I am Considering Expanding My Business

When it comes to new business, what relevance does an old Russian joke have?

Is your company doing better now than it was a year ago? Don't make a distinction between new customers and those who are spending more money; count both. If you didn't, you need to ask yourself why.

It all began with the collapse of the Internet. Then followed the terrorist assaults. The worldwide economic downturn follows. First came the conflict that threatened to disrupt global political frameworks for peace and harmony. All of these "cataclysmic" occurrences have been meaningless, and we don't know what will happen next.

Exactly how am I supposed to put it? Because for the majority of us, a good year can be made terrific with just a few more customers or transactions. Large-scale trauma and transformation don't have an influence on our micro-level capacity to identify the next customer or get the next business. The only place macro-things matter is in your brain, yet what occurs in your head tends to have a tremendous impact on your company.

Several years ago, a former employee of mine, Yefim, a Latvian immigrant, shared a Soviet-era joke with me. "What's the difference between a Russian and an American?" he asked rhetorically. Russians, on the other hand, hope that things don't become much worse. Well, you're probably beginning to think like a Russian after a few years of mediocre, if not disastrous, company. And you're unsure whether you have the resources to take action.

It's easy to put off making changes to your company when you're certain the world is ending. You know that even your finest proposal will be rejected by clients and potential customers. After a time, you give up and don't attempt anymore.

If you've read thus far, you may still be a believer in the possibility of bringing in extra revenue. As for expanding your company, if you believe that it's achievable, then it's time to get to work. There are no longer any excuses. No, not the climate. I don't care what time of year it is; it doesn't matter whether it's summer, Christmas, or Ramadan. In no way, shape, or form.

So, what's the good news here? He composed "Been Down So Long That It Looks Like Up to Me" in 1966. Is that the case for you? That's fantastic news since it means making a difference will be simple. Having been dormant for so long, you'll be thrilled with whatever progress you make.

Here's How You Find Out

To develop your company, there are just three options: acquire new customers; increase the frequency with which your current customers purchase from you; and increase the amount they buy from you each time.

How do You Know That

Grasshopper, pay attention to what I'm saying. If you allow it, this simple method may provide you with a wealth of information on how to approach your company straight away.

What's the Matter? Assert Yourself by Responding to the Following Inquiries

How are you finding new clients right now? Whether it's in your thoughts or on paper, it's OK to make a list. Is that what is going on? (I doubt it; otherwise, you wouldn't be looking at it right now.) The ones you were using a year ago, are they the same ones? The fact that they weren't working a year ago doesn't bode well for their current state.

To aid your present customers, what additional offerings have you made in the last six months? No one has spent a cent in the last several days. Of course they don't, since they already have everything you're selling.

New goods, services, subscriptions, or renewable service subscriptions... Each purchase has so many possibilities to boost its worth that it's mind-boggling. In the last six months, how many of these new offers have you offered to your customers and prospects? There is no point in waiting for your response.

At least two (and maybe more) new ideas to grow your company will result from meditation on each of these questions like a Zen Koan.

In the end, they aren't the only options available to you, but they are a good starting point.

I'm running out of ideas. If it's in your clients' best interests, let them do the job. What are the needs of ten or twenty people that you can't fulfill? Do a survey to find out. Even easier, use a survey site like http://surveymonkey.com or http://zoomerang.com. They are free and easy to use.

While you're doing it, check to see whether the core of your product is still logical. After all, customers aren't purchasing it anymore. You're either not explaining why they want it well enough or they just don't want it.

Fortunately, both of these issues are fixable, but only if you fix the correct one. You're squandering money if you continue your marketing and inform people about something they don't want to hear about. If, on the other hand, your products do fit the market but you don't tell your customers this in the right way, you may end up making changes to them that aren't necessary.

I hope you've learned from this simple exercise how easy it is to generate new and greater revenue. Make a list of the questions you want to ask and the answers you want to come up with. That is, after all, what thinking is all about.