LEVERAGE FOR SMALL BUSINESSES

The Multiplier Effect for Growth

Leverage: [lev-er-ij]  noun
power or ability to act or to influence people, events, decisions, etc.; sway

Enhance your “sway”! Apply some, or all, of the following levers to enhance your success.

Website

In this day and age, the first place someone looks to know about your business is your website.

If you don’t have one … the message is “you are not in business”. Note: According to a study by B2B research firm Clutch.co: less than two-thirds (64%) of small businesses have a website!

So, let’s start on the premise that you have a website or are going to have one real soon. That being the case, here are items and issues that will add website leverage.

• Basic information about your products/services.
• Posting blogs
• Posting newsletters
• Posting customer testimonials

Public Speaking

Public speaking ranks right up there with people’s number one fear – flying. Not to worry! Those flutterings in your tummy at the mere thought of getting up in front of an audience to speak is absolutely a universal response. It’s called a case of the “butterflies”.

That said, speaking on topics that are perceived as valuable and memorable to your audiences accelerates your image as a thought leader and industry expert. So the issue is to get your butterflies to fly in formation.  Click to learn how.

And then deliver your next speech in a fashion that will make both you and your message memorable.

Form Your Own Speakers Bureau

Here’s an approach to public speaking that is unique and gets you off the hook of being the speaker. Line up speakers on a variety of topics that will be of interest to your audiences and host “invitation-only” events.

For example, you may ask an attorney to speak on the importance of determining whether workers are employees or independent contractors … a topic that will have wide appeal to employers. Then invite your data base to attend. All won’t, but according to one of our clients who has employed this approach, “You will get appreciation from those that do … and extra points just for inviting those who don’t because you flattered them by including them in your invitation.”

Likewise, the speakers win by exposure as an expert and go-to person for anyone in the audience that may have a need or who may serve as a referral resource.

Community Visibility

No one ever bought from someone they never heard of. Be visible in contributing time and effort in your community – volunteer; seek office; organize fund-raising events. You have a large untapped pool of potential customers. Invest in some “missionary” work to reach out and touch them.

Those efforts are often referred to as corporate social responsibility (CSR). Another way to express the benefits of doing so is doing well by doing good.

CSR refers to business practices that involve participating in initiatives that benefit society. CSR has considerably more impact for small/mid-size businesses than just the direct benefit to the community and the environment. Not to downplay those key outcomes, but in addition to the community paybacks there is increased interest from customers, employees and job seekers in companies’ community involvement.

One significant benefit to companies that demonstrate sustained levels of CSR is competitive differentiation in the marketplace. Consider these consumer reactions to companies that engage in CSR.

• 96% have a more positive image of the company
• 94% more likely to trust the company
• 93% more loyal to the company

As proof positive of the payback to both the community and the contributing business, click here for a dramatic case study of an entrepreneur who consistently does well as a national business leader by doing good in his own backyard.

Network

Join and actively participate in networking groups. The key is to learn, practice and apply the formula for successful networking interactions and follow-up.

It’s not what you know … it’s who you know. That old adage is viewed by some as unfair and cynical. If that’s how you read it … get over it … because it is proven time and again that you will enhance your success both personally and professionally by “knowing and being known”.

Click here for more info.  You’ll see how to master the preparation and execution of networking strategies including what to say and how to say it.

Social Media

Aggressively use all that reach your target audiences. Be sure to do your research as some lend themselves better to B2C businesses; others to B2B. Click here for a more complete discussion by a branding and marketing master.

Culture Referral Partners

Foster relationships where the synergy may add up to 1 + 1 equaling a factor of 3 or 4 or 5 or more. Ideally, seek referral sources where you may reciprocate. This strengthens the bond and motivates each of you to support the other.

Pay Attention to Your Customers

Encourage repeat business from existing and past customers. Your best customer is your competitors’ best prospect. It is 14 -17 times more costly to develop new business from non-customers than to win repeat business from customers who have had a successful experience dealing with you.

Two-thirds of customers that leave a vendor do so because they feel ignored or unappreciated, or did not know the vendor had products/services that would be a solution to their needs.

Here’s a sure-fire way to learn what your customers really think about you. Here’s the Harvard Business Review article that supports the following approach “The One Number You Need to Grow”

Not only will you gain much more valuable info, you will likely prompt many more responses than you would realize with a standard multi-question 1-5 rating system.

Enhance your “sway”! Apply some, or all, of the above levers to enhance your success.