When you start a new business, it is important to have a business growth strategy. Before that, you must conduct a thorough assessment to understand your present growth capacity before you can make any changes for the next stage of growth. It’s perfectly normal to be hesitant to conduct an assessment so instead, you can perform a quick, three-step ‘litmus test’ of your own.
Step one: Pick a Card, Any Card
Go to your desk. Find the stack of business cards that you have collected during customer meetings, trade shows, sales calls, and various business events. Shuffle it and randomly remove one card from the stack.
Step two: Connect the Dots
Ask yourself these questions:
- What is the likelihood that these persons’ core details have been entered into your company’s email user database? If you think the likelihood is good then search for it and see if you can find it.
- What is the likelihood that the same details have been entered into your company’s Customer Relationship Management (CRM) system? If you think the chances are good, then go ahead and search again. Make sure that all details are entered.
- If the information is in your CRM system, which of the following pieces of information can you determine by looking at the contact?
- a) When and where your company encountered this contact
- b) Who from your company attended to this contact and what did they have to do to develop the relationship
- c) What is the next step in maintaining/developing the relationship and who is tasked with the same
- When answering 3(a), if the answer is more than three months in the past, ask yourself what the accuracy of the details are.
Research shows that nearly 50% of B2B contacts become inaccurate each year. It’s a negative on your part if you failed to update your contact and their details.
Step three: Relationship to Revenue
With the same business card as a reference, ask yourself the following questions:
- Is this contact a current/potential customer or a potential partner/promoter of your business? Did you know that off the top of your head or was it recorded somewhere?
- Is this person receiving regular updates from your company that are appropriate to the nature of your business relationship?
- Is this person being qualified and if so where are they in the qualifying process? Are they a good fit for your company, and if so, for what product or services?
- Do you have a clear strategy to be applied while guiding this person and creating the business relationship you seek with them?
Finally, ask yourself the last question. If you did well with this card, what are the chances that you will do well with all the other business cards as well?
The answers: Yes, No and I don’t know
Hopefully, you came out of this test strong. If not, remember that the only answer worse than ‘no’ is ‘I don’t know’.
In the business world, business relations are of utmost importance. Each and every one of them is your road to success. If you can’t manage your relations, then there it’s not the best time to think about growing your business as of now. Don’t worry, you can always improve your relations and soon enough you and your business will be ready to grow.
We at Spark industries understand each and every concern that you may have concerning your business. SPARK services ensure that when it comes to business our motto always remains to provide our customers with the best solutions available. We use modern and advanced technology to solve your issues ensuring that the same is priced decently and not extravagantly.