that are a good fit for your business. It is a disservice to you and to your business to do otherwise.
Take time now to think about the ideal business opportunity for your business. Do you know what your ideal client looks like? What does it cost you to secure your ideal client? How much revenue do you need to earn from each client in order to operate profitably? Do you know the type of work is your business most suited to handle? You must be able to answer all these questions in order to figure out the type of business opportunity is best for your business.
It is great for an entrepreneur to know what type of business opportunity is the best fit for her business. It is even better to figure out if that type of business opportunity is readily available now. This is an important determination to make. If the type of business opportunity you need for your business is not available now, figure out when it will be available. If the opportunity will be available in a time that will match your cash flow needs good. On the other hand, if the opportunity will not be available for a long time, other actions need to be taken. You may need to find another business opportunity. It may even be necessary to revamp your business in extreme cases.
Entrepreneurs who read this blog on a regular basis are familiar with the expression, “you don’t get ready, you stay ready.” In this context, it means, an entrepreneur should always be ready to accept the type of business opportunity she wants to have. This means keep your technology up to date. Always take time to learn about changes in your industry so you are best able to serve your clients. Keep regular office hours so prospects can reach you when they are ready to become clients.
Evaluate how your search for new business is going.
While you are looking for new business opportunities, pay attention to how things are going. Keep records. Track what type of opportunity you are looking trying to obtain. Where did you search for the opportunity? What things were successful. Are there any things you would like to do differently the next time you are searching for business opportunities? Which leads are hot – the ones you must jump on now. Which leads are warm ones that can do with a little TLC every now and then? Are there any cold leads? Of the cold leads, which ones are actually dead and which ones can be developed into a warm lead in the future?
Once you have a business opportunity you are ready to work or a client who is ready to sign on the dotted line, accept the opportunity. Become a master of the follow-up. Return all calls in a timely manner. Answer questions truthfully and honestly. Get the client to sign your contract. Make sure it is crystal clear that the prospect has become your client and that it is clear you have accepted the new business opportunity.
When you get a new client or new business opportunity, start doing the work. This is not a time to procrastinate. You never get a new a second chance to make a first impression. Be diligent in your work. Clients will appreciate seeing you work on their behalf in a timely manner. It may be tempting to do things quick, easy, and with minimal effort. It is very easy to do the bare minimum needed to satisfy a client. Do not fall for that trap. Instead be careful, diligent, and smart. Give each client your best efforts. Show up like a grown up and give each client the best you have to offer. In the end, it will satisfy your client and will make you feel better about who you are and what you have to offer the world.
Securing new clients and finding new business is hard work. At times, it is a tedious process. I was born and raised in Philadelphia, Pennsylvania, home of the 76ers basketball team. The Sixers had a saying, “trust the process.” When it comes to getting new business and securing new clients. Don’t be afraid, trust the process. Work the process. Your reward will be success. Learn to appreciate the process.
It is wonderful to know that you can succeed in business by learning to appreciate the process it takes to get new business and new clients. So, the question for you this wonderful day is, what is your process for getting new clients for your business?
If you want them to last, commit to appreciating your technology by taking care of…