Customers are a businesses number one priority. Throughout the years, George Marchelos has helped many companies grow, and this includes expanding of the customer base. For any business, the customer that walk through the doors are the backbone of the business. And of course, the more customers you have, the more money you are making. Continually building a customer base is essential for all companies, and it’s even more important if a business owner is planning an exit strategy. A diversified customer base not only mitigates the current risk for you as a business owner, but it also drives the company’s value by mitigating the risk for a potential buyer of your company in the future. Be sure to watch for the next and final feature in our series on driving business value, where we’ll discuss financial systems and controls that can withstand due diligence.
Take every business and social opportunity to meet new people and spread the word about your products and services. Join local business networking organizations, such as the Chamber of Commerce and Rotary Club, and attend industry conferences and trade shows. Get your company name out there and build new business relationships. You just never know who might be a great potential customer. Educate your customers by providing relevant and useful product and industry-related information through newsletters, white papers, handouts, and brochures. When possible, present at professional conferences and regional association meetings. You may also want to consider starting your own blog. Building your reputation as the company with the most expertise can go a long way in attracting new customers. If you have been spending all of your time on Facebook, it might be time to branch out to Twitter, Pinterest, Google+ or LinkedIn.
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