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How to Grow Your Business with Few Customers
By siliconindia
Fremont: A business walks the red carpet with increasing sales that takes it to new high. When such businesses focuses on enhancing sales with increasing the number of customers, several other expenses also tend to increase, such as advertising, channel and distribution, and cost of employees to perform sales. It also requires the entrepreneur to keep on creating new and innovative ideas. However, there are certain entrepreneurs who believe that they can grow their business with putting all their eggs in one basket. They believe that growing with fewer customers will help them to create a better portfolio growth.
According to a survey by Helena Yli-Renko, an Assistant Professor of clinical entrepreneurship at USC's Marshall School of Business, and Dr. Ramkumar Janakiraman, a Management Professor at Texas A&M, among the 180 young companies surveyed, the companies who relied on one or two big clients were more successful than companies that did not. So, what are the factors that such young entrepreneurs should look upon to scale with just a couple of clients?
Know your Clients
Clients play a crucial role in the development of a company; and when it is growing with few customers than the size and the name of the clients matter a lot for the young businesses. With one key client who is the giants in their field, will not only help the young businesses gain a well recognition and well-respected but also positive reputation from the concerned client relationship. Several other companies are eager to join the portfolio where they get a space to stand with big names.
