From my short journey in small business ownership, I draw a conclusion that for small business, the sky is not the limit. Quite often, your premise’s rooftop is your small business limit, literally. Here’s why your local small business networks play an important role to maintain your small business success.
Did you know that most – if not all – small businesses have certain “cap” to how much they can make money? Of course, we want our small business to generate more revenue and increase in profit, but we can’t deny the fact that at certain stage of your business life cycle, you will find your revenue and profit level stabilise. Unlike what many people think, I always believe that being stable is not good for your business and mine.
Stagnant sales figures, stagnant profits, stagnant business – believe me, this is the situation you and I don’t want to be in. A drop in profit means there are something need to be fixed and rooms to improve. An increase in profit means you are on the right track. I don’t know how about you, but a stable profit means there’s something wrong with your business.
Why small businesses’ revenue “hits the roof”
There are a number of reasons why your small business’ revenue stops growing – one of the main “culprits” is no more new leads or new businesses coming your way.
Let me tell you why stagnant revenue is bad for your business: When there’s lack of new leads coming your way, you are hanging on your existing customers. Now here’s the all-important question: What if your existing customers stopped doing business with you? With limited or no new leads, it’s not a pretty picture, I suppose.
So, it’s imperative that lead generation is a crucial key to your business’ success; you need to draw in more leads to your business, or else, your business will be on the brink of losing its footing in the competitive market we are all in.
How to grow your business via small business networks
One of the ways to generate laser-targeted leads is by attending business networking events.
In such events, you are networking with like-minded business owners and entrepreneurs – you can share “insider info” and tips on how to better your business. You can enjoy business coaching and support, too – quite often for free.
And here’s what you should also do: You can turn the events’ attendees into your new customers – so, the events can also act as “pitching arenas” – on one-and-one basis. As we all know, one-on-one conversation can turn “passer-bys” into high quality business leads.
You can check your local Chamber of Commerce or browse the Internet to discover business events to attend. Happy networking!