Professional Liability Insurance Group, 1st quarter 2019

The PLIG Professional’s PULSE

1st Quarter

Reorganize Your Efforts for Strategic Growth This Spring

Spring is all about growth.Winter is over, temperatures are rising, and the world feels rejuvenated. But what about your business?

This is a huge mistake, and it can cost you current and future customers. If your systems aren’t ready to take on the growth you desire, the business will struggle when new customers do join the fray. People and money will slip through the cracks, and your customer service will become subpar.That’s inevitable if you spread yourself too thin. It can lead to disaster and end up costing you more money that you’d otherwise be bringing in. So, before you turn your attention to growth and start taking on new business, make sure you are ready for new customers. Audit your systems and processes. Strategize with your team. Put your KPIs to work. Don’t make guesses and assume you can take on new customers. Know you can take them on and deliver a high level of service once they start buying from you. Along those same lines, take a hard look at your customer service. As you grow, are you able to maintain the same level of service you delivered a year ago? Five years ago? When a customer calls with questions or sends you or your team an email, how are those messages handled? Do you reply in a timely fashion? Or do you let it sit? Exceptional and proactive customer service does wonders when it comes to customer retention and referrals.You keep customers for longer than their average customer life cycle, and those current (happy) customers are far more likely to refer business to you. It’s a great way to get the ball rolling on referrals. Embrace that momentum. To add to that, happy customers are the best customers.They’re the easiest to work with and become the easiest to please. Plus, it’s far cheaper to keep a customer than it is to find a new one.Why not take advantage of that? This spring, look at the way you do business. Are you spending too much on growth you’re not ready for? Position yourself for growth, focus on wowing your customers, embrace referrals, and don’t be afraid to tell your current customers that you want referrals. Sometimes the most powerful marketing tool is to simply ask. -Shayne

Did your business hibernate this winter? Is it still hibernating? Are you struggling with growth?

If you are, you’re not alone.You want to bring in new customers and grow, but your past growth strategy may not have worked as well as you wanted it to. You may feel discouraged or hesitant to try something else. One great way to get out of hibernation mode and into growth mode is to hone in referrals. But before you can successfully target referrals, there’s one important question you need to ask yourself: Is your business ready for growth? Another way to look at this question is to think about your internal systems and processes. Do you have the ability to take on new customers right now — whether it’s one customer, 10, or more? It’s common for a business owner to be so focused on growth that they let their internal systems and processes go neglected.They may not change things for years at a time. Some businesses even expect to grow while still relying on processes they put in place on day one.

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