July 28th, 2017 David Finkel (Taxloopholes.com Advisor)
“David,” my client asked, “How do we increase of volume? We’ve been struggling ever since we lost that one big account.”
This is such a common situation for a professional services firm to deal with – a painful need to quickly grow revenues. Considering that for most professional services firm, whether they be a law firm, a consulting group, or a medical practice, they have a high fixed overhead, primarily due to the cost of their well-educated, expensive workforce.
Here are my four favorite “go to” strategies to quickly increase the sales volume of your firm. These ideas have been validated in the businesses of hundreds of our business coaching clients.
My company, Maui Mastermind invites former clients to be a guest at one of our quarterly workshops for business owners. When they come, they get around the community of business owners again, and pick up new ideas to grow their companies, and many of them reactivate as a client.
They key is you need a formal system to regularly reach out to your former clients, be it by mail, email, phone, or even an in-person visit. If you make this an impromptu, one-off tactic you’ll forget to do it. The real value to your firm is operationalizing it so that it happens like clockwork, each month or quarter or year.
For example, if you run an engineering company that specializes in commercial construction projects you could also add on construction management services too.
A multi-disciplinary medical group we coach has its medical staff ask patients who fit a specific profile to schedule a colonoscopy with their GI office.
What other services or products do your customers go on to buy that you could profitably add to your offering, either by bundling them together or by selling them ala carte?
A bariatric surgery group we work with effectively raised pricing by reducing the number of Medicare and in-network insurance cases it would take each month, freeing up space to take on private pay and out of network payor cases which paid 500 percent more for the same procedure.
Raising prices is often the fastest way to increase sales, especially if you are running a high value, high intimacy firm that has deep client relationships but for some reason is still trying to compete on price.
If you enjoyed the ideas I shared, then I encourage you to download a free copy of my newest book, Build a Business, Not a Job. Click here for full details and to get your complimentary copy.