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Growing Your Company with Existing Clientele
EverythingFinance | July 23, 2008 at 04:45 amby
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Being in business for a while, you eventually begin to shed many of your initial fears as you begin to find confidence in what you are doing. Living though situations you once feared and coming out safely on the other side is a learning experience many people have to go through before they can fully understand the concept. As word begins to spread around and you are finding new clients a little faster than you had in the past, you can sometimes miss out on opportunities to make more money with the resources you have at your disposal, including your existing clients and customers.
Starting out can be a mass chaos of events. Procuring new customers takes a lot of time, effort, and money. Oftentimes, small business owners can increase profits and efficiency simply through their existing connections. These are people who have purchased products from you or hired your services in the past. It may have been a one-time event or perhaps you have built a good relationship early in your venture. As a business owner, you can not forget about these initial relationships. They can make a huge difference in your existing profit margin.
Here are four ways to raise your profits with existing relationships:
- Raise Your Prices – Clients who have come to rely on the quality of your services or product already know what to expect. If they keep coming back, they are likely to adjust to a small increase in prices. Often in the beginning, business owners set prices lower in order to attract new customers. Once you have proven yourself and gained credibility, you should adjust your prices accordingly. Do not be drastic in the changes but consider how much your time is really worth now that you may have a better idea.