This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever.
Step 3 – Fill the Bucket by attracting more customers!
Learn with us how to attract more of the right customers! But first let’s review what we have learnt so far:
Step 1 was about ensuring more flow in than flows out.
Step 2 was about HOW FAST the cash flows.
Step 3 is about widening your river, by attracting more customers. (Or should I say more of the customer you WANT.)
You see in the early stages of business we would take on anyone with a chequebook and a heartbeat.
Just to put food on the table!
Sell, Sell, Sell!
Which solved a short-term problem, cash flow.
But at the same time created a long-term problem, cash flow.
If they pay late, it hurts cashflow.
If they are high maintenance, it hurts cashflow.
If they don’t appreciate your service, it hurts cashflow.
If they are not your ideal client and they’re referring more ‘not your ideal’ clients, it hurts cashflow.
So before you fill the bucket by attracting more customers, ask yourself:
Who could go?
How could you Create room for more of the clients you love?
How can I increase the quality and quantity of my clientele?
There are just 4 numbers and 4 questions to think about for filling your bucket.
The higher each number. The wider your river.
- Leads; How many in your pipeline?
- Conversion; How good are you at getting a YES?
- Clients Referrals; How often are your ideal clients referring?
- Retention; How many have you got, that you want to keep?
Here’s the formula/ recipe for attracting:
More Customers = Number of leads x Conversion rate
Current Clients = Number of existing customers x Retention rate
The magic recipe for how to Fill Your Bucket:
NEW CLIENTS + CURRENT CLIENTS = TOTAL CLIENTS.
And here’s the recipe for my favourite drink
1 Part Gin + 3 Parts Tonic + 3 blocks of ice = Happy Days
So if you want to fill your bucket, fill it with more of the right clients, but before you do that, make sure your current clients are ideal – if not, make room.
Up next, Step 4 – Get a Bigger Bucket, Get Repeat Business.
- Book in a Quick 10 Min Chat here with an Inspire Chartered Accountant to talk about Tax Saving Strategies that will work for you.
- Attend our Cash Rich Business Workshop where we will spend 2 hours walking you through the exact step by step process to become a far more profitable business than you currently are. https://inspireca.com/events