Starting a business is tough, especially in this uncertain economy. If you are ready to take the next step in opening a Home Health, Hospice, DMEPOS or any other business for that matter, your best strategy is to first know what you are up against. Anyone who has taken a “Business 101” class knows that roughly half of new businesses close within one fiscal year. But here are a few interesting facts to help shape your business plan:
IT’S 50% EASIER TO SELL TO EXISTING CUSTOMERS.
- 80% of your revenue will come from only 20% of your clients.
- Keep all customers happy, but remember that your repeat customers are EXTREMELY valuable.
LEADS WANT A RESPONSE WITHIN 5 MINUTES OF INQUIRTY.
- Less than 25% of small businesses respond within 5 minutes.
- If the business calls/contacts back in less than 10 minutes, the potential client will be more responsive to discuss the service/product offering.
- Remember there are many ways to open up conversations with clients: Phone/Email/Social Media.
DON’T GIVE UP!
- Most small business reps give up after 2 attempts to reach a potential customer.
- That’s why it is important to contact as soon as possible after the inquiry. The longer the business waits the more likely the potential client found a substitute.
Slowing sales and unforeseen economic/business conditions are the largest challenges businesses face – be it a start-up or an established business. Your best bet is to fully understand the needs of your market, join local associations, and connect in your community. But as the data shows, your number one priority is to be accessible and responsive to potential and current clients.