Referrals are 80% of Your Business? You May Not Have a Business Soon…

In case you’re interested...

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Let’s dive in….

“Our business is a word-of-mouth business”…

“80 percent of our business is referrals”…

I always feel a little sorry for small business owners who feel that this is a workable strategy. They’re probably heading for this.... 

Image by AURELIE LUYLIER, You're Welcome! from Pixabay

Yeah. Tough times.

Far be it from me to offend any vegetarians or vegans out there but, as a small business owner, you might start to feel the heat of the oven unless you start taking some action…

Why?

From our experience, business owners who think their business is 80 percent word-of-mouth:

·        Lack motivation

·        Lack the mindset of growth

·        Do not adequately prepare for the future

·        Are not prepared to increase energy and activity levels

·        Run inflexible businesses that aren’t very open to change

·        Are simply treading water

·        Expect others to make things happen

Image by Alexas_Fotos from Pixabay

There’s very little certainty in the marketplace for small business owners. That applies for coaches, consultants, advisors, and virtually all services-based businesses.

With change happening so quickly, in order to be able to help others you need to be able to adapt and change your own business.

If you’re still doing the same thing as three years ago, you’re setting yourself up to fail. And, if 80 percent of your business is referrals, you’re likely missing out on opportunities to grow.

What happens when the referrals dry up?

If your business doesn’t adapt to the change (and they happen whether you like them or not), it could get left behind.

Growth comes from new business. And new business comes through activity. If the referrals dry up (and they will) where does that leave you?

In a few short years, you’ll be overtaken by hungry business owners who are just starting out now.

Evolve or die

Image by Dariusz Sankowski from Pixabay

Let’s keep this short and sweet: don’t become a business dinosaur!

If you catch yourself saying that you’re a word-of-mouth business to people, the alarm bells should start ringing.

Watch out!

Word of mouth and referrals are important channels for your business - but not ones to pin your business growth strategy on.

Remember that there is a huge potential cost to not actively looking for new business and thinking you can simply sit back and maintain it by treading water.

P.s. Whenever you’re ready… here are 3 ways I can help you grow your business with LinkedIn

1. Join the Influencer Boardroom and connect with other advisors and consultants who are scaling too: It’s our new Facebook community where smart advisors and consultants learn to generate more purpose, profit and power. - Click Here

2. Join Our Implementation Program and be a Case Study: I’m putting together a new consulting case study group inside The Influencer Project this month… stay tuned for details. If you’d like to work with me on your client-getting and business growth plans using LinkedIn… just send me a message and put “Case Study” in it and I’ll get you more info.

3. Work with me and my team privately: If you’d like to work directly with me and my team to take you from 6 to 7 figures and level things up… just send me a message and put “Private” in the first line… tell me a little about your business and what you’d like to work on together, and I’ll get you all the details.