Strategy Insight

As the bailouts and their discussions whirl about us and as the list of companies laying off or employees or shutting down operations grows longer and longer, I began to wonder if there wasn’t a small business version of an economic stimulus package that could be implemented.

And if there was a version of economic an economic stimulus package for small businesses, who could and would provide it?

It appears to me that there is such a “package” out there and the ones that can provide it may be small business themselves.

Arguably the greatest challenge that any business owner confronts, particularly in these testing economic times, is to drive new business to his or her company. Fundamentally speaking, as it always has been, the key to long term growth is to “grow the pie” and attract more business. Provide more appropriate services that make a difference and you will earn more business and a greater share of the customer’s wallet.

Many companies provide services to organizations and businesses that are in related fields. Others provide services to companies in a wide range of industries. What if, each company leveraged its customer list to grow their clients’ businesses?

Imagine, if you will, a meeting of six or seven of your clients who work in one industry but provide different services within that industry. More than likely, each of these clients knows other companies within the particular industry. Because each of these companies is your clients, you are related to them and a reservoir of trust has been established.

Suppose next that each one of your clients attending this meeting was asked to participate with the intention of referring one of its customers to one of the businesses represented in the meeting. The economic impact of these referrals would be profound.

Referring clients to one another would create a reciprocal relationship built on real economic value. Additionally, in effect, because your business would be in the upper parts of the minds of your clients, the number of people selling and promoting your value and services would grow geometrically as the trust that you have demonstrated in them would be returned in their discussions with their clients.

In a short time, you might discover that you have an army of salespeople selling your value.

In the next post, we’ll take a look at the structure of such a meeting and how to make it work for you.

In the meantime, please write and share some innovative ways you are growing or helping others grow their businesses.