Finding customers is an essential process for any business, but for many small companies it can also be a significant challenge. After all, if you are too busy chasing up payments from existing clients, then attracting new businesses or individuals to your brand is unlikely to be at the top of your agenda.
While this is an easy trap to fall into, it isn't the best route for developing a robust small business cash flow. Instead companies have to make a conscious effort to develop a wider client base.
The first step is to understand how your current customers have come to your business. For example, if you are serving a very niche set of businesses, your efforts to attract new clients will take a very different form, compared to a market where there are plenty more customers to reach.
Once you understand where your business can achieve the greatest growth in customers, it's time to put together a marketing plan. This should be specifically targeted to the individuals and companies you want to attract to your organisation, and should set specific goals for your marketing efforts.
When you know who you are targeting and understand the specific methods that can be used to reach them, the next step is to realise this plan. Following through is often the most difficult step for small business owners, but is also an opportunity to develop a deeper understanding of your company.
Finally, it is important not to forget your existing sales base when trying to find new clients. While paying attention to existing customers is incredibly useful for preventing a high turnover, those businesses and clients you already work with are likely to have a range of contacts who can become new sources of revenue.
Offering existing customers a discount for recommending your brand or referring a friend who then becomes a client are both good starts. These tactics can be a great way to reward existing clients while also finding new sources of growth.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].