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189 - Is Your Luck Running Out?

This article is based on critical questions I’m often asked by clients, who are smart and savvy women entrepreneurs ready for change.

From improving cash flow…. to increasing staff productivity…. to scaling for growth, these periods of transition — and so many more — provide both challenges and opportunities. Managed effectively, change can become a productive force for growth. The Block Group harnesses that potential, bringing together the people, resources and ideas that build results.

Patty-W-Block-Small-2All the best! 

Patty Block

©The Block Group Inc. All rights reserved.

Building Solid Companies That Move Forward


How Do I Get Better Referrals?

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Has your business grown by ‘happy accident’? Do you worry your luck is running out?

As business owners, we are always in business development mode. Determining which strategy is right for your company, at a particular point in time, with a particular market segment, is often tricky. One consistently valuable strategy is building your strategic network to foster referrals.

What is a strategic network and why is that important?

  • It is a network of people developed with intention
  • The best networks are those that are beneficial for everyone involved
  • People with strong networks can get things done more effectively, from a job search to making a sale to making a deal.
  • Your network takes nurturing.

As professionals, we pride ourselves on what we know. In building a strategic network, while there is emphasis on who you know, my belief is that the real value is on who knows you!

Speaking as a reformed political consultant and lobbyist, what made me effective was the network of influential contacts I developed who knew and respected me.

So ultimately, like many things in life, we all trade on our reputations.

Building a solid company that moves forward requires effective leadership and strong infrastructure. When you implement solid business development strategies, this puts your business on solid footing and positions it for strategic growth.

Ultimately, every business owner who wants to scale for growth must invest in building communication systems, infrastructure, business processes and training programs that foster expansion as efficiently as possible. This takes leadership.

How Do I Know?

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These early warning signs are among the most common concerns we hear from women business owners we work with. How many of these resonate with you?

  • Can potential referral sources explain what you do?
  • Do friends and colleagues send you referrals that don’t fit your target?
  • Are you struggling to find the right audiences?
  • Do you struggle with clients you wish you could fire?
  • Do you try to be “all things to all people”?
  • Do you suffer so much stress with daily activities that you can’t focus on strategic issues – for your company or for your clients?

What Happens Next?

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Ignoring these early warning signs leads to serious consequences. How many of these are you already suffering from?

  • Is your revenue unsteady?
  • Do you lack good business leads?
  • Is there confusion in the marketplace?
  • Do you have unprofitable client accounts?
  • Is your company growth stunted?
  • Is your company reputation suffering?
  • Is your emotional stress level over the top?

How Do I Fix This?

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There are two interlocking methods in developing your strategic network:

  1. the Networking Strategy, and
  2. the Business Referral Strategy

The Networking Strategy is just that: planning ahead for events or meetings:

  • map your network and develop a strategy for events
  • ask your contacts at those events for warm introductions
  • travel solo – you have a business purpose
  • plan your introduction, making it concise and interesting
  • ask people you meet insightful, open-ended questions
  • interact with different groups at the event
  • before you leave the event, make notes on the business cards you received
  • follow up and follow through after the event
  • document contact information and connect on social media

Building a Business Referral Strategy is more complex and long-term:

  • set a clear goal, with specific targets and timelines
  • List your ‘Top 20’, a list of clients and referral partners
  • build relationships with synergistic companies
  • give and receive, making sure to make introductions for your contacts
  • educate your contacts about the type of client you are seeking
  • surprise & delight, letting your referral sources know the outcome of their introduction or referral
  • track your actions and results

While this may feel overwhelming, by working with a trusted advisor who has a proven track record of success in business development, you can define and implement the path to steady and increased revenue.

Now What?

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If you’re concerned that your business has grown by ‘happy accident’ – and that your luck is running out – now is the time to jump-start your business development efforts.

When you have intentional and consistent efforts, you bring clarity, confidence, and control to your company.

Business Coach in Houston

Patty-W-Block-Small-2

All the best! 

Patty Block

©The Block Group Inc. All rights reserved.

Building Solid Companies That Move Forward

Building Blocks