By Sean Farnell, Partner
As a business owner it could be easy to focus solely on your employees and ensuring your company is adequately financed as your business recovers from the effects of the Covid-19 pandemic.
While that is understandable as a position, now is as important a time of ever to fully understand the needs, habits and requirements of your customers.
Take a step back and really assess your customer base, as it’s more than likely that the profile of these people has seen at least some change over the course of the last five months.
Your business may have stayed successful by providing the same goods and services for many years, but the landscape has changed and it’s crucial to assess if these products are still fit for a post-Covid world.
There is no time like the present to make contact with your customers and find out what they need, and see if there is any way you can diversify your operations to cater to those requirements.
But whilst you are of course looking to retain your existing customers, don’t rest on your laurels, get out there and try to generate new leads.
The landscape remains uncertain for many businesses over the next few months, you can’t be certain of the fate of your existing clients and so by acquiring new business that will create somewhat of a safety net.
The principals to acquire new business remain the same, discover what they need, help to plug that gap and continually strive to improve the product or service you offer.
It is typical that 80 per cent of profits come from 20 per cent of client base, while you need to continue to look after all of your clients, don’t lose sight of the ones who are essential to supporting your top line.
As ever in the world of business, cash is king, and you should seek to follow up with any customers who owe you money. This could prove a valuable revenue stream and be the difference for a profitable business.
It’s no good having £1 million worth of debtors, but only having £1,000 in the bank and no debtors paying for six months.
At Burgis & Bullock we offer a virtual credit control service which allows business owners to focus on growth and recovery, rather than chasing late payments.
Our Business Mastermind Group has now re-launched and by becoming a member you will receive more expert advice on how to retain customers and generate new leads. Visit www.bb-bmg.uk for more information.
To find out more about Burgis & Bullock and how the firm can help your business plan for the future, call 03451775500 to get in touch today.