Why Small Businesses Won't Double Their Revenue This Year

Part of the fun we have in our practice is hanging out with small business owners. These people are smart, driven, competent and experts in their chosen industry. We always learn something, and we are always in awe of how successful they are at doing something we couldn't imaging even understanding, let alone doing for a living.

But they all have something in common - they work really long hours, they think about work constantly, and they worry - a lot.

This is where we come in. We may not understand how to run a fabricating plant, but we do know why prospects agree to stay in touch, why people buy things and why customers decide either to stick around and give more of their money or leave, taking their business with them and telling ten of their friends why they should do business elsewhere.

Here is what we have learned are the biggest reasons why small business will not double their business this year (yes, this year - even in the current economic climate).
1. They don't know who their best customers are. These are the customers who pay on time, give you most of their budget and know other people just like them.
2. They don't create best customer relationships that lead to a constant stream of referrals - great high margin business with practically zero cost of sales
3. They lose sight of their prospects. These days it takes at least seven touches before a prospect tries you for the first time - and it can take fifty, or a hundred. Most small businesses stop at four, or even two.

We'll be posting a lot more about this.